BE Resources Inc.
TSX VENTURE : BER

BE Resources Inc.

April 26, 2011 10:29 ET

BE Resources Provides Update on Rare Earth Elements at Warm Springs Project in New Mexico, USA

TORONTO, ONTARIO--(Marketwire - April 26, 2011) -BE Resources Inc. (TSX VENTURE:BER) ("BE" or the "Company") releases data on rare earth elements (REE) identified at its Warm Springs beryllium project in New Mexico. Drill assay results have indicated the presence of anomalous amounts of several heavy rare earth elements, particularly Europium, Gadolinium, Thulium and Lutetium.

"Our progress to date at Warm Springs has shown that the beryllium mineralization is in line with that identified by the US Geological Service from their exploration in the 1960s," said David Tognoni, President and CEO. "We did not anticipate however the heavy rare earth elements indicated in our recent drilling. We are pleased to find a potential complement to the beryllium and intend to determine if there is a commercially viable deposit. Given the very large potential tonnage of prospective volcanic rock containing the anomalous rare earth values, it could have a positive impact on the potential economics of this prospect."

The Company commenced a 12 hole drilling program at Warm Springs in February of this year of which the first seven holes have been completed and assayed. As shown in the table below, Europium was present in amounts as high as six parts per million (ppm), Gadolinium as high as 33 ppm, Thulium as high as seven ppm and Lutetium as high as 11 ppm. Assay results also indicated Yttrium present at amounts as high as 462 ppm. One part per million is equivalent to one gram per tonne.

High Value/Average parts per million over five foot sample intervals
Drillhole number and interval in feetBarium
Ba
Beryllium
Oxide
BeO
Cerium
Ce
Cobalt
Co
Chromium
Cr
Cesium
Cs
Dysprosium
Dy
DH10 82-1851055/3706672/1366162.5/95142.5/2730-May19.6/1133.8/15
DH11 120-2703990/1201158/37134.5/9431.3/4.410/1.036.5/523.6/7
DH12 160-2601325/72096/42236/12842.9/40/041.8/652.4/16
DH14 170-3452510/80455.3/21378/12249.5/4.80/020/3.638.2/14.3
DH15 120-1831400/81083/15.6223/1086.5/2.1120/96.8/2.322.9/7.3
DH16 50-1751655/83748/17186/1059.6/1.50/06.43/229/8.7
DH17 5-1857540/113085/22188/11436/60/016.15/4.936.1/10.5
Erbium
Er
Europium
Eu
Gallium
Ga
Gadolinium
Gd
Hafnium
Hf
Holmium
Ho
Lanthanum
La
DH10 82-18530.2/112.85/1.430.7/2418.15/1268.3/248.54/3.484.7/46
DH11 120-27020.9/4.73.37/228.8/2016-Jul45.9/95.94/1.668.1/47
DH12 160-26055.9/145.6/238.2/1323.4/10.6136.5/3214.05/3.8118.5/64
DH14 170-34539.5/12.16.39/1.938.4/24.333.4/10.3105.5/2810/3.3114/58.5
DH15 120-18321.3/62.57/1.430/2211.65/5.649.6/155.86/1.874.2/51.6
DH16 50-17528.7/74.88/230.5/2215.35/980.2/167.6/299.2/51
DH17 5-18537.9/84.77/1.934/22.519.1/9103/199.59/2.497.1/55
Lutetium
Lu
Molybdenum
Mo
Niobium
Nb
Neodymium
Nd
Praseodymium
Pr
Rubidium
Rb
Samarium
Sm
DH10 82-1856.17/214-Aug206/7353.7/4016.2/11.5796/41815.2/10.6
DH11 120-2704.25/.856/8144.5/18.573.5/4215.45/11.4575/14613.7/8.8
DH12 160-26010.85/2.836/15488/10080.7/4918.9/13.5558/17221.6/12
DH14 170-3458.69/2.431/9360/8581.4/4819.65/12446/12226.6/10.5
DH15 120-1834.61/1.213/5.7165/38.781.2/41.618.5/11.6150.5/6116.35/7.7
DH16 50-1756.57/1.351/9.4259/45113.5/4820.7/12.6177/9527.3/10
DH17 5-1858.58/1.6151/21328/52125/5231/13.8286/18234.1/10.6
Tin
Sn
Strontium
Sr
Tantalum
Ta
Terbium
Tb
Thorium
Th
Thallium
Tl
Thulium
Tm
DH10 82-18520-Jul1335/42517.2/55.01/2.3197.5/613.9/2.35.25/1.9
DH11 120-27013-Feb1365/50411.2/1.53.45/1.2124.5/182.7/.23.63/.7
DH12 160-26039/9863/42328.4/74.29/2380/8023.1/1.910.35/2.4
DH14 170-34532/9777/46724.2/66.18/1.9407/7518.9/27.11/2
DH15 120-18316-May717/48712.3/3.12.8/1125/35.43.1/0.23.86/1
DH16 50-17527-Jun930/53817.5/33.84/1.4234/393.4/.65.36/1
DH17 5-18532/6852/49924.4/44.41/1.6284/495.5/1.66.94/1.4
Uranium
U
Vanadium
V
Tungsten
W
Yttrium
Y
Ytterbium
Yb
Zirconium
Zr
DH10 82-18550.9/20100/36.88/4.3257/10638.9/13.41900/717
DH11 120-27024.3/7125/7918-Jul190.5/4626.4/51300/360
DH12 160-26090.2/21.697/6512/7.462/11874.3/173240/855
DH14 170-34590.4/2197/649./5.381/11555/152920/808
DH15 120-18330.6/8.2112/8371/15193.5/58.528.4/9.31310/470
DH16 50-17569.8/12.8147/91196/15193/6540.7/8.72100/500
DH17 5-18558/14.8147/7313-May370/8053.1/102680/552

