US Rare Earths to Begin Removing Rare Earth Stockpiles at Last Chance

US Rare Earths (OTCQB:UREE) has commenced material handling to remove its stockpile of rare earth material on its Last Chance project. The company recently received approval from the U.S. Forest Service to reopen the Last Chance northern tunnel (adit) for metallurgical sampling.

As quoted in the press release:

U.S. Rare Earths said that it will begin metallurgical sampling immediately of the rare earth material from the stockpile, with Hazen Research, Inc. in Golden, Colorado and ALS Geochemistry in Tucson, Arizona.

The Company believes it will save an estimated $6 million in CAPEX and reduce its development time by at least three years from this achievement.

US Rare Earths CEO, Kevin Cassidy, said:

The U.S. Rare Earths team has been working very hard to achieve the key milestone of being the first American rare earth company with an underground mine to have removed rare earth material in recent history. Our highly qualified team is now removing the stockpile after which we intend to perform metallurgical testing to confirm historical data. We believe results will confirm that material from the Last Chance project is rich in Europium, a rare earth essential in providing the colors used in applications such as smart phones and CFL light bulbs.

Click here to read the US Rare Earths (OTCQB:UREE) press release