New rare earth deposit discovered

Australia's Northern Uranium announced on Tuesday that was successful in its prospecting activities in its Heavy Rare Earth project in Browns Range, Western Australia.
Geologic mapping and rock samples indicate xenotime mineralization (yttrium phosphate) containing high percentages of heavy rare earth elements (HREE) and yttrium.
The rock samples showed up to 7.95% concentration of rare earth elements (REE) and yttrium.
In an area of five kilometers were identified four mineralized sites that will receive drilling in the last quarter of 2010.
Based on the current price of Heavy Rare Earth oxides, the company estimated that will receive between $ 547 and $ 5,727 per tonne of the material.