US Copper Corp. Benefits from Biden's Defense Act Order on Critical Minerals
Toronto, Ontario--(Newsfile Corp. - April 5, 2022) - US Copper Corp., (TSXV: USCU) (FSE: C730) ("US Copper" or the "Company") would like to note that United States of America ("U.S.") President Biden's decision to invoke the Defense Act to expand domestic production of critical minerals should facilitate the Company's ongoing efforts to advance its large Moonlight-Superior Project, a historically operated copper mine in California, back into production.
President Biden stated in a Memorandum invoking the Defense Act to Secretary of Defense Lloyd J. Austin on March 31, 2022: "The United States depends on unreliable foreign sources for many of the strategic and critical minerals necessary for the clean energy transition - such as lithium, nickel, graphite, and manganese for large-capacity batteries. Demand for such materials is projected to increase exponentially as the world transitions to a clean energy economy."
President Biden's memorandum went on to say: "I find that action to expand the domestic production capabilities for such strategic and critical materials is necessary to avert an industrial resources or critical technology item shortfall that would severely impair the national defense capability."
"While Biden's Defense Act Order did not mention copper specifically, the clean energy transition cannot occur without a significant increase in copper production. The Order will help all critical minerals projects in the U.S. that are necessary for the clean energy transition by allocating additional resources to the mining sector, including funding for feasibility studies," said Steve Dunn, CEO of US Copper.
US Copper is developing the Moonlight-Superior Project, located approximately 125 miles from Tesla's Gigafactory outside Reno, Nevada. President Biden's Defense Act Order highlights the important role that the Company can play in ensuring the U.S. has a secure supply of one of the key metals to achieve its transition to a low carbon economy. Copper is a critical material for everything from renewable power generation to electric vehicles. As such, it will be vital that the U.S. has a strong and viable domestic source of copper supply.
US Copper is focused on advancing its Moonlight-Superior Project towards the production stage. The Company hopes to support the U.S.' shift to a green future by providing copper to the myriad of industries involved in the green energy transition.
CEO Steve Dunn further commented, "The Company is working hard to advance its project back into production and is excited about the opportunity to be an integral supplier of copper metal to the U.S. domestic market."
About US Copper Corp.
US Copper controls approximately 13 square miles of patented and unpatented federal mining claims in the Lights Creek Copper District in Plumas County, NE California; essentially, the entire District. The District contains substantial copper (silver) sulfide and copper oxide resources in three deposits - Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets.
The Superior and Engels Mines operated from about 1915 to 1930 producing over 161 million pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold credits.
The Moonlight Deposit was discovered and drilled by Placer-Amex during the 1960s. Details of the resources on US Copper's property and the parameters used to calculate them can be found in the "Technical Report and Preliminary Economic Assessment for the Moonlight Deposit, Moonlight-Superior Copper Project, California, USA" dated April 12, 2018 on both the company's website at www.uscoppercorp.com or on www.sedar.com under the US Copper Corp profile.
Mr. George Cole is the Qualified Person pursuant to NI 43-101 responsible for the technical information contained in this news release, and he has reviewed and approved this news release.
For Further Information, Contact:
Mr. Stephen Dunn, President, CEO and Director, US Copper Corp (416) 361-2827 or email email@example.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "hopes", "anticipates", "expected to", "plans", "planned", "intends" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119316