MONTRÉAL, QUÉBEC--(Marketwired - Nov. 18, 2016) - Quest Rare Minerals Ltd. (TSX:QRM) (Quest) a company that aims to become the first integrated producer of rare earth metal oxides in Canada and Tugliq, a Quebec-based energy provider, have joined forces to develop an integrated renewable energy solution at its Strange Lake complex mining project. Located in northern Québec region on the Québec-Newfoundland and Labrador border, construction of the project is expected to begin early 2019.
With the financial support of the Government of Quebec for the feasibility studies through the ÉcoPerformance program, Quest and Tugliq are working together to make the mine a reference site in terms of energy production. The chosen solution will be among the most innovative and will become a benchmark in the mining industry.
In addition, the project will allow diversification of the energy mix on a territory which, due to a lack of alternatives, is dependent on diesel to generate power. The Strange Lake complex project will then become the second flagship project to develop renewable energies in the Plan Nord area after Glencore (Raglan Mine), where Tugliq built a large industrial wind turbine in 2014. The 3 MW wind turbine power will contribute to a substantial reduction in diesel consumption and electricity expenses. To capitalize on the previous achievements of the Raglan Mine project, Tugliq will continue to work with its partners, particularly Hatch, to complete the bankable feasibility study and implementation plan.
The recently concluded agreement furthers Quest's commitment to adopt exacting sustainable development standards by designing a vertically integrated logistics chain where clean technologies are incorporated into the early stages of project design. In this way, Quest will be able to reduce its carbon footprint and contribute to the climate change and sustainable development objectives of Québec and Canadian governments. Earlier this year, Quest received a financial contribution from Sustainable Development Technology Canada (SDTC) to support the testing and calibration of Quest's eco-friendly "Selective Thermal Sulphation (STS)"1 process parameters at an industrial scale. This sustainable process will enable Quest to produce high purity mixed rare earth oxides from the mineral extracted from the Strange Lake complex and phosphor powder from recycled lamps at its Bécancour facility.
1 Patent Pending
Rare earth metals are strategic minerals, in particular because they are essential elements for many clean technologies, including efficient electric motors, light-emitting diodes and wind turbines. The rare earth metal oxides produced by Quest will be used to a large extent to meet the growing demand for high performance permanent magnets.
"We are very pleased to partner with Tugliq, who has leading edge expertise in the implementation of energy solutions under demanding conditions and unique environments. We are also very proud of this agreement, which demonstrates that an exemplary environmental solution is possible and thus allows Quest's global project to become even more socially acceptable and environmentally responsible, "commented Pierre Lortie, Quest's Executive Chairman of the Board.
"TUGLIQ welcomes this opportunity to work closely with a partner like Quest. This exciting new project marks the beginning of a major transition in the energy mix of the autonomous networks in the northern Quebec region and in Canada. Together, we will set new standards for local renewable energy and implement sustainable practices in a promising sector: that of rare earths, "concluded Laurent Abbatiello, President and CEO of Tugliq Énergie.
ABOUT QUEST RARE MINERALS LTD.
("Quest") is a Canadian-based company focused on becoming an integrated producer of rare earth metal oxides and a significant participant in the rare earth elements (REE) material supply chain. Quest is led by a management team with in-depth experience in chemical and metallurgical processing. Quest's objective is the establishment of major hydrometallurgical and refining facilities in Bécancour, Québec, to separate and produce strategically critical rare earth metal oxides. These industrial facilities will process mineral concentrates extracted from Quest's Strange Lake mining properties in northern Québec and recycle lamp phosphors utilizing Quest's efficient, eco-friendly "Selective Thermal Sulphation (STS)"1 process.
ABOUT TUGLIQ ENERGY
TUGLIQ specializes in supplying clean and renewable proximity energy. It aims to play a leading role in the development and deployment of Quebec's energy strategy in the Far North. Its customized solutions based on energy diversification allow companies and communities to reduce their energy costs by over 30%. This is over and above the competitive advantages conferred by the stability and durability of developed infrastructures and expected social benefits, such as greater prosperity for the local communities, the opening up of local economies, and greater energy independence for communities and industries. The Quebec Wind Energy Association awarded TUGLIQ the 2016 "Developer and Operator of the Year" prize for its innovative and promising realizations at Raglan Mine in Nunavik.
QUEST FORWARD-LOOKING STATEMENT
This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, objectives or performance of Quest, including the Strange Lake Rare Earth Project's technical and pre-economic feasibility, future financing by Quest, or the assumptions underlying any of the foregoing. In this news release, words such as "may," "would," "could," "will," "likely," "believe," "expect," "anticipate," "intend," "plan," "estimate," and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether-or the times at or by which-such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the development of the Strange Lake Rare Earth Project or any financing by Quest, or if any of them do so, what benefits Quest will derive from them. Forward-looking statements and information are based on information available at the time, and/or management's good-faith belief with respect to future events, and are subject to known or unknown risks, uncertainties, assumptions, and other unpredictable factors, many of which are beyond Quest's control. These risks, uncertainties and assumptions include, but are not limited to, estimates relating to capital costs and operating costs based upon anticipated tonnage and grades of resources to be mined and processed, and the expected recovery rates, together with those described under "Risk Factors" under "Risk Factors" in Quest's annual information form dated January 25, 2016, and under "Risk Factors" in Quest's Management's Discussion and Analysis for the fiscal year ended October 31, 2015, all of which are available on SEDAR at http://www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Quest does not intend, nor does Quest undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable law.