Hudson Awards Sarfartoq Rare Earth Project Preliminary Economic Assessment Study
June 09 2011 - 1:41PM
Marketwired
HUDSON RESOURCES INC. (the "Company") (TSX VENTURE: HUD)(OTCQX:
HUDRF) is pleased to announce that it has awarded the Preliminary
Economic Assessment (PEA) to Wardrop, A Tetra Tech Company
(Wardrop). The study will commence this month with completion in
the fall.
Wardrop, A Tetra Tech Company, is a multi-disciplined consulting
and engineering firm that provides innovative solutions for the
natural resource management, energy, and infrastructure markets
globally. Wardrop currently has 1,200 employees who work
collaboratively throughout its North American and overseas
operations. Wardrop is part of Tetra Tech (NASDAQ: TTEK), a leading
provider of consulting, engineering, program management,
construction, and technical services. The combined companies have
more than 12,000 employees worldwide and capabilities that span the
entire project lifecycle.
James Tuer, Hudson's President, stated, "We are very pleased to
have Wardrop on our technical team for our first economic
assessment of the ST1 Zone where we now have an inferred resource
with over 14 million tonnes averaging 1.5% total rare earth oxides
(TREO). A big benefit of using Wardrop is that they have recently
completed PEA's on several rare earth projects, as well as, other
mining projects specific to Greenland. Drilling is underway to
upgrade the ST1 inferred resource to the indicated category, which
will allow us to advance the project to prefeasibility, assuming a
positive PEA. Our first batch of drill core has already arrived in
Vancouver for assaying at ALS Chemex."
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$250/kg, FOB China, and at over US$130/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 www.hudsonresources.ca
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