Quest Provides Update on Pre-Feasibility Study for Strange Lake B-Zone Rare Earth Element Project
11 Febrero 2013 - 6:30AM
Marketwired
Quest Rare Minerals Ltd. (TSX:QRM) (NYSE MKT:QRM) (NYSE Amex:QRM)
wishes to provide an update on the preparation of a pre-feasibility
study (PFS) for the B-Zone deposit at Quest's Heavy Rare Earth
Element Project, Strange Lake, Quebec. The Strange Lake Project is
located 225 km northeast of Schefferville, Quebec and 125 km west
of the Voisey's Bay nickel-copper-cobalt deposit, eastern
Labrador.
Significant development work has been completed which
demonstrates that Strange Lake is a very large rare earth project
with one of the highest concentrations of heavy rare earth elements
as well as important by-products zirconium and niobium. The current
project configuration calls for a conventional open pit and typical
associated mine infrastructure, including camps, maintenance shops,
utilities and processing facilities. The project infrastructure
will incorporate a port and a 165-kilometre access road (see Press
Release : February 15, 2012).
The bulk of the engineering work for the PFS has been completed,
led by several engineering firms working with Quest's management
team. Hatch Associates Ltd. has provided the design for a solvent
extraction circuit while AECOM has worked with Quest for much of
the balance of the project. Micon International Limited has
designed the mine plan with support from AMEC Earth &
Environmental, while Strategic Engineering & Science, Inc.
(SES) has been responsible for the design of a tailings disposal
facility. AECOM is also responsible for the completion of the
environmental base line data collection and the preparation of
terms of reference for Quest's environmental impact assessment.
Quest is examining potential refinements to the Strange Lake
Project, with a view to further reducing project risk, lowering
capital costs and operating costs, and allowing for an earlier mine
commissioning date when compared to the current project
configuration. As a result of the additional project review, Quest
expects to deliver the PFS for the Strange Lake Project within six
months. Quest notes that the mine plan, the great majority of the
engineering work done to date for the PFS, the extensive
metallurgical test work program and the resulting process plant
design, supporting site infrastructure design, road and port will
all apply to the potential refinements currently under examination
by Quest. In light of a significant increase in the size of the
Strange Lake Project resource as well as changes to the nature and
scope of the Strange Lake Project, Quest also expects that the
capital cost and operating cost for the Strange Lake Project will
be significantly greater than those set out in the September 2010
Preliminary Economic Assessment (see Press Release : September 9,
2010 and Press Release : February 15, 2012).
Quest is also pleased to provide an update on the extensive
metallurgical program being undertaken on the Strange Lake deposit
mineralization. During the last year, a significant amount of
development work has been conducted. Bench-scale testing of all
parts of the process has effectively defined the metallurgical
treatment route, and recently a mini pilot plant was commissioned
to test continuous operation of the solvent extraction process,
focusing initially on the zirconium extraction circuit. Early
extraction results confirm the results of the bench-scale testing.
This will be followed in the coming months with commissioning of
the niobium and rare earth solvent extraction and precipitation
circuits at the mini pilot level. Metallurgical process stream
information from this work will be incorporated into the final
demonstration scale pilot plant, which is expected to be in
operation during the second quarter of calendar 2013.
About Quest Rare Minerals
Quest Rare Minerals Ltd. ("Quest") is a Canadian-based
exploration company focused on the identification and discovery of
new and significant Rare Earth deposit opportunities. Quest is
publicly listed on the TSX and NYSE MKT as "QRM" and is led by a
highly-respected management and technical team with a proven
mine-finding track record. Quest is currently advancing several
high-potential projects in Canada's premier exploration areas: the
Strange Lake and the Misery Lake areas of northeastern Quebec.
Quest's 2009 exploration led to the discovery of a significant new
Rare Earth metal deposit, the B-Zone, on its Strange Lake property
in northeastern Quebec. Quest has filed a National Instrument
43-101 Indicated and Inferred Resource Estimate on the B-Zone
deposit and has completed a Preliminary Economic Assessment (PEA)
for the deposit. In addition, Quest announced the discovery of an
important new area of REE mineralization on its Misery Lake
project, approximately 120 km south of the Strange Lake project.
Quest continues to pursue high-value project opportunities
throughout North America. As a result of a marketed equity
financing completed in October 2010, Quest has a strong working
capital position of $26 million and is able to execute on its
project intentions. This is expected to be sufficient to advance
Quest's plans of advancing pre-feasibility and definitive
feasibility studies of the B-Zone REE deposit and to continue
exploration on its other rare earth properties.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" or "forward-looking statements"
within the meaning of applicable Canadian and U.S. securities
legislation. Forward-looking information and statements may
include, among others, statements regarding the future plans,
costs, objectives or performance of Quest, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, or if any of them do so, what
benefits Quest will derive. Forward-looking statements and
information are based on information available at the time and/or
management's good-faith belief with respect to future events and
are subject to known or unknown risks, uncertainties, assumptions
and other unpredictable factors, many of which are beyond Quest's
control. These risks, uncertainties and assumptions include, but
are not limited to, those described under "Risk Factors" in Quest's
annual information form dated January 25, 2013, and under the
heading "Risk Factors" in Quest's Management's Discussion and
Analysis for the fiscal year ended October 31, 2012, both of which
are available on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov, and could cause actual events or results to differ
materially from those projected in any forward-looking statements.
Quest does not intend, nor does Quest undertake any obligation, to
update or revise any forward-looking information or statements
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
Contacts: Quest Rare Minerals Ltd. Peter J. Cashin, P. Geo.
President & CEO (416) 916-0777 or 1-887-916-0777 (416) 916-0779
(FAX)info@questrareminerals.com www.questrareminerals.com
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