Hudson Commences 10,000m Rare Earth Drill Program in Greenland
May 10 2011 - 10:43AM
Marketwired
HUDSON RESOURCES INC. (the "Company") (TSX VENTURE: HUD)(OTCQX:
HUDRF) is pleased to announce the commencement of the 2011 drill
program at the company's Sarfartoq Rare Earth Element (REE) Project
in Greenland. The objective of the program is threefold: (i)
upgrade the resource at the ST1 Zone from the "inferred" category
to the "indicated" category; (ii) expand the size of the ST1
deposit; and (iii) test several additional REE targets within the
Sarfartoq Carbonatite Project.
James Tuer, Hudson's President, stated, "We are very excited
about the start of the 2011 field season. We expect that this drill
program will allow us to upgrade and expand our flagship ST1 Zone
from inferred to indicated resources which is a prerequisite to
initiating a pre-feasibility study later this year. In advance of
this, the preliminary economic assessment report is planned for
completion by the third quarter of this year."
Hudson plans on completing a minimum 10,000m of drilling in
2011. One drill is currently operating with a second scheduled to
start in two weeks. Approximately 5,000m is planned to be carried
out in May and June at the ST1 Zone as infill drilling. Additional
holes will also seek to expand the resource which is currently open
in all directions. The remaining drilling will test additional
targets along the ring structure of the Sarfartoq carbonatite, such
as at ST19 where Hudson intercepted 22m of 3.4% total rare earth
oxide ("TREO") (drill hole SAR 10-22) and 14m of 4.9% TREO (drill
hole SAR 10-23) and at ST40 target which has a unique neodymium
content at 46% of TREO. The drill program is expected to be
completed by September. The drill core will be sent in batches to
ALS Chemex in Vancouver for assaying. Results are expected
throughout the summer.
Hudson has produced 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
contains one of the industry's highest ratios of neodymium and
praseodymium to TREO, at 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$220/kg, FOB China, and at over US$100/kg, within China,
according to www.metal-pages.com.
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 million in working capital.
Dr. Michael Druecker is a Qualified Person as defined by
National Instrument 43-101 and reviewed the preparation of the
scientific and technical information in this press release in
respect of the Sarfartoq REE Project. Ronald G. Simpson, B.Sc.,
P,Geo., President of Geosim Services Inc., is an independent
Qualified Person as defined by NI 43-101 and is responsible for the
resource estimate on the ST1 Zone.
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 (604) 688-3452 (FAX)
tuer@hudsonresources.ca
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