Sep 27 2010
U.S. Rare Earths, Inc. (USRE), a private company, announced today they have awarded a contract to The Boeing Company (NYSE: BA) for the utilization of their leading-edge technology designed to identify and confirm rare earth deposits.
USRE owns the mineral rights to one of the most significant deposits of rare earth elements in the United States, according to the U.S. Geological Survey.
“Boeing’s technology will greatly enhance our exploration capabilities and provide a competitive advantage for the discovery of new deposits,” said Edward Cowle, Chief Executive Officer of USRE. “Boeing’s work will complement U.S. Rare Earth’s efforts to expand our exploration programs and eventually to commercialize our reserves. This partnership will accelerate the realization of our vision to become a domestic supplier of both light and heavy rare earth materials for the U.S. military and the commercial economy around the globe.”
USRE is an exploration-stage company with U.S. Geological Survey (USGS) documented rare earth claims in Idaho, Montana and Colorado.
Boeing will utilize a version of their remote sensing research technology on USRE documented mining claims in the Lemhi Pass, Diamond Creek and North Fork, to identify unique rare earth characteristics. USRE will use the Boeing findings to expand its exploration and incorporate large-scale mapping of these and other possible rare earth deposits.