REE Automotive Ltd REE

Sask REE

[ozGoldbull]

Might be interesting find.I wonder how the market will respond?

OGB

Butler acquires Archie Lake property in Saskatchewan

2009-09-14 17:28 ET - News Release

Mr. Peter Dickie reports

BUTLER ACQUIRES RARE EARTH ELEMENT PROPERTY

Butler Resource Corp. has acquired the Archie Lake rare earth element property located 50 kilometres east of Uranium City, Sask., and 50 km south of Great Western Minerals Hoidas Lake REE deposit. Historical exploration and results on the property returned significant concentrations of rare earth elements. The property consists of one mineral claim covering an area of 2,108 hectares.

The historical exploration on the area is summarized in February, 1971, assessment reports (not National Instrument 43-101 compliant) on file with the Saskatchewan Ministry of Mines. Historical exploration on the property includes an airborne radiometric survey and follow-up prospecting and trenching over one of the anomalies identified. The main showing is postulated to be a paleoplacer-type deposit, with monazite crystals constituting up to 50 per cent of the rock in places. The assay reports from previous exploration showed that 10 samples analyzed by spectrographic analysis method showed elevated concentrations of rare earth oxides. Values ranged from 0.1 per cent to 15.7 per cent RE2O3 and averaged 4.04 per cent RE2O3. Individual elemental rare earth abundances are in the following order: lanthanum, cerium, gadolinium, lutetium, terbium and ytterbium, with trace amounts of scandium and yttrium.

The property has been acquired from Zimtu Capital Corp. and 877384 Alberta Ltd. Acquisition costs are a total of $40,000 and two million shares payable on exchange approval. The property is subject to a 2-per-cent net smelter return, of which one-half (1 per cent) may be purchased back for $1-million.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Jeffrey Reeder, PGeo, a qualified person.