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“With CREC’s recently announced staking of 8000 acres in and around the Lemhi Pass District located in Idaho and Montana, the closing of this acquisition will greatly increase our rare earth element (REE) properties in the U.S.,” said Michael Parnell, CEO of Colorado Rare Earths. “Upon closing this transaction, our company will have over 12,000 acres of potential REE-bearing properties, including substantial new heavy rare earth element (HREE) claims in Idaho, Montana and Colorado.”
“The principals of U.S. Rare Earths, Inc. are very excited to become part of a public company,” said Edward Cowle, CEO of U.S. Rare Earths. “We believe that the experience and expertise of CREC personnel, together with the ability to access the capital markets, will allow USRE to accelerate plans to become a rare earth supplier. As a private company, USRE has had wide exposure in various government reports and in the media. We believe that additional capital will enable us to more aggressively pursue opportunities to develop our rare earth holdings and demonstrate their value to a wider government, industrial, and financial audience.”
As part of the agreement and upon filing the necessary documents, Colorado Rare Earths will change its name to U.S. Rare Earths Inc. For more information, visit www.coloradorareearths.com or www.usrareearths.com.