On May 28/09, announced an update to the proposed agreement whereby GWG will operate the mine (past producing, currently abandoned) and negotiate a supply agreement of up to 100% of the REE ore mined at the site for a 10-year period (subject to approval of feasibility study and other due diligence, currently in progress).
Historical in-situ grades of 16.7% Total REE are among the highest in the world. The mine was previously operated by Anglo American Corp. b/w 1952-1963 and mined for Thorium, neglecting the REE components.