Hudson Presents Sarfartoq REE Project to European Parliament
April 14 2011 - 1:06PM
Marketwired
HUDSON RESOURCES INC. (the "Company") (TSX VENTURE: HUD)(OTCQX:
HUDRF) is pleased to announce that yesterday the Company made a
presentation to the European Union Parliament in Brussels on the
Sarfartoq rare earth project in Greenland. Hudson also met with the
Greenlandic EU Representative, Lida Lennert Skifte and the
Greenlandic Minister for Infrastructure, Transport and Housing,
Jens B. Frederiksen. Following the EU meeting a session was also
held with the Confederation of Danish Industry to discuss the
demand for rare earths and how Hudson could help meet Danish rare
earth needs. Denmark is home to Vestas, the world's largest
manufacturer of wind turbines.
The EU Parliament meeting entitled "Why is the Arctic critical
for European Industry?" was held by the EU Parliament Intergroup on
"Climate Change, Biodiversity and Sustainable Development" in
Brussels and was hosted by Mrs. Riikka Manner, Member of the
European Parliament. One of the purposes of the meeting was to
discuss the shortage of rare earths and the impact on European
industry.
The European Commission is seeking to develop domestic supply
capacity for strategic metals including rare earths. European Trade
Commissioner Karel De Gucht recently stated that Greenland would be
an important source of rare earths for the EU and that the deposits
needed to be supported. The European Commission issued a report
June 17, 2010 defining 14 metals and minerals critical to the
security of the EU which highlights neodymium.
James Tuer, Hudson's President, stated, "We are very pleased to
have been invited to present to the largest and most influential
Intergroup within the European Parliament. As the only exploration
company invited to the meetings it was an excellent opportunity to
introduce Hudson's rare earth project to the EU parliament and to
discuss how Hudson may be able to help the EU meet its future rare
earth needs."
Hudson has an initial NI 43-101 resource estimate for the
Company's ST1 Zone, which defined 14.1M tonnes averaging 1.51%
total rare earth oxides (TREO) using a cutoff of 0.8%. The ST1 Zone
represents one of the industry's highest ratios of neodymium and
praseodymium to TREO, totaling 25%. Currently, the ST1 inferred
resource contains over 40 million kilograms of neodymium oxide,
which is the key component in permanent magnets and the fastest
growth sector of the rare earths industry. Neodymium oxide is
currently quoted at over US$200/kg, FOB China, and at over
US$90/kg, within China, according to www.metal-pages.com. The ST1
Zone is open for expansion and there are several other target areas
that have demonstrated the potential to host high grade REE
deposits on the Sarfartoq carbonatite.
The Sarfartoq REE project is located within 20 km of tidewater
and only 60 km from Greenland's international airport. The project
is owned 100% by Hudson. The company is well financed with
approximately $18.5 million in working capital.
ON BEHALF OF THE BOARD OF DIRECTORS
James Tuer, President
Forward-Looking Statements
This news release includes certain forward-looking statements or
information. All statements other than statements of historical
fact included in this news release, including, without limitation,
statements regarding plans for the completion of a financing and
the intended terms and use of proceeds thereof, and other future
plans and objectives of the Company are forward-looking statements
that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's plans or
expectations include market prices, general economic, market or
business conditions, regulatory changes, timeliness of government
or regulatory approvals and other risks detailed herein and from
time to time in the filings made by the Company with securities
regulators. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation.
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: Hudson Resources Inc. James Tuer President
604-628-5002 or 604-688-3415 tuer@hudsonresources.ca
www.hudsonresources.ca
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