"Going forward, we will follow a two-prong strategy for BE Resources," added Mr. Tognoni. "We will continue to explore the beryllium mineralization on our properties through continued drilling, including drilling deeper, and also define and evaluate the levels of rare earth elements present in our assays."

ALS Minerals Qualifications and QA/QC

The Company has selected ALS Minerals (ALS) to perform sample preparation (in Reno Nevada) and assay work (in Vancouver, British Columbia). ALS maintains ISO 9001:2008 and ISO/IEC 17025:2005 certifications, provides all internal quality control data, and maintains a library of detailed laboratory analytical methods required as the necessary documentation for NI 43-101 Technical Reporting. The ALS Quality Management System (QMS) complies with the requirements of International Standards ISO 9001:2008. ALS has implemented the following quality assurance/quality control (QA/QC) procedures for the Warm Springs exploration project sample handling and management, and laboratory procedure and test methods are implemented.

All samples received at ALS undergo the following sample preparation in accordance with ALS Sample Preparation Package – PREP-31 Standard Sample Preparation. Sample preparation is the most critical step in the entire laboratory operation. The purpose of preparation is to produce a homogeneous analytical subsample that is fully representative of the material submitted to the laboratory. The sample is logged in the tracking system, weighed, dried and finely crushed to better than 70 percent passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of up to 250 g is taken and pulverized to better than 85 percent passing a 75 micron (Tyler 200 mesh, US Std. No. 200) screen.

At ALS, Geochemical Procedure - ME-ICP61a, Evaluation of High Grade Materials Using Conventional ICP - AES Analysis Sample Decomposition was implemented for all of the Company's samples undergoing analysis: The sample is digested in a mixture of nitric, perchloric and hydrofluoric acids. Perchloric acid is added to assist oxidation of the sample and to reduce the possibility of mechanical loss of sample as the solution is evaporated to moist salts. Elements are determined by inductively coupled plasma – atomic emission spectroscopy (ICP - AES).

