Molycorp (MCP) Affirms it Will Announce Rare Earth Discovery at Mountain Pass Facility

At an industry conference on October 4, 2011, Molycorp, Inc. (NYSE: MCP) intends to announce that it has discovered a heavy rare earth ore deposit on mining claims it owns near its Mountain Pass, California facility. Molycorp must do extensive test drilling to determine the quantity and quality of the deposit. Accordingly, there can be no assurance as to the quantity or quality of such rare earth deposit or that such deposit will become proven or probable reserves.

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