Great American Energy's CEO, Felipe Pimienta, commented, "[w]ith China controlling about 90% of the rare earth elements currently being consumed worldwide, the Bear Creek Property represents the potential to develop a greatly needed North American supply of REEs.”
The option must be exercised on or before April 30, 2015, according to the terms of the agreement. To exercise the option, the company must make a series of scheduled cash payments and fund mineral exploration work on the property totaling an agreed upon dollar amount no later than this deadline.
Texas Rare Earth Resources (OTCQB:TRER), a heavy REE exploration and development company, is initiating baseline air quality monitoring at its Round Top project in anticipation of permitting future operations.
The company noted that the initiation of the air quality baseline study is in line with its strategy to maximize the value of all the assets present at the project, including the historical beryllium and potential uranium resource.In addition to REEs, the Round Top property contains a historical beryllium resource. It is believed that uranium is also a potential asset at Round Top as it occurs both as an accessory in low-grade, REE-bearing rhyolite that may be coproduced with the REEs as well as in unexplored higher-grade deposits that are geologically associated with the beryllium below the rhyolite. Securities Disclosure: I, Adam Currie, hold no direct investment interest in any company mentioned in this article. Related reading: More Chinese Firms Halt Rare Earth Operations South Korea Reduces Dependence on Chinese Rare Earths from Rare Earth Investing News