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April 9, 2014
08:11 EDTQRMQuest releases revised, improved PEA development plan for Strange Lake Project
Quest Rare Minerals announced the completion of a Preliminary Economic Assessment, or PEA, based on Quest's revised and substantially-improved development plan for its Strange Lake Rare Earth Project. The new development plan significantly reduces the market, operational and financial risks of the Strange Lake Project. The PEA estimates construction capital costs of approximately $1.3B, excluding the rare earth separation plant, a decrease of an approximately $1.23B in construction capital from the pre-feasibility study published by Quest in October, 2013, or PFS, and savings of $182M in sustaining capital. These anticipated improvements will be further evaluated during the definitive Feasibility Study to be initiated in the fall of 2014. The PEA further implements several of the process improvements identified in the PFS released by Quest in October 2013 and verified by exhaustive lab testing in January 2014. The development plan outlined in the PEA significantly reduces required capital expenditure, simplifies the process flow sheet, and reduces the project environmental footprint, all of which should enhance the long-term potential viability of the project. Quest remains convinced that this Made-in-Canada project has the potential to provide an important base for establishing a major new North American industrial sector of global importance, and could help to address the market demand for non-Chinese supply of these elements which are critical to industry in the 21st century.
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