From the 1/24/11 MCP Form S-1 page 4
"Our reserves are bastnasite, but there are also known monazite occurrences on our property that we are currently examining."
Molycorp took the time to put this in their report for a reason. When you look back at past Molycorp published information they have had many instances of forecasting future happenings. They mentioned looking into doubling plant capacity months before it happened. Then MCP told the market again that they were going to bring it up at their next board meeting. They have also mentioned to the market interest in some of the supply and JV deals that they performed well before the deals actually happened.
Their statement may be translated to be that they have monazite on their property and believe that it could be of commercial significance. Their statement that they are currently examining it probably means that they are performing core samples and testing to determine the reserve quantity. Let the shorts beware if it turns out that Molycorp has HREE's now and the market does not need to wait 4-5 years for other HREE mines to come online.