Great American Energy, Inc. (OTCBB: SRBL) ("Great American Energy" and/or "the Company") announces the Company will commence its exploration program on the Bear Creek Rare Earth Property in British Columbia (BC), Canada, by March 2013.
According to a report by Dr. Stewart A. Jackson, PhD, P, GeoI. (Feb. 2011), the Bear Creek Property contains potential for significant resources of rare earth elements (REEs) and may contain rare earth oxides. REEs are critical to a wide range of products, including many emerging green energy technologies (e.g., Hybrid Cars, Plug-in Hybrid Electric Vehicles or PHEVs, wind turbines, compact florescent lighting); high tech applications (e.g., computer disk drives, cell phones); defense systems and many other applications.
On June 7, 2012 (effective date of April 28, 2012), the Company entered into an option agreement (the "Option Agreement") to acquire an undivided 60% interest in the Bear Creek Rare Earth Property. The property consists of 10 mining claims containing ~7,311 acres (~2,959 hectares) a few miles northeast of the mining community of Trail, BC.
According to the terms of the Option Agreement, the option must be exercised on or before April 30, 2015. To exercise the option, the Company must fund mineral exploration work on the property totaling an agreed upon dollar amount no later than April 30, 2015.
As such, the Company is currently developing a two-phase evaluation program plan designed to measure the distribution and amounts of the property's various rare earth elements in a three dimensional array. Exploration activities will include a surface sampling program on both a grid and geological parameter basis, and a geophysical survey to indirectly map the variations with depth within the host rock.
Great American Energy's CEO, Felipe Pimienta, commented: "We know that samples collected on the Bear Creek property provided indications of rare earth elements at varying levels of potential contribution to value. We also know the property lies within the Rocky Mountain Rare Metal Belt. Now our exploration program will move us closer to better determining the mineral and economic potential of the Bear Creek property."