RockBridge Completes Prospecting and Proceeds With Plans for Drillingadmin
Tuesday, August 10th 2010
RockBridge Resources Inc. has completed the summer prospecting of the Cross Hills Newfoundland Rare Earth and Copper property, and all samples have been sent to Activation Laboratories in Ontario for analysis. Accordingly, RockBridge is now proceeding with its plans for drilling to commence upon award of the contract.
In addition, RockBridge has been successful in application for a Government of Newfoundland and Labrador Department of Natural Resources Mineral Incentive Program Junior Exploration Assistance Grant which is designed to defray 50% of approved eligible costs, to a maximum grant of $100,000.
RockBridge President, Gary Mathiesen, stated “There are similarities between the geology, age and mineralization findings of our property and that of the major deposits in Saudi Arabia which suggests some potential for major Rare Earth Element mineralization. With China supplying more than 95 per cent of the global output of rare earth oxides while sitting on nearly 60 per cent of the world reserves, and cutting export quotas for Rare Earth Elements by 72%, the tightening of supply regulations obviously provides additional motivation as we prepare to drill in the coming weeks.”