Alaska Legislature Unanimously Approves $145 Million Bond Funding Legislation for Ucore's Bokan-Dotson Ridge
April 28 2014 - 2:54PM
Marketwired
Alaska Legislature Unanimously Approves $145 Million Bond Funding
Legislation for Ucore's Bokan-Dotson Ridge
HALIFAX, NOVA SCOTIA--(Marketwired - Apr 28, 2014) - Ucore Rare
Metals Inc (TSX-VENTURE:UCU)(OTCQX:UURAF) ("Ucore" or "the
Company") is pleased to comment on the passage of Senate Bill 99
("SB 99" or "the Bill") by the Alaska State Legislature in a
unanimous vote, with all 38 representatives in attendance voting in
favor of the Bill.
SB 99 was introduced by Senator Lesil McGuire (AK-R). Senator
Bert Stedman (AK-R) proposed the amendment which would authorize
the Alaska Industrial Development and Export Authority ("AIDEA") to
issue bonds to finance the infrastructure and construction costs of
the Bokan-Dotson Ridge rare earth element project up to a principal
amount of $145 million, subject to its own internal due diligence
and Board approval. SB 99 was presented to the House by
Representative Feige (AK-R) and cross-sponsored in the House by
Representatives Munoz (AK-R), Kito III (AK-D), Kreiss-Tomkins
(AK-D), Wilson (AK-R) and Isaacson (AK-R).
"I am thrilled to have been able to take the next step toward
realizing Alaska's potential for rare earth minerals mining," said
Alaska State Senator Lesil McGuire (R- Anchorage). "I have long
seen the need for a US source of these important materials and the
potential benefit for Southeast Alaska and our state economy.
Senate Bill 99 offers Ucore the chance to partner with AIDEA and
make this tremendous project a reality."
"Over the past 20 years, Southeast Alaska lost about 30-percent
of its economy due to the decline of the local timber industry,"
said Senator Stedman. "This project offers a very large employment
opportunity for Southeast Alaska and replicates what has already
worked with places such as the Red Dog Mine."
"We're very pleased with the outstanding support that the Bokan
Project has received from the Alaska State Legislature," said Jim
McKenzie, President & CEO of Ucore. "Alaska has a very long
history of advancing and supporting key resource projects, both
financially and otherwise, and Bokan is no exception. Alaska
legislators have recognized that the area has the potential to be
America's leading heavy rare earth production hub, with an array of
ancillary industries, such as REE separation and metal manufacture.
Our very sincere thanks to Senators McGuire and Stedman for their
vision and leadership in this area, and the collateral support of
its cross-sponsors."
The bond financing will be subject to AIDEA's internal due
diligence and Board approval, to be completed subsequent to the
release of the Bokan-Dotson Ridge feasibility study on the project.
The feasibility study will build on the Preliminary Economic
Assessment released by Ucore in 2013.
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 drilling, exploration activities, development
timelines, and 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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