Ucore Rare Metals Inc. (TSX:V.UCU, Stock Forum) applauds representative Don Young, Alaska’s Congressman, for his amendment to the National Strategic and Critical Minerals Production Act of 2012.
Mr. Young's amendment will allow Ucore to accelerate the mining permit process so it can expedite development of its heavy rare earth project at Bokan Mountain, Alaska.
The Bokan property is particularly enriched with heavy rare earth elements, including the critical elements Dysprosium, Terbium and Yttrium.
According to the press release, the 2001 Roadless Area Conservation Rule banned road building on more than 58 million acres of federal land nationwide. For many years, the Tongass was exempt from the rule due to the richness of its resources, the positive impact on local communities including native populations, and the multiple preexisting environmental protections in the forest.
A federal judge in Alaska overturned the blanket exemption in March of 2011, but retained an exemption in the Bokan Mountain area sufficient to provide for Ucore's needs in the exploration phase of the project.
Rep. Young's amendment clarifies and expands on that previous exemption and now allows for expedited road development within the Bokan project area, the most significant heavy rare earth resource in the U.S.
The metals found in the mineral prescription area at Bokan Mountain will support future economic development in the state of Alaska as well as the national security and energy independence of the United States.
Mr. Young's amendment was adopted by the House of Representatives and included in the final version of the bill, which passed the House by a vote of 256-160.
Ucore is a well-funded development-phase mining company focused on establishing rare metal resources with near term production potential.
On Friday, Uncore was trading for $0.28 a share. The company has a market cap $42.5 million, based on $151.7 million shares outstanding. The 52-week high and low was $0.85 and $0.215 respectively.