SALT LAKE CITY– Nov 5, 2009 – U.S. Rare Earths, Inc., A Delaware Corporation (formerly Thorium Energy, Inc.), is pleased to announce that its deposits of rare earth elements (REE) have been recognized by the United States Geological Survey and listed in the latest edition of the USGS Commodity Mineral Survey of the Rare Earths released in September 2009.
Based on the new USGS report, U.S. Rare Earths, Inc. owns the mineral rights to one of the two largest resources and reserves of rare earth elements in the United States. These holdings appear as Powderhorn, Lemhi Pass and Diamond Creek.
The company’s data shows that its 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 report notes that U.S. Rare Earths, Inc.’s REE deposits show high levels of neodymium, which may be the most critical rare earth metal to computer hard drives and to the emerging “green industries” production of wind power and electric vehicles.
U.S. Rare Earths, Inc.’s deposits could supply the current and projected demand for the strategic rare earth elements used by the United States military as well as for the production of rechargeable batteries, permanent magnets, lasers, and fluid cracking catalysts crucial to our domestic industries.
In a recent interview Mr. Edward Cowle, CEO of U.S. Rare Earths, Inc. stated that; “U.S. Rare Earths, Inc. has not accepted any foreign investments and hopes to remain an unencumbered domestic resource for the US Department of Defense.” Mr. Cowle believes that U.S. Rare Earths, Inc. may well be the only large rare earth venture in the United States that is entirely owned, financed and operated by Americans.
Mr. Jack Lifton, prominent commentator on the market fundamentals and to end uses of the rare earths, has recently received a very positive analysis of U.S. Rare Earths, Inc.’s newly staked properties in Diamond Creek and has stated that; “I have reviewed data, completed subsequent to the USGS report, which shows U.S. Rare Earths Inc.’s latest analysis and I am very excited and impressed with the data presented to me”. Mr. Lifton understands that the Department of Defense, the Defense National Stockpile Center DNSC and the DNSC’s parent, the Defense Logistics Agency, among others, are all working with Congress to develop a domestic supply chain for rare earths. Mr. Lifton believes that REE’s are critical components to end use products which the US military is dependent upon.
Mr. Lifton said; “With the new US National Defense Authorization Act for Fiscal Year 2010, which was signed into law by President Obama, in place; American owned and operated mines, metal processors, metal alloyers, magnet fabricators, and magnet using device fabricators, will become immediately competitive in the global market. The Federal government has now recognized the value and importance of a domestic supply chain for vehicle batteries made with lithium and has acted to ameliorate the situation. U.S. Rare Earths Inc. is the only domestic “American” rare earth mining development venture that fits into that legislative agenda at the moment”.
The USGS now recognizes U.S. Rare Earth Inc.’s deposits in Idaho, Colorado and Montana as one of only four proven substantial deposits of REE’s in the world outside of mainland China or Chinese control.
Ed Cowle Phone: USA 1.914. 713.3129 – Email: edcowle (at) aol.com or;
Jack Lifton: Phone: USA 1.248. 739. 1729 – Email: jacklifton (at) aol.com
U.S. Rare Earth Inc. Corporate:
19 East, 200 South, Suite 1080
Salt Lake City, Utah 84111
Member: United States Magnet Materials Association (USMMA)