April 5, 2011 – Ucore Rare Metals Inc. (TSX-V: UCU, OTCQX: UURAF), ("Ucore" or the "Company") is pleased to report that it has recovered several thousand metres of historical drill core related to its Bokan area rare earth project in Southeast Alaska.
During the course of recent field investigations, the Ucore team recovered numerous wellpreserved cores from diamond drill holes originally generated by Standard Metals Corporation in the 1970's. The drill cores were originally logged by Bendix Field Engineering Corporation for the US Department of Energy (Bendix Field Engineering Corporation, Report No. 78-245-E).
The historical core samples, pertaining to more than 70 holes and totalling more than 4,000 linear metres, have now been archived by Ucore. A significant portion of the samples appear to be mineralized and will be analyzed to determine rare earth mineralization in the area. Significantly, the samples pertain to locations situated to the northwest of the Dotson Zone, and outside of the areas delineated in the Company's recent NI 43-101 compliant resource.
The Company is additionally pleased to report that it has obtained an extensive database of information on the Bokan complex from Newmont Mining Corporation . The database includes drill core logs, maps, cross sections and chemical analyses unrelated to the Standard Metals drill activities. NEM was the last operator in the Bokan area during the 1970's. The data will assist the Ucore team in advancing exploration efforts in the area and will help to identify on-site targets for additional resources.
"This is a remarkable find for Ucore," said Jim McKenzie, President and CEO of the Company. "The Standard Metals core archive alone represents several million dollars of drilling in an area already earmarked by Ucore for investigation. In turn, this is a windfall that should greatly advance our understanding of the area at a small fraction of the cost of new drilling. Our intent is to carefully analyse and assay the core archive during the 2011 exploration season. Further, the extensive database delivered by Newmont is yet another substantial asset obtained for nominal outlay, which could prove invaluable to expanding the resource at Bokan."
Ucore Rare Metals Inc. is a well-funded junior exploration company focused on establishing rare earth element (REE), uranium and other rare metal resources through exploration and property acquisition. With multiple projects across North America, Ucore's primary focus is the 100% owned Bokan – Dotson ridge REE property in Alaska.
The Bokan – Dotson ridge REE project is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia and have a direct ocean access to the western seaboard and the Pacific Rim, a significant advantage in expediting mine production and limiting the capital costs associated with mine construction. The properties are located in an area reserved for sustainable resource development with an existing road network providing access to the main target areas. REE mineralization at the Bokan-Dotson ridge-I&L zone project occurs in a well-demarcated vein system related to a Mesozoic Bokan peralkaline granitic complex. However, a number of other occurrences of REE mineralization are located within, or at the margins of the complex. Viewed in a geological and geophysical context, the Bokan complex is a distinctive circular structure and is highly prospective for rare earths.
For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Rare Metals Inc. at: (902) 482-5214.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.