Vancouver, British Columbia - November 30, 2020 (Investorideas.com Newswire) Rare earth sector alert for -Defense Metals Corp. (TSX-V: DEFN / OTCQB: DFMTF / FSE: 35D)- Rare earth prices are rising in China, Defense Metals Neodymium/Praseodymium rich deposit reports news.
Sector News: China rare earth prices spike on magnet demand, export control fears
National Post reports: "Prices of rare earth magnet raw materials have surged in China this week as analysts say a recovery in coronavirus-hit demand overseas and concerns over potential export controls have led to increased buying.
China is the world's top producer of rare earth magnets, used in everything from wind turbines to military equipment.
One of the three key magnet raw materials, terbium oxide, rose to 6,130 yuan ($932) per kg on Thursday, the highest since June 2012, and is up 26% so far this month.
Praseodymium-neodymium (PrNd) oxide touched a three-year peak on Wednesday and dysprosium oxideon Thursday hit its highest since June.
The spike was due to strong magnet demand and the looming introduction on Dec. 1 of China's potential export controls on critical minerals, Dylan Kelly, an analyst at Sydney-based brokerage Ord Minnett, said in a note to clients."
The prices for magnetic materials in China skyrocketed this week, and overall for November this is the picture:
Recent Company News: November 23
Defense Metals Corp. Initiates Pre-Pilot Hydrometallurgical Optimization for its Rare Earth Elements Project
Defense Metals Corp. (TSX-V: DEFN / OTCQB: DFMTF / FSE: 35D) is pleased to announce that it has commissioned SGS Canada Inc. ("SGS") to complete additional pre-pilot hydrometallurgical test work utilizing high-grade rare earth element (REE) mineral concentrate produced during the Company's highly successful 26 tonne flotation pilot-plant that yielded a mineral concentrate averaging 7.4% NdPr oxide (neodymium-praseodymium) (see Defense Metals news release dated September 23, 2020).
Craig Taylor, CEO comments:
"The previously closed $0.25 per share private placement financing will be used to conduct additional fill-in hydrometallurgical test-work with the objective of capitalizing on opportunities that have been identified to optimize and improve on our already exceptional hydromet recoveries. As previously disclosed, we intend to complete the preliminary economic assessment (PEA) by the end of the Q1 2021."
About Defense Metals Corp. https://defensemetals.com/
Defense Metals Corp. is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of "GREEN" energy technologies, such as, high strength alloys and rare earth magnets. Defense Metals has an option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol "DEFN" on the TSX Venture Exchange, in the United States, under "DFMTF" on the OTCQB and in Germany on the Frankfurt Exchange under "35D".
For further information, please contact:
Todd Hanas, Bluesky Corporate Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Forward Looking Information
This news release contains "forward‐looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements relating to finding partnerships, securing potential offtake agreements, and other business opportunities, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company's profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
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