Quantum Rare Earth Developments Corp.

Quantum Rare Earth Developments Corp.

February 24, 2011 06:02 ET

Quantum Rare Earth CEO Terms New Study "A Wake-Up Call"

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2011) - Peter Dickie, President and CEO of Quantum Rare Earth Developments Corp. (TSX VENTURE:QRE)(OTCQX:QREDF)(FRANKFURT:BR3) has endorsed recommendations in a recent report on "energy-critical materials". Dickie said the report, by the American Physical Society (APS) and the Materials Research Society (MRS), "is a wake-up call about the critical need to find, develop, and secure adequate supplies of rare earth elements."

The report, "Security Materials for Emerging Technologies" was released at the annual meeting of the American Association for the Advancement of Science. The report calls for the U.S. government to gather, analyze, and distribute information on Energy-Critical Elements, (ECEs) including potential resources, production, trade, and uses. Energy-Critical Elements (ECEs) have the potential to transform the capture, transmission, storage or conservation of energy. In addition to rare earth elements, ECEs potentially include other applications for electric automobiles, wind turbines and solar cells.

Senator Mark Udall (D-CO) has introduced S.383, a bill to promote the domestic production of critical minerals and materials. The bill also calls on the Department of Energy to help secure a steady supply of the elements.

"Rare earth elements and niobium are vital to high-tech and strategic industries," said Mr. Dickie. "Niobium, for which Quantum is exploring in Nebraska, is used as a steel hardener for high-strength, low-alloy steel, such as that used in high-pressure gas pipelines. Other uses for niobium include production of 'super alloys', used extensively in the aerospace and defense industries. The U.S. government considers niobium to be a strategic metal." 

Recent assay results for niobium from the Elk Creek, Nebraska project have shown that the high degree of work carried out by Molycorp years ago still stands today. While still awaiting Rare Earth results, the results for Niobium are very positive and indicate potential for a large home-grown resource of this 100% imported commodity (see Quantum News Release Feb 21, 2011 for details).

Quantum Rare Earth Developments Corp., based in Vancouver, British Columbia, is a junior exploration company with a focus on seeking out potentially economic deposits of Niobium and Rare Earth Elements (REE) in North America and elsewhere in the world. Current projects include the Elk Creek, Nebraska Niobium and Rare Earth property and the Archie Lake, Saskatchewan Rare Earth property.

On Behalf of the Board,

Peter Dickie, President, CEO

"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."

Contact Information