UCU:CC - InvestorNewsBreaks - Ucore Rare Metals Inc. (TSX.V: UCU) (OTCQX: UURAF) Awarded $4.2M Funding from Canadian Government to Demonstrate New Tech
Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), a leading developer of rare earth element (“REE”) processing technology, has entered a $4.28 million funding agreement with the government of Canada; the funding will be used to demonstrate the capabilities of Ucore Rare Metals’ patent-pending RapidSX(TM) Rare Earth Element Separation technology. According to the agreement, the company will produce high-purity neodymium (“Nd”), praseodymium (“Pr”) and praseodymium/neodymium compound (“NdPr”) during a six-month period. The materials will be produced from 13–15 tonnes of Canadian and U.S. feedstock sources at Ucore’s Ontario-based RapidSX Commercialization and Demonstration facility ("CDF") in Kingston, Ontario. The company noted that the budget for the product is 8.31 million, with $4.28 million provided through the government funding. “We would like to thank the government of Canada for this important funding,” said Ucore Rare Metals chair and CEO Pat Ryan, PEng, in the press release. “China's recent announcements of increased scrutiny over the export of rare earth elements have raised concerns regarding the ongoing availability of these critical materials. The development of an alternative North American rare earth supply chain is more important than ever as the world moves toward the electrification of its vehicle fleet and other green initiatives.”
To view the full press release, visit https://ibn.fm/FKivP
About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metal resources, extraction, beneficiation and separation technologies with the potential for production, growth and scalability. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry. Through strategic partnerships, this plan includes disrupting the People's Republic of China's control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in Louisiana, subsequent Strategic Metal Complexes in Canada and Alaska, and the longer-term development of Ucore's 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in southeast Alaska. To learn more about the company, visit www.Ucore.com.
NOTE TO INVESTORS: The latest news and updates relating to UURAF are available in the company’s newsroom at https://ibn.fm/UURAF
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