A summary of the geology is reported in the Company's 2009 NI 43-101 compliant technical report titled "Technical Report on the Warm Springs Beryllium Property, Socorro County, New Mexico USA" dated June 5, 2009 and filed on SEDAR at www.sedar.com on July 2, 2009.

Qualified Person

David Tognoni, PE, President and CEO of the Company, is the Qualified Person (as defined under National Instrument 43-101) for the project and is responsible for verification of the data and the contents of this news release.

Conceptual geologic model developed

The Company has created graphics of conceptual models of the Company's targets at Warm Springs and Iron Mountain that are posted to its website at www.beresources.com.

About BE Resources Inc., Beryllium and Rare Earth Elements

BE Resources Inc. is a junior mineral exploration company focused on advancing the exploration and development of its Warm Springs Beryllium and Rare Earth project in New Mexico. BE Resources' initial target is beryllium, a metal that has significant lightness, strength and temperature resistance qualities that make it a valuable component in the aerospace and defence industries. For information, please see the Company's website at www.beresources.com.

Beryllium is commonly used in alloys, accounting for an estimated 75 percent of US consumption. In the US, ceramics (15 percent) incorporating beryllium oxides, also known as beryllia, are the next most important form of beryllium followed by metal (10 percent). Electronic and electrical components, aerospace and defence applications account for around 80 percent of US consumption, according to industry analyst Roskill Mineral Services.

Beryllium prices are usually determined on a negotiated basis between producers and end-users with small quantities of highly pure metal (greater than 99 percent pure) traded on the Shanghai Metals Market. Recent prices posted for beryllium were between 5,500 - 6,000 RMB/Kg, the equivalent of about US$135 to US$147 per pound of beryllium oxide, or US$374 to US$408 per pound of beryllium.

Rare earth elements have unique electrical, chemical and physical properties and are used throughout industry – common applications include rechargeable batteries and high power magnets. Similar to beryllium, there is not a commodity market to set standard prices for rare earth elements. As an illustration, the table below, from the website www.mineralprices.com lists prices rare earth elements.

Metal type and purityPrice US$/kg
as of Apr. 8, 2011
Price Change since Dec. 31, 2010
Lanthanum metal ≥ 99%2100.0%
Lanthanum Oxide ≥ 99.5%9575.9%
Cerium metal ≥ 99%2150.0%
Cerium Oxide ≥ 99.5%108103.8%
Praseodymium metal ≥ 99%4180.0%
Praseodymium Oxide ≥ 99.5%17070.0%
Neodymium metal ≥ 99.5%18542.3%
Neodymium Oxide ≥ 99.5%185146.7%
Samarium metal ≥ 99.9%11025.0%
Europium Oxide ≥ 99.5%2,5000.0%
Gadolinium metal 99.9%4350.0%
Gadolinium Oxide ≥ 99.5%15068.5%
Terbium metal ≥ 99.9%3,4009.7%
Terbium Oxide ≥ 99.5%2,5000.0%
Dysprosium metal ≥ 99%7000.0%
Dysprosium Oxide ≥ 99.5%45012.5%
Erbium metal ≥ 99.9%30538.6%
Erbium Oxide ≥ 99.5%19556.0%
Yttrium metal ≥ 99.9%17041.7%
Yttrium Oxide ≥ 99.99%170107.3%
Scandium metal 99.9%15,0000.0%
Scandium Oxide ≥ 99.95%6,50025.0%
Mischmetal ≥ 99%9550.8%
Source: HEFA Rare Earth Canada Co. Ltd. via http://www.mineralprices.com/

Cautionary Statements

Certain statements contained in this news release may contain forward-looking information within the meaning of United States and Canadian securities laws. Such forward-looking information is identified by words such as "estimates," "intends," "plans," "expects," "believes," "may," and "will." There is no assurance that we will ever be able to define a Beryllium or REE resource. We are at an early stage of exploration. Reference is made to the risk factors contained in the Company's annual report on Form 10-K for the year ended December 31, 2010. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the 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.

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