Quantum Rare Earth Developments Corp. (TSX
VENTURE:QRE)(OCTQX:QREDF)(FRANKFURT:BR3) ("Quantum", the "Company")
is pleased to announce that it has entered into an option agreement
(the "Option Agreement") whereby Florella Holdings ("Florella") can
earn an 80% interest in the Australian Jungle Well and Laverton
properties (collectively the "Australian Properties").
The recently completed 2011 exploration program at Jungle Well,
included the re-evaluation of an ultramafic dyke, to confirm
historic REO values for samples collected in 2007 and 2009. The
Jungle Well project is located about 40 km west of the town of
Leonora, Western Australia and approximately 160 km southwest of
Lynas Corporation's Mt. Weld Rare Earth Element Mine.
A total of nine grab samples were taken along the length of the
dyke, and all showed highly elevated Total Rare Earth Oxides(i)
("TREO") values of 0.93% to 12.80% (see Table below). The samples
showed variable REE distribution, with persistent enrichment in
Neodymium and Heavy Rare Earth Oxides. Absolute concentrations of
Neodymium (Nd2O3) ranged from 0.12 to 1.76%. As a percentage of
TREO, the MHREO component ranged from 6.3 to 13.1%.
The Mt. Weld deposit, of Lynas Corp Ltd., contains a resource of
17.49 million tonnes at an average grade of 8.1% TREO, with a
cut-off grade of 2.5% TREO. Given the high grades of the Jungle
Well samples, in combination with large circular magnetic features
on the property, Quantum's management is encouraged with the recent
results.
Table 2011 Sampling Results, Jungle Well Project
----------------------------------------------------------------------------
53790 53791 53794 53795 53796 53797 53798 53800 53801 53802
----------------------------------------------------------------------------
La2- 0.68 1.83 3.42 1.33 0.50 0.43 0.42 0.27 0.36 4.23
O3
(%)
Ce2- 4.05 3.16 4.66 1.92 0.50 0.51 1.71 0.39 1.15 4.74
O3
(%)
Pr2- 0.12 0.32 0.59 0.22 0.08 0.07 0.07 0.04 0.06 0.71
O3
(%)
Nd2- 0.36 0.95 1.76 0.69 0.25 0.21 0.21 0.12 0.19 2.06
O3
(%)
Sm2-657.50 1120.18 2203.25 847.67 309.62 218.01 321.21 171.62 287.58 2411.98
O3
(ppm)
Eu2-106.76 137.79 260.53 106.76 39.83 23.85 47.94 26.40 40.53 267.48
O3
(ppm)
Gd2-544.03 613.19 1187.19 516.37 202.86 92.21 223.61 140.62 207.47 1233.30
O3
(ppm)
Tb2-106.12 81.49 161.14 67.22 25.32 11.28 35.91 17.96 35.91 150.78
O3
(ppm)
Dy2-727.63 463.66 795.34 364.96 129.69 54.51 223.80 98.13 230.68 799.94
O3
(ppm)
Ho2-134.02 83.85 143.19 68.50 24.74 9.39 43.07 19.02 46.05 122.57
O3
(ppm)
Er2-395.64 241.27 394.50 195.54 68.04 24.01 131.50 48.03 142.94 316.74
O3
(ppm)
Tm2- 59.39 35.18 54.59 26.50 8.68 3.20 19.19 6.40 21.93 40.66
O3
(ppm)
Yb2-384.87 215.21 324.52 149.17 47.26 19.36 120.70 34.16 133.23 219.77
O3
(ppm)
Lu2- 50.94 28.20 44.12 21.15 6.60 2.50 15.69 5.00 17.74 27.52
O3
(ppm)
Y2- 0.38 0.28 0.49 0.27 0.10 0.04 0.14 0.05 0.15 0.49
O3
(%)
----------------------------------------------------------------------------
TREO 5.91 6.83 11.48 4.66 1.52 1.30 2.68 0.93 2.02 12.80
(%)
----------------------------------------------------------------------------
LREO 5.22 6.26 10.43 4.16 1.34 1.22 2.42 0.82 1.75 11.75
(%)
MREO 0.13 0.19 0.37 0.15 0.06 0.03 0.06 0.03 0.05 0.39
(%)
HREO 0.56 0.39 0.68 0.36 0.13 0.05 0.20 0.07 0.21 0.66
(%)
----------------------------------------------------------------------------
LREO 88.3 91.5 90.9 89.1 87.8 93.7 90.3 88.4 86.9 91.8
/TREO
MHREO 11.7 8.5 9.1 10.9 12.2 6.3 9.7 11.6 13.1 8.2
/TREO
----------------------------------------------------------------------------
The mineralized dyke was traced for approximately 70 meters
through a series of pits, trending northwest to southeast. The
maximum sampled thickness was 0.5 metres. In addition, a historic
drill log for hole RED 3/4, drilled in 1997 by Western Diamond
Corp., recorded an intersection of an ultramafic unit below the
sample pits. The drill hole, with a dip of -60 was collared 17
metres away from the dyke and intersected a 5 metre thick
ultramafic unit at 25 to 30 metres depth. The hole was ended at
31.4 m, after encountering drill problems. It is interpreted that
the ultramafic unit intersected within the drill hole is the same
REE- bearing unit at depth.
