Colorado Rare Earths Inc. (CALY) jumps on Boeing contract
Posted on: August 2nd, 2011Written by:
Colorado Rare Earths Inc. (OTCBB: CALY) jumped 6.3% in price to $8.50, on word it had awarded a contract to the Boeing Company (NYSE: BA) for the utilization of their leading edge technology designed to identify and confirm rare earth and other mineral deposits. Volume for the stock had yet to register by late morning Tuesday; its usual daily average totaled more than 3,700 shares.
In a news release dated August, 2, company CEO Michael Parnell decalred, “Boeing’s technology will greatly expand the scope and efficiency of our exploration activities and may provide definitive profiles of individual Heavy Rare Earth Elements (HREE) as well as Light Rare Earth Elements (LREE).”
“We have worked diligently and have been extremely successful in acquiring large resource claims with a goal to commercialize our holdings for the U.S. market. Boeing’s technology should accelerate our timetable. With Boeing’s ability to expand our exploration and incorporate large-scale analysis of our claims and other possible rare-earth deposits, this contract could greatly increase our ability to become a substantial domestic supplier of rare earths for the U.S. military’s strategic requirements as well as for the green technologies sector,” Parnell added.
Colorado Rare Earths, Inc. is a mineral claims acquisition company. The Company currently focuses on rare-earth elements and owns a 100% interest in a group of Colorado, Idaho and Montana unpatented, mineral claims; the Iron Hill Property located in Gunnison County, the Wet Mountains Property located in Freemont and Custer Counties, and the Lemhi Pass District Property located in Idaho and Montana.
