The feature said: "In the heavy rare earths, one Canadian miner appears closer than most to becoming a major player. Quest Rare Minerals Ltd. says its Strange Lake Deposit in Northern Quebec could supply as much as 10 per cent of global demand for rare earths once it is up and running, and as much as 30 percent of demand for the more pricey heavy rare earths."
CEO Peter Cashin was quoted as saying in a recent interview that the deposit holds a large resource, that "obviously will be able to deliver and satisfy a long-term shortfall."
To read the feature, click here: http://www.theglobeandmail.com/report-on-business/canadian-miner-vies-to-be-major-rare-earth-supplier/article2405521/
As at January 31, 2012, Quest had a total of $42.3 million in cash and Canadian provincial and AAA-rated corporate bonds.
The company is currently advancing the Strange Lake and Misery Lake areas of northeastern Quebec. Quest's 2009 exploration led to the discovery of the significant rare earth metal deposit, the B-Zone, on its Strange Lake property.
The B-Zone deposit is one of the largest heavy rare earth resources in the world and is exposed at surface and amenable to a low-cost open pit mine. It has the potential to provide a long-term, stable supply of separated and refined heavy rare earths.
Quest is advancing the project to deliver a pre-feasibility study (NYSE:PFS) for the deposit in the second half of 2012. At that time, the company is expected to have a more accurate idea as to the delivery timelines for its definitive feasibility study and for mine start-up.
Rare earths are a group elements critical in the development of clean energy technologies including electronics, hybrid vehicles, permanent magnets, green energy platforms and advanced technologies for national defence.
With China, the biggest supplier of the metals, cutting back sharply on exports, development of rare earths outside China are becoming an increasing focus.
The Strange Lake property, located 220 km northeast of Schefferville and 125 km west of the Voisey Bay Nickel-Copper-Cobalt Mine, covers an area of 54,000 hectares.
In April 2010, an NI 43-101 preliminary resource estimate of the B Zone completed by Wardrop Engineering indicated that at a 0.95% total rare earth oxides (TREO) base-case cut-off grade, the B Zone contains an indicated resource of 36.4 million tonnes grading 1.16% TREO, 2.17% zirconium oxide, 0.24% niobium pentoxide, 0.05% hafnium oxide and 0.12% beryllium oxide.