SALT LAKE CITY – (Business Wire) – Thorium Energy, Inc. (TEI), a privately owned and operated natural resource holding company, is pleased to announce that its deposits of rare earth elements have been recognized by the United States Geological Survey and listed (in some detail, for the first time) in the latest edition of the USGS Commodity Mineral Survey of the Rare Earths released in September 2009.
Based on the new USGS report, Thorium Energy, Inc. is confirming that it owns the mineral rights to one of the two largest resources and reserves of rare earth elements in the United States.
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 Thorium Energy`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.
TEI`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.
TEI has joined the United States Magnet Materials Association (USMMA), which values TEI as the only American owner of a sizable deposit containing the heavy rare earths, dysprosium and terbium. These elements are essential to manufacture the magnets that can achieve the high operating temperatures required by modern jet and rocket engines as well as the engines of high performance motor vehicles.
In a recent interview Mr. Edward Cowle, CEO of TEI, stated that “Thorium Energy, 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 TEI 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 end uses of the rare earths, has said that he believes 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 that are critical components of end use products which the US military is dependent upon. Mr. Lifton believes that legislation to advance this goal is being considered by several Members of Congress.
Referring to the legislation, Mr. Lifton said: “In that case, American owned and operated mines, metal processors, metal alloyers, magnet fabricators, and magnet using device fabricators will become immediately competitive in the global market due to the level playing field created by Congress. The Federal Government has already recognized the value and importance of a domestic supply chain for vehicle batteries made with lithium and has already acted to ameliorate the situation. Recently introduced language in the FY10 National Defense Authorization Act will require a complete review of the Department of Defense’s strategy for ensuring a long-term, secure supply of rare earth materials. I strongly believe that the Congress will recognize and support the creation of such value and supply chains to support domestic rare earth magnet, battery, laser, and fluid cracking catalyst industries. Thorium Energy, Inc. is the only domestic American rare earth mining development venture that fits into that legislative agenda at the moment.”
The USGS now recognizes Thorium Energy`s deposits in the Lemhi Pass district of Idaho and Montana as one of only four proven substantial deposits of REEs in the world outside of mainland China and Chinese control. TEI controls multiple claims in this region and also holds the proprietary mineral rights to one of the largest, privately controlled, thorium deposits in the world. Thorium Energy, Inc. believes that company`s identified, economically extractable and accessible deposits of high grade thorium ores are large enough to supply the power needs of the entire U.S. for centuries through thorium-based nuclear reactors.
Thorium Energy, Inc.
Ed Cowle, 1-914-713-3129
edcowle (at) thoriumenergy.com
Jack Lifton, 1-248-739-1729
jacklifton (at) aol.com
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