Toronto, Ontario--(Newsfile Corp. - November 23, 2023) - Quebec Rare Earth Elements Corp. (CSE: QREE) (the "Company") is pleased to announce a change in management and focus that positions the Company to capitalize on the significant opportunity in the rare earth element (REE) market.
Management Change, Martin Milette, CFO
Martin Milette has been appointed chief financial officer, replacing Arvin Ramos. The Company thanks Mr. Ramos for his service and wishes him well in his future endeavours. Mr. Milette has over 25 years of financial experience, with the last 15 years as chief financial officer at SEMAFO, a West African gold producer. Mr. Milette is based in Montreal.
Benoit Desormeaux, CEO, states, "I have worked with Martin for over 15 years and look forward to working with him again. His financial acumen is complemented well by his knowledge of the mining industry and general management skills. Together, with a small but focused team we look forward to capitalizing on the REE opportunity for the benefit of all stakeholders."
New Leadership, New Name, New Focus
QREE's founders are Benoit Desormeaux, John Jentz, Martin Milette and Richard Roy who are all substantial shareholders of QREE. All four have worked together at SEMAFO for many years and together, they have almost 100 years of mining experience throughout all stages of exploration, development, financing, construction and operations.
QREE was formed to develop REE projects, primarily in Quebec. The need for REE supply chains outside of China is clear and when combined with fundamental REE demand presents a significant opportunity. The province of Quebec is a premier, stable mining jurisdiction with vast REE exploration potential and has the required infrastructure for all stages of REE development.
REE Overview
Rare earth elements (REEs) are a group of 17 elements composed of scandium, yttrium, and the 15 lanthanides. REEs impart special properties of magnetism, luminescence, and strength. Although substitutes for REEs are available, they are generally less effective.
REE Opportunity, Permanent Magnets
Permanent magnets are the single largest and most important end use for REEs. Permanent magnets are an essential component of modern electronics used in automobiles, cell phones, televisions, computers, wind turbines, jet aircrafts and many other products. The strongest known magnet is an alloy of neodymium with iron and boron. Adding other REEs such as dysprosium and praseodymium can improve the performance and properties of magnets.
Although the amount of REE used in a product may not be a significant part by weight, value, or volume, the REE can be necessary for the device to function. Magnets made of REE often represent only a small fraction of the total weight, but without them, the spindle motors and voice coils of desktops and laptops would not be possible.
QREE is Well Positioned to Capitalize on REE Opportunity
QREE is well positioned to capitalize on the REE opportunity, given Quebec's rich mineral endowment and favourable mining jurisdiction. Further, the Quebec based team has the full complement of skills to add value to any stage REE project.
Qualified Person (QP)
The technical information in this news release has been reviewed and approved by Richard Roy, P.Geo, consulting geologist to QREE, who is a "Qualified Person" (as defined in NI 43-101).
About QREE
Quebec Rare Earth Elements Corp. (QREE) is a mining exploration and development company focused on Rare Earth Elements (REE), primarily in the favourable mining jurisdiction of Quebec. QREE is lead by a Quebec based team that has decades of mining experience across all stages of development, from grass roots discoveries, resource development, economic studies, financing, construction, production and on-going operations. Local community engagement is a core principle on which we seek to build a sustainable, high quality, high integrity business for the benefit of all stakeholders. QREE is listed on the Canadian Securities Exchange under the symbol "QREE".
For More Information, Please Contact:
QUEBEC RARE EARTH ELEMENTS CORP.
Benoit Desormeaux
Chief Executive Officer
Email: info@QREE.ca
Tel: 1-833-572-2333
Toronto Office:
Suite 401 - 217 Queen Street West
Toronto, ON M5V 0R2 Canada