According to Ucore Rare Metals MD&A for the period ended June 30, 2012:
The majority of the work undertaken with respect to the Bokan project during the first half of 2012 consisted of metallurgical testing, expenditure associated with the mine design and a preliminary economic assessment. In the fourth quarter of 2011, the Company engaged Wardrop, a Tetra Tech Company, to prepare a preliminary economic estimate (“PEA”) based on the Inferred Resource identified at Dotson Ridge. This work is ongoing and the results are expected in the coming weeks. In April of 2012, the Company announced the completion of an underground mine design study, completed by Stantec, of Tempe Arizona. During the first half of 2012, the Company incurred expenditure totalling $278,000 with respect to the preliminary economic assessment.
The metallurgical work is designed ultimately to result in a full metallurgical flowsheet for the processing of the Bokan ore, which will be released with the Company’s PEA. In total, $537,000 of expenditure was incurred with respect to metallurgical research during the first half of the year, including $231,000 in the second quarter.
In total, the Company incurred expenditures totalling $1.4 million on the project during the six months ended June 30, 2012, including $530,000 in the second quarter.