SALT LAKE CITY — (BUSINESS WIRE) — U.S. Rare Earths, Inc. today released the results from its summer 2009 exploration and development program at Diamond Creek, Idaho. Total rare earths were measured as high as 4.7%. The average concentration of total rare earths from a number of samples from one of the larger veins was approximately 3%. Relatively high concentrations of individual rare earths of both the yttrium-heavy rare earth group and the cerium-light rare earth group were also measured with approximate concentrations of yttrium occurring as high as 0.36%, cerium measured approximately 2%, lanthanum approximately 1%, neodymium as high as 1.4%, praseodymium as high as 0.30%, samarium as high as 0.38%, europium as high as 0.08%, gadolinium as high as 0.20%, terbium as high as 0.03%, and dysprosium as high as 0.11%.
Based on the survey information in the most recent USGS report released September 2009, U.S. Rare Earths, Inc. owns the mineral rights to one of the two largest resources and reserves of rare earth elements (REEs) in the United States.
Edward Cowle, President and CEO of U.S. Rare Earths, Inc., states, “According to the USGS report, the company’s ore bodies contain enough accessible and minable lanthanum, neodymium, dysprosium, terbium and europium to make the United States independent from reliance on foreign suppliers. The USGS report notes that U.S. Rare Earths, Inc.’s rare earth element deposits show high levels of neodymium, which can be viewed as the most critical rare earth metal for the vital high performance permanent magnets used in computer hard drives and emerging ‘green technology’ applications, such as direct drive wind turbines and the motors and generators used in electric vehicles.”
In an interview with Mr. Cowle and with Jack Lifton, an independent resource analyst and Editor of The Jack Lifton Report, published on November 18, 2009, Gareth Hatch, Ph.D., Editor of the Terra Magnetica blog and Director of Technology for Dexter Magnetic Technologies, Inc., asked Mr. Lifton if he would address the key characteristics of U.S. Rare Earths, Inc.’s deposits. Some of Mr. Lifton’s observations regarding Diamond Creek were:
- “The Diamond Creek property is the most accessible, undeveloped rare earth resource that there is in North America today;”
- “The fact that the Diamond Creek deposits are 4% with a significant amount of heavy rare earths, places them, in my opinion, right in the forefront of the world rare earth deposits;”
- “The best place to focus now is Diamond Creek.”
The USGS now recognizes U.S. Rare Earth Inc.’s deposits in Idaho, Colorado and Montana as one of only five proven substantial deposits of REEs in the world outside of mainland China or Chinese control.