Quantum announces contract for updated Resource Estimate on Elk Creek Niobium deposit
January 17, 2012 – Vancouver, B.C.: Quantum Rare Earth Developments Corp. (TSX.V – QRE, FSE – BR3) (“Quantum”, the “Company”) is pleased to announce that it has retained Wardrop, A Tetra Tech Company (“Tetra Tech”) to undertake an updated independent resource estimate for the Elk Creek Niobium Deposit, located near Elk Creek, Nebraska. It is anticipated that the NI 43-101 compliant resource estimate and Technical Report will be completed during the 1st quarter of 2012.
In the spring of 2011, the Company filed an NI 43-101 report authored by Tetra Tech based upon representative analysis of historic drill core produced by Molycorp Inc. during the 1970’s and 1980’s. The 2011 report calculated an inferred resource of 80.148 million tonnes grading 0.62% Nb2O5, (using a cutoff grade of 0.40% Nb2O5), containing an estimated 493 million kg’s of Nb2O5 (April 28, 2011 News Release).
The updated Technical Report will combine the results of historic re-sampling of drill core produced by Molycorp Inc, together with more recent drill results produced by Quantum including:
- NEC11-001: 235.22 m of 0.73% Nb2O5,
including 54.13 m of 1.17% Nb2O5
- NEC11-002: 179.18 m of 0.87% Nb2O5
Including 131.03 m of 1.02% Nb2O5
Including 34.16 m of 1.23% Nb2O5
- NEC11-003: 130.37 m of 0.58% Nb2O5
Including 34.16 m of 0.94% Nb2O5
(Results previously released July 27, 2011 and August 16, 2011)
The updated resource calculation for the Elk Creek Niobium Deposit will be used to support a Preliminary Economic Assessment (PEA), along with the additional information obtained from the on-going mineralogical and metallurgical testing from Hazen Research Inc.
Qualified Person: This news release has been read and approved by Mr. Neil McCallum, P. Geo., of Dahrouge Geological Consulting Ltd., a qualified person under National Instrument 43-101.
Tetra Tech is a leading provider of consulting, engineering, program management, construction and technical services. The Company supports government and commercial clients by providing innovative solutions to complex problems focused on water, environment, energy, infrastructure, and natural resources. With more than 13,000 employees worldwide, Tetra Tech’s capabilities span the entire project life cycle. In Mining, we provide a full range of services from exploration through to mine development, operations and mine remediation.
On Behalf of the Board,
Peter Dickie, President
For further information, contact the Company at (604) 568-7365.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
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.