Business
East Energy provides corporate update
East Energy provides corporate update.
About this update from Canada Rare Earth Corp.
[{"type":"text","content":"\n\n\n\nInferred resource estimates announced for major metallurgical coal\n\n\ndeposit in China\n\n\nTSX-V symbol: EEC\n\n\nVANCOUVER, May 24 /CNW/ - East Energy Corp. (the "Company" or "East\nEnergy") is pleased to report on recent progress at its metallurgical coal\nproject in China. Shortly after announcing a deal to acquire majority\nownership of Qinghai Sinomine Resources Development Ltd. (QSRD) in stages from\nChina Minmetals Corporation, the Company filed a Technical Report outlining\ninitial inferred resource estimates for portions of the Zhong'ao Joint Venture\nland holdings, which are covered by the East Energy-China Minmetals\npartnership agreement. Current in-place metallurgical coal resources,\nindependently prepared by Norwest Corporation in compliance with National\nInstrument 43-101, include 172.7 million tonnes of inferred resources suitable\nfor surface mining.\n\n\nInferred Coal Resources\n\n\nInitial resource estimates have been completed for three of the four\nblocks included in Zhong'ao. The 43-101 report calculates that there is an\ninferred resource of 172.7 million tonnes of metallurgical coal, which is\npotentially surface mineable. East Energy's 12.74% share of this inferred\nresource is 22.0 million tonnes of metallurgical coal.\n\n\n"This initial resource calculation underscores the enormous potential of\nZhong'ao and emphasizes the importance of our ownership in QSRD," said Howard\nRatti, President and CEO of East Energy. "China is growing and modernizing at\na rapid pace, creating a huge, local market for our metallurgical coal in the\nChinese steel industry. East Energy is currently reviewing further drilling\nrequirements in an effort to outline additional resources at Zhong'ao, which\nwill be updated in future technical reports. We remain committed to rapidly\nmonetizing our current holdings and continue to seek opportunities in China\nand North America."\n\n\nThe Zhong'ao JV properties are located in the Jiangcang Coal Basin, which\nis situated 300 kilometres (186 miles) northwest of Xining City, the capital\nof Qinghai Province. This is a major coal basin hosting 1.7 billion tonnes of\nmetallurgical coal according to estimates released by the Chinese government.\nThe Qinghai government is actively encouraging investment and is showing its\nsupport by in...