Here's the news from America's other REE company that's not under investigation from the SEC:

 

GREAT WESTERN MINERALS GROUP TO CONDUCT YTTRIUM OXIDE PURIFICATION ASSESSMENT FOR U.S. DEPARTMENT OF DEFENSE

(October 1, 2012) - Saskatoon, Canada: Great Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG) is pleased to announce that its wholly owned subsidiary, Great Western Technologies Inc. of Troy, Michigan, has been selected by the United States Department of Defense to conduct a supply chain assessment for high-purity yttrium oxide. Yttrium oxide is used in a variety of defense applications including polishing compounds for precision lasers and thermal barrier coatings for jet engines.

GWMG Interim President and Chief Executive Officer Robert Quinn said, "We intend to advance previous U.S. Department of Defense research to uncover the extent to which the defense industrial base has the capacity to produce high-purity yttrium oxide to support critical defense programs. The Defense Department’s investment in our research is an acknowledgment of yttrium's strategic role in national defense and the potential of GWMG to meet its future needs."

Currently, nearly all high purity yttria is produced in China, where approximately 94% of the world’s rare earth oxides are also produced. The Department of Defense has projected an annual shortfall of 93 short tons of elemental yttrium from domestic sources by 2013.