Molycorp to Restart Mountain Pass
Rare Earth Operations This Year

April 25, 2007, Englewood, CO - Molycorp, Inc. announced today that it is in the final phases of engineering to restart its Mountain Pass rare earth operations.  Production is scheduled to start this year and product sales could start as early as the first quarter of 2008.

"We will begin by extracting neodymium/praseodymium from our substantial inventory of rare earth concentrates," stated Molycorp President and CEO Mark A. Smith.   "We have met with rare earth magnet metal manufacturers in Japan and their interest in our restart is extremely strong" said Smith. 

Mountain Pass’ bastnasite resource is the world’s largest and richest developed deposit mined exclusively for rare earths.

Molycorp, Inc. is a US mining and technology company headquartered in Englewood, Colorado. Operating since 1919, Molycorp owns a rare earth mine in Mountain Pass, California, and a molybdenum mine in Questa, New Mexico. The company is a joint venture partner in Sumikin Molycorp, a producer of rare earth magnet alloys headquartered in Tokyo, Japan.