2011’s key milestone for Quantum Rare Earth Developments Corp. (TSXV:QRE,OTCQX:QREDF,FWB:BR3) was drill results showing indicated resource at its 14-square mile site at Elk Creek, Nebraska (the “Elk Creek Project”) of 80.1 million tonnes of niobium grading 0.62% Nb2O5.
As quoted in the press release:
Quantum aims to be the solution for America’s strategic and critical niobium needs for the domestic steel and aviation industry by developing one of the richest niobium deposits in the world and the only significant deposit in America. Niobium is crucial in jet thrusters, steel for bridges, buildings, oil and gas pipelines, stainless steel, and MRI machines.
Looking forward to 2012, Mr. Dickie advised shareholders of several key milestones the Company is aiming to complete, including:
- receipt of metallurgical testing results from Hazen;
- engagement of an outside engineering firm to complete an updated resource calculation and preliminary economic assessment work on the niobium deposit;
- additional infill drilling to elevate the deposit towards the indicated and measured category;
- further discussions with potential off-take or strategic partners to accelerate development of the Elk Creek Project; and
- enhancement of the technical management team overseeing the Elk Creek Project.
Quantum President and Chief Executive Officer, Peter Dickie, said:
“We are particularly proud of the accomplishments made by our development team this year on the Elk Creek deposit. We are well-positioned to reach the next level of development of our large niobium resource, and our dedicated development team continues to work hard towards achieving these goals.”
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