Quantum Looks Forward to Results of USGS-funded Study on Nebraska Rare Earths
University of Colorado, University of Nebraska to Examine Elk Creek Test Results
Vancouver, B.C., January 31, 2012 – Quantum Rare Earth Developments Corp. (TSX.V – QRE, FSE – BR3, OTCQX – QREDF, www.QuantumRareEarth.com) CEO Peter Dickie said the company is extremely pleased that the U.S. Geological Survey (USGS) has included Quantum’s Elk Creek, Nebraska rare earth elements (REE) site in a federally funded research project on mineral resources that are important to the economy, national security, and land-use decisions.
“USGS has stated that in addition to REEs at Elk Creek, the site may contain the largest niobium resource in the U.S.,” Dickie said. “It’s an honor for Elk Creek to have been selected as the subject of one of five research grants from USGS under the 2012 USGS Mineral Resources External Research Program (MRERP).”
Quantum looks forward to cooperating with the grant recipients. Quantum has been testing historic and recent core samples at Elk Creek, including historic samples that were stored at the University of Nebraska-Lincoln. The principal scientists for the research will be Lang Farmer of the University of Colorado and Matt Joeckel and Richard Kettler of the University of Nebraska-Lincoln. They were selected from among other applicants for MRERP funding from academia, state agencies, private sector organizations and other scientists.
The USGS grant announcement stated, “The University of Colorado and the University of Nebraska-Lincoln will conduct a collaborative research project to examine the age and origin of the REE resources of the Elk Creek deposit in southeastern Nebraska by investigating previously collected drilling core. The Elk Creek REE deposit is found in a rare carbonate-rich igneous rock known as carbonatite. In addition to REEs, the Elk Creek carbonatite may comprise the largest niobium resource in the United States. Niobium is primarily used as an alloying element in steels and superalloys, such as materials used in high performance aircraft. This research is expected to yield data and information that will advance exploration and assessment models for similar REE deposits.”
The total amount of the five MRERP grants from USGS is more than $260,000. For additional details, see http://www.usgs.gov/newsroom/article.asp?ID=3082
"Although the US is currently dependent on foreign imports for our supply of rare earths and other critical elements that are essential for the high tech industry, our nation is actually rich in deposits of these valuable minerals," explained USGS Director Marcia McNutt. "The Mineral Research Grants help provide the basic research foundation to better develop our domestic resources and thus become less dependent on foreign imports."
On Behalf of the Board,
Peter Dickie, President
For further information, contact the Company at (604) 568-7365.
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Cautionary note: This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. The Company has filed a National Instrument 43-101 report on the Elk Creek Project. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.