Quantum CEO Calls for U.S. Department of the Interior to Assess, Stockpile, Rare Earths-Company Endorses Federal Legislation
01 Juin 2011 - 12:00PM
Marketwired
Quantum Rare Earth Developments Corp. (TSX VENTURE: QRE)(OTCQX:
QREDF)(FRANKFURT: BR3) is calling on the U.S. Department of the
Interior to spearhead efforts to assess the nation's mineral
resources and to establish a stockpile of rare earth materials.
Quantum CEO Peter Dickie endorsed activities in the U.S.
government and Congress to strengthen the nation's rare earth
materials security, including the National Strategic and Critical
Minerals Policy Act of 2011, legislation by U.S. Rep. Doug Lamborn
(R-CO). The bill directs the Department of the Interior to
coordinate a government-wide assessment of the nation's mineral
resources and availability for critical mineral needs.
Strategic rare earth materials are vital to national security
and high-tech industries, according the U.S. Department of Defense
and manufacturing experts. Dickie pointed out, "China produces 97
percent of the world's rare earth elements. It makes no sense to
rely so heavily on just one foreign source for these strategic
materials. If a long-term supply disruption were to occur,
everything from jet engines to super alloys to high-tech magnets in
MRI machines would be impacted. The time to plan for the future is
now by building a stockpile."
Expertise within the Department of the Interior at the U.S.
Geological Survey has been an invaluable resource to Quantum Rare
Earth Developments. The USGS has stated, "The Elk Creek
carbonatite, located south of Lincoln (Nebraska), has the potential
to be one of the largest global resources of niobium and rare-earth
elements (REE)."
Quantum currently is conducting drilling operations in
southeastern Nebraska, to determine the extent and composition of
the niobium deposit. Recent tests have shown that a large deposit
of niobium exists in the area, in addition to substantial zones of
rare-earth elements (REE's).
Niobium is used as a steel hardener for high-strength, low-alloy
steel, including 'super alloys' for aerospace and defense
industries, and as a steel hardener in natural gas pipelines. It is
also used in high-tech magnets, included those in MRI machines. The
U.S. government considers niobium to be a strategic metal.
Quantum has also voiced its strong support for a provision in
the Fiscal Year 2012 U.S. defense authorization bill that directs
the Department of Defense to set up an inventory of rare earth
materials and supply sources. The language was authored by Rep.
Mike Coffman (R-CO).
Quantum Rare Earth Developments Corp., based in Vancouver,
British Columbia, is an exploration company with a focus on seeking
out potentially economic deposits of niobium and rare earth
elements in North America and elsewhere in the world.
Peter Dickie, President
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Quantum Rare Earth Developments Corp. Peter Dickie
President and CEO (604) 568-7365 (604) 568-7506 (FAX)
www.QuantumRareEarth.com
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