Ucore Rare Metals Pleased with Passing of Senate Bill 99

Ucore Rare Metals Inc. (TSXV:UCU,OTCQX:UURAF) announced that Senate Bill 99 has been passed unanimously by the Alaska State Legislature. The bill authorizes the Alaska Industrial Development and Export Authority to issue bonds to finance the infrastructure and construction costs of Ucore’s Bokan-Dotson Ridge rare earths project “up to a principal amount of $145 million, subject to its own internal due diligence and Board approval.”

As quoted in the press release:

The bond financing will be subject to AIDEA’s internal due diligence and Board approval, to be completed subsequent to the release of the Bokan-Dotson Ridge feasibility study on the project. The feasibility study will build on the Preliminary Economic Assessment released by Ucore in 2013.

Jim McKenzie, president and CEO of Ucore, commented:

We’re very pleased with the outstanding support that the Bokan Project has received from the Alaska State Legislature. Alaska has a very long history of advancing and supporting key resource projects, both financially and otherwise, and Bokan is no exception. Alaska legislators have recognized that the area has the potential to be America’s leading heavy rare earth production hub, with an array of ancillary industries, such as REE separation and metal manufacture. Our very sincere thanks to Senators McGuire and Stedman for their vision and leadership in this area, and the collateral support of its cross-sponsors.

Click here to read the full Ucore Rare Metals Inc. (TSXV:UCU,OTCQX:UURAF) press release.