Vancouver, BC (Commodity Online): Quantum Rare Earth Developments corp. (TSX.V-QRE, FSE – BR3) has received conditional acceptance from the TSX Venture Exchange of the company’s previously announced acquisition of the Elk Creek Carbonatite project, located south of Lincoln, Nebraska.

Final acceptance of the acquisition will occur upon the company satisfying certain exchange conditions, including the closing of a private placement, details of which are noted below.

The Elk Creek Carbonatite, located in Southeastern Nebraska, is an intrusive complex of Carbonatite and related rocks and is host to significant Niobium and Rare Earth Element (REE) mineralization.

The Elk creek Carbonatite is evidenced by diamond drilling in an oval-shaped magnetic and gravity anomaly approximately 7 kilometers in diameter, making it one of the largest known Carbonatite complexes.

Historic exploration of the property was conducted by the state of Nebraska, Cominco American and Molycorp Inc during the 1970’s and 1980’s. At least 113 core holes, totaling in excess of 150,000 feet, were completed within the outline of the 7-kilometre diameter geophysical anomaly.

Detailed drilling of 25 holes was completed within a core zone, which identified high-grade Niobium Mineralization. This drilling resulted in a historic resource estimate of “39.4 million tons of 0.82% NB2O5 and is open to the north, west and at depth.”

The acquisition by quantum involves a 3-cornered amalgamation between the company, 0886338 BC Ltd, the company’s wholly-owned subsidiary, and 0859404 BC Ltd, a private British Columbia company that holds 100% of the issued and outstanding shares of Elk Creek Resources Corp.

Elk Creek is a Nebraskan corporation that has secured individual agreements to acquire the mineral rights to the Elk Creek Carbonatite. The agreements are in the form of a five-year pre-paid lease, with an option to purchase the mineral rights at the end of the lease.

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