Alaska Legislation Sets Out $145 Million Bond Funding for Ucore's Bokan-Dotson Ridge
February 19 2014 - 10:10AM
Marketwired
Alaska Legislation Sets Out $145 Million Bond Funding for Ucore's
Bokan-Dotson Ridge
HALIFAX, NOVA SCOTIA--(Marketwired - Feb 19, 2014) - Ucore Rare
Metals Inc. (TSX-VENTURE:UCU)(OTCQX:UURAF) ("Ucore" or "the
Company") is pleased to comment on an initiative now before Alaska
lawmakers which contemplates the financing of up to $145 Million of
the Bokan-Dotson Ridge Project Capital Expenditure through the
Alaska Industrial Development and Export Authority ("AIDEA" or the
"Authority").
On February 18, Senator Bert Stedman (AK-R) presented an
Amendment to Alaska Senate Bill No. 99 ("SB99" or "the Bill"),
originated by State Senator Lesil McGuire (AK-R) in 2013. The
amended Bill would give AIDEA the authority to issue long term
bonds to finance the infrastructure and construction costs of the
Bokan-Dotson Ridge rare earth project up to a Principal Amount of
$145,000,000.
AIDEA is a public corporation of the State of Alaska. The
Authority has been active in the financing of multiple capital
project initiatives in the Alaskan mining sector since 1985,
including the DeLong Mountain Transportation System which serves
the Red Dog Mine, the Skagway Ore Terminal, the Seward Coal
Terminal, mine facilities at Fort Knox, as well as multiple
non-mining capital projects, including the Federal Express
Maintenance Facility in Anchorage, the Snettisham Hydroelectric
Project in Juneau, and the Ketchikan Shipyard in Southeast
Alaska.
Senator Stedman's Amendment was read at the first committee
hearing on the Bill on February 18. SB 99 is now expected to be
scheduled before the Labor and Commerce Committee for further
action in preparation for the scheduling of a vote before the full
Senate and presentation to the House of Representatives during the
current legislative session.
"We thank Alaskan legislators for all of the support they've
shown for the development of Bokan Dotson-Ridge", stated Jim
McKenzie, President & CEO of Ucore. "Bokan represents an
unsurpassed opportunity for Alaska to furnish materials of critical
importance to American national defense, energy consumption and
competitiveness in high tech applications at a world level, and
Alaska lawmakers have recognized this."
In April of last year, the Alaska State Legislature unanimously
voted in favor of Senate Joint Resolution No. 8 (the "Resolution"
or "SJR8"). All 39 representatives in attendance voted in favor of
the Resolution, which states the Legislature's support for
continued and increased exploration, extraction, processing and
production of rare earth elements in the State (see Ucore Press
Release April 23, 2013:
http://ucore.com/alaska-state-legislature-votes-unanimously-in-favor-of-bokan-development).
Several Representatives spoke out in favor of SJR8, including
Representatives Costello, Kreiss-Tomkins, Johnson, and Millett. A
video record of the discussion is available at the following link:
http://ucore.com/resolution8 In discussing the prospective positive
environmental aspects of the Bokan Project and China's domination
of rare earth mining and downstream processing industries,
Representative Craig Johnson noted, "I see a future for Alaska
where we can become a state that processes these minerals….and this
could be the future of Alaska." Representative Millett noted
Alaska's potential to play a crucial role in the US Department of
Defense's recent announcement to stockpile strategic rare earths
such as dysprosium. She asked representatives to vote in favor of
the Joint Resolution and to "…send a message to Congress that we
are ready, willing, and able to serve their needs for rare earth
elements". The Joint Resolution, introduced in the Alaska Senate by
Senator Lesil McGuire with 15 co-sponsors, passed both the Senate
(with all 20 Senators voting in favor) and the Legislature
unanimously.
Cautionary Notes
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this press release.
About Ucore Rare Metals Inc.
Ucore Rare Metals Inc. is a development-phase mining company
focused on establishing rare metal resources with near term
production potential. With multiple projects across North America,
Ucore's primary focus is the 100% owned Bokan - Dotson Ridge REE
property in Alaska. The Bokan - Dotson Ridge REE project is located
60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince
Rupert, British Columbia and has direct ocean access to the western
seaboard and the Pacific Rim, a significant advantage in developing
near term production facilities and limiting the capital costs
associated with mine construction.
This press release includes certain statements that may be
deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, that address
future exploration activities, legislative undertakings, events or
developments that the Company expects, are forward looking
statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include exploitation and exploration
successes, continued availability of financing, and general
economic, market or business conditions.
Ucore Rare Metals Inc.Mr. Jim McKenziePresident and Chief
Executive Officer(902) 482-5214www.ucore.com
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