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Stockpiled material is planned to be PUG-processed up through Year 45 when they are estimated to be depleted.
Reclamation of mining-related facilities will occur during mine operations, where applicable, and upon completion
of mining and stockpiling of materials. Other facilities, including the PUG, will be reclaimed as soon as the
stockpiled materials are depleted.
The mineral concentrate produced at the PUG Plant is planned to be transported to a hydrometallurgical plant near
Upton, Wyoming via covered trucks. The hydrometallurgical plant will process the mineral concentrate by acid
leaching followed by additional chemical processing to remove impurities and precipitation to produce the final
TREO product. The tailings produced from the process will be filtered, neutralized and stored in a double-lined
tailings storage facility (TSF) adjacent to the hydrometallurgical plant.
The Company conducts metallurgical test work primarily at SGS Lakefield of Lakefield, Ontario, Canada, which is
independent from the Company.
Other Exploration Target Areas at the Bear Lodge REE Project
Discovery of high-grade REE mineralization at the East Taylor and Carbon target areas expanded the area of known
REE mineralization outside of the Bull Hill and Whitetail Ridge deposits, and further delineate a “district” underlain
by significant and potentially economic REE mineralization. The data indicate that the Bear Lodge REE Project area
covers a crudely elliptical area that extends approximately 1,750 meters northwest-southeast by 1,300 meters
northeast-southwest. The Carbon exploration target area is located northwest of the Bull Hill deposit, and the East
Taylor target is located west of the Bull Hill deposit. Drill assay data from the East Taylor and Carbon exploration
targets identify these areas as zones of HREE-enrichment relative to the Bull Hill deposit. All are enriched in
CREEs. These two exploration target areas, along with the Whitetail Ridge deposit, are peripheral to the Bull Hill
deposit. They are characterized both by high TREO grades, and by some of the highest initial HREE grades of any
known North American deposit. They are particularly enriched in Eu, Tb, Dy and Y.
The discovery of these target areas indicates good potential for additional deposits of high-grade REE in the western
half of the Bear Lodge REE Project, and those deposits appear particularly enriched in HREE.
Sundance Gold Project
The Sundance Gold Project is the second project located on our Bear Lodge Property. For a description of the
property’s location, ownership, accessibility, infrastructure and climate, see the section heading “Item 2. Properties –
Bear Lodge Property (Wyoming, USA)” above. There was no exploration work in 2014 for this project, and no
exploration work is planned in 2015.
Mineral Resources Estimates
The Sundance Gold Project contains an NI 43-101 compliant Inferred Mineral Resource with an effective date of
March 15, 2011, prepared by Ore Reserves Engineering of Lakewood, Colorado. Total Inferred Mineral Resources
assuming a $1,200/oz. gold price were 69,300,000 tonnes with a grade of 0.42/g/t Au. The Technical Report
summarizes the project and is available on SEDAR at
ITEM 3. LEGAL PROCEEDINGS
We are not aware of any material pending or threatened litigation or of any proceedings known to be contemplated
by governmental authorities which are, or would be, likely to have a material adverse effect upon the Company or
our operations, taken as a whole. There are no material proceedings pursuant to which any of our directors, officers
or affiliates or any owner of record or beneficial owner of more than 5% of our securities or any associate of any
such director, officer or security holder is a party adverse to the Company or has a material interest adverse to it.
