Colorado Rare Earths, Inc. is a mineral claims acquisition company. It currently focuses on rare earth elements and owns a 100 percent interest in a group of Colorado, Idaho and Montana mineral claims. These claims include the Iron Hill Property located in Gunnison County, Colorado; the Wet Mountains Property located in Freemont and Custer Counties, Colorado; and the Lemhi Pass District Property located in Idaho and Montana.
The company today announced that it has entered into an agreement to acquire U.S. Rare Earths, a Salt Lake City, Utah-based privately-held rare earths exploration company. This company’s properties include Diamond Creek in southeast Idaho’s Webster Range and a 600 acre site in the Lemhi Pass. Its management believes these properties have concentrations of both the cerium-light rare earths group and the yttrium-heavy rare earths group.
Upon closing of this transaction, Colorado Rare Earths will have over 12,000 acres of potential rare earths bearing properties. This will include substantial new heavy rare earth elements claims in Idaho, Montana and Colorado according to the company’s CEO, Michael Parnell.
The terms of the agreement between the two companies was undisclosed and is subject to completion of due diligence and other usual conditions. Colorado Rare Earth management expects the transaction to close within ten days. If completed, the company will change its name to U.S. Rare Earths Inc. For more information on the two companies, please visit their websites at www.coloradorareearth.com and www.usrareearths.com.