On Monday, Colorado Rare Earths, Inc. announced that they staked in excess of 8,000 acres in and around the Lemhi Pass District located in Idaho and Montana. The Company’s new claims in Idaho follow their April 2011 staking of an additional 4,000 acres in Colorado’s Iron Hill and Wet Mountains mineral belts.
Mr. Greg Schifrin, President of Colorado Rare Earths, Inc., said, “Our staking at Lemhi Pass adds to our portfolio of significant REE properties in Colorado. Taken together, Colorado Rare Earths’ claims now include some of the most prospective REE properties in the U.S.”
Colorado Rare Earths, Inc. CEO, Mr. Mike Parnell, said, “CREC continues its aggressive exploration model to identify and stake principal REE Deposits in the United States. We now have strong property positions within the Iron Hill-Powderhorn Property, located in Gunnison County, Colorado, the Wet Mountains Property, located in Freemont County and Custer County, Colorado, and now the Lemhi Pass District located in Lemhi County, Idaho, and Ravalli County, Montana.”
Mr. Parnell further said, “With the Department of Energy’s findings showing Lemhi Pass as having the largest concentrations of Heavy Rare Earths in the United States and among the largest in the world, we’re confident our new claims in the Lemhi Pass District will offer significant synergies as we develop our Colorado claims.”
The United States Geological Survey report, released in December 2010, “The Principal Rare Earth Elements Deposits of the United States,” lists the Lemhi Pass District among the major Rare Earth Element (REE) deposits in the United States. The December 2010 Department of Energy Critical Materials Strategy reports that the Lemhi Pass District hosts significant concentrations of Heavy Rare Earths critical to green-tech and national security applications.
Currently, Colorado Rare Earths, Inc. is completing a private placement that will fund their 2011 Exploration Program. This program will now include the Lemhi Pass District as well as the Colorado properties.
Colorado Rare Earths, Inc. is a mineral claims acquisition company that lists on the OTC Bulletin Board. The Company is presently focusing on rare earth elements (REE). They own a 100 percent interest in a group of Colorado, unpatented, mineral claims; the Iron Hill Property, located in Gunnison County. They also own a 100 percent interest in a group of unpatented mineral claims including the Wet Mountains Property which are in Freemont and Custer Counties.
The Rare Earth Elements (REE) is a group of seventeen metals. The rare earths were discovered in 1787 by Swedish Army Lieutenant Carl Axel, and then commercialized when the incandescent lamp mantle industry was established in 1884. This was with mantles of zirconium, lanthanum, and yttrium oxides. Later improvements required only the oxides of thorium and cerium.
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