Molycorp Minerals Canada ULC to Cease to be a Reporting Issuer

TORONTO, March 7, 2013 /CNW/ - Molycorp Minerals Canada ULC (formerly Neo Material Technologies Inc.) (the "Company") announces that it has applied to the securities regulatory authorities in each province of Canada for a decision to cease to be a reporting issuer in all provinces of Canada in which it is a reporting issuer.  If the securities regulatory authorities grant such a decision, the Company will no longer be a reporting issuer in any jurisdiction of Canada.

The application to cease to be a reporting issuer follows the acquisition of the Company by Molycorp, Inc. ("Molycorp") and MCP Exchangeco Inc., a wholly-owned subsidiary of Molycorp, by way of a plan of arrangement (the "Arrangement") on June 11, 2012. The Company is now a wholly-owned indirect subsidiary of Molycorp.

To give effect to the completion of the Arrangement, the Company's 5% Convertible Unsecured Subordinated Debentures with a maturity date of December 31, 2017 (the "Debentures") are convertible into a prescribed number of shares of Molycorp common stock and cash.  Any Debentures which remain outstanding will continue to be governed by the debenture indentures dated June 2, 2011 and June 11, 2012.

For further information regarding the Arrangement, please refer to the Company's news releases dated March 8, 2012 and June 11, 2012.

Molycorp is listed on the New York Stock Exchange under the trading symbol "MCP", and its continuous disclosure documents and other information regarding its consolidated business and operations may be accessed under the Molycorp corporate profile at www.sedar.com.

About Molycorp Minerals Canada ULC

Molycorp Minerals Canada ULC is a producer, processor and developer of neodymium-iron-boron magnetic powders, rare earths and zirconium based engineered materials and applications, and other rare metals and their compounds through its Magnequench and Performance Materials divisions. These innovative products are essential in many of today's high technology products. Magnequench's powders are used to produce bonded magnets, generally used in micro motors, precision motors, sensors and other applications requiring high levels of magnetic strength, flexibility, small size and reduced weight. Rare earth and zirconium applications include catalytic converters, computers, television display panels, optical lenses, mobile phones and electronic chips. The Company's rare metals products are primarily used in the wireless, LED, flat panel, turbine, solar and catalyst industries. The Company is headquartered in Toronto, Canada.

About Molycorp, Inc.

With offices in the U.S., Europe, and Japan, Molycorp, Inc. is one of the world's leading rare earths and rare metals companies. Fully integrated across the rare earth mine-to-magnets supply chain, it currently produces rare earth oxides at its flagship rare earth mine and processing facility at Mountain Pass, California, as well as rare earth metals, rare earth alloys, and the rare metals niobium and tantalum. Through its joint venture with Daido Steel and Mitsubishi Corporation, Molycorp expects to begin manufacturing next-generation, sintered neodymium-iron-boron (NdFeB) permanent rare earth magnets in 2013. The rare earths and rare metals that Molycorp produces are critical inputs in existing and emerging applications including: clean energy technologies, such as hybrid and electric vehicles and wind power turbines; multiple high-tech uses, including fiber optics, lasers and hard disk drives; numerous defense applications, such as guidance and control systems and global positioning systems; advanced water treatment technology for use in industrial, military and outdoor recreation applications; and other technologies. For more information please visit www.molycorp.com.

Forward-Looking Information

Certain information contained in this news release is "forward-looking". These statements relate to future events, some of which are outside of the Company's control. These forward-looking statements reflect the Company's current internal expectations or beliefs and are based on information currently available to the Company. These forward-looking statements are subject to a variety of risks and uncertainties, including the risk that the conditions precedent to the Arrangement will not be satisfied in the expected timeframe or at all. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Although the Company believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

SOURCE: Molycorp Minerals Canada ULC

For further information:

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