THUNDER BAY, ON --- July 3, 2010 ---- If you have ever gone for a ride in one of these machines, at Thunder Bay Regional Health Science Centre, you might not care too much about how it works, much less what it is made of. Chances are you are much more concerned about your medical condition and are grateful at last that you have had your scan. When you are ill time is of the essence.
Rare Earth Elements are responsible for the super magnetic qualities of nuclear magnetic resonance devices (I still cling to the original name of these devices). Increasingly this group of elements found on the periodic table are becoming the materials of scientific innovation due to their magnetic and chemical properties. Rare earth elements are found in high tech gadgets like solar panels, and in the magnets of electric motors for hybrid cars. You can build a very powerful electric motor in a tiny package with the right materials. As far as electric motors go, REE’s incorporated into the more advanced battery packs designed to power electric vehicles. If you own a plasma TV then you are witnessing the miracle of REE’s at work. You can’t build a plasma TV without them. We could care this group of materials the strategic commodities of the future, but the fact is they already are.
Most rare earth elements are produced as a by-product of something else, and most of that is outside of the western world, namely China. Since China is one of the world’s super produces of electronic goods, it is in their best interest to guarantee a supply for their own needs; other countries are wondering where they will procure their supplies. I am told that a Toyota Prius contains some 23 kilograms of the strategic material. As car companies plan to build hybrid and electric cars by the millions in the near future, you might have to melt down your 42 inch plasma to get enough for you next new car!
The new economy is alive and well in Thunder Bay, it is just a little quiet and they don’t spend a lot of time boasting because there is so much work for them to do. Jobs of the future simply did not exist in the past. It seems there is as much money in the developing of mining infrastructure services as there is in discovering minerals. This brings us to the point of this preamble. Rare Earth Metals INC is a Thunder Bay based mineral exploration company devoted to the exploration for and development of REE’s.
Michael and Steven Stares of Benton Resources fame (also Thunder Bay based) have seen both sides of the small cap mining industry. Today they are active as junior miners, but they also hire out their exploration expertise to other mining companies small and large alike. Rare Earth Metals Inc. is a company that Michael and Steven Stares are keeping a close eye on. Recent exploration on the companies Clay-Howells Property (located in the Smokey Falls –Little Long Rapid area) just north of Kapuskasing. They have other similar properties in Ontario and Labrador Newfoundland. There are known deposits in New Brunswick and the North West Territories as well, but just maybe this could be a deposit that will turn into an economic opportunity.
Part of the problem is we still don’t know what is out there. There is a risk of developing a mine with a 2% total RE0 (rare earth oxide) only to find out after you spend all your investors money that the competition will develop a 20% deposit in some other country. As the size and scope of the other deposits become known this one has the advantage of having a road nearby and there are the local power dams that opened up the area in the first place.