It is anticipated that a follow-up exploration will include a
high-resolution radiometric and magnetic airborne survey,
additional sampling of the known ultramafic, with sampling of other
mafic- or ultramafic dykes located within the immediate
vicinity.
(i) Total Rare Earth Oxides (TREO) include: La2O3, Ce2O3, Pr2O3,
Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3,
Yb2O3, Lu2O3 and Y2O3.
Light Rare Earth Oxides (LREO) include: La2O3, Ce2O3, Pr2O3 and
Nd2O3.
Middle Rare Earth Oxides (MREO) include: Sm2O3, Eu2O3 and
Gd2O3.
Heavy Rare Earth Oxides (HREO) include: Tb2O3, Dy2O3, Ho2O3,
Er2O3, Tm2O3, Yb2O3, Lu2O3 and Y2O3.
Middle to Heavy Rare Earth Oxides (MHREO) is the sum of MREO and
HREO.
Pursuant to the terms of the Option Agreement dated for
reference September 19, 2011 between Florella and the Company's
Australian subsidiary, Florella has been granted an option (the
"Option") to acquire up to an 80% interest in the Australian
Properties in consideration of:
i. cash payments to Quantum of $60,000 (CA) on signing (paid);
ii. a further cash payment of $120,000 (US) within 14 days of exercise of
the Option;
iii.the issuance to Quantum of shares of Florella's newly listed public
company ("Newco"), upon completion of an IPO, valued at IPO issue price
totaling no less than $750,000 (AUD) in value; and
iv. the payment to Quantum of up to $60,000 (CA) as reimbursement for costs
incurred in preliminary exploration work carried out by Quantum on the
Australian Properties during the summer of 2011.
Completion of the terms in the Option Agreement will result in
Newco owning an 80% interest and Quantum retaining a 20% interest
in the Australian Properties. The parties will then form a joint
venture, with Quantum's interest to be carried to Commercial
Production.
Quantum is pleased to conclude this Option Agreement, as it will
result in an accelerated work program at Jungle Well, while
allowing the Company to focus on the development of the Elk Creek
Carbonatite, located in Nebraska.
Jody Dahrouge, PGeol, a qualified person as defined by National
Instrument 43-101, supervised the preparation of the technical
information in this news release.
On Behalf of the Board,
Peter Dickie, President
Cautionary note: This report may contain forward looking
statements, particularly those regarding cash flow, capital
expenditures and investment plans. Resource estimates, unless
specifically noted, are considered speculative. The company has
filed a National Instrument 43-101 report on the Archie Lake
property, on the Elk Creek Carbonatite property, and intends to
file additional NI 43-101 reports on additional properties as soon
as the information is available. Any and all other resource or
reserve estimates are historical in nature, and should not be
relied upon. By their nature, forward looking statements involve
risk and uncertainties because they relate to events and depend on
factors that will or may occur in the future. Actual results may
vary depending upon exploration activities, industry production,
commodity demand and pricing, currency exchange rates, and, but not
limited to, general economic factors. Cautionary Note to US
investors: The U.S. Securities and Exchange Commission specifically
prohibits the use of certain terms, such as "reserves" unless such
figures are based upon actual production or formation tests and can
be shown to be economically and legally producible under existing
economic and operating conditions.
"Neither the 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."
Contacts: Quantum Rare Earth Developments Corp. (604) 568-7365
(604) 568-7506 (FAX)www.QuantumRareEarth.com
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