Rare Element Resources Ltd. (TSX:RES)(NYSE Amex:REE) is pleased to
announce the results of an updated NI 43-101-compliant mineral
resource estimate of rare-earth elements (REE) plus yttrium
contained in three deposits located in the Bull Hill area of the
Bear Lodge project, Wyoming (Figure 1). The updated resource
estimate of the Bull Hill deposit consists of 7.5 million tons
(6.8M metric tonnes) grading 3.79% REO in Measured and Indicated
categories, up from 6.8 million tons (6.2M metric tonnes) averaging
3.75% REO reported in a news release dated 4 January 2012, both
using a 1.5% REO cutoff grade (Table 1). The total pounds of REO
contained in all the high-grade deposits in all resource categories
increased by 38% from 1,831 million pounds (832 million kg) to
2,525 million pounds (1,148M kg) (Table 1). The inferred oxide +
oxide carbonate resource increased by about 61%, from 16.5 million
tons (15.0M metric tonnes) grading 2.76% REO in the 4 January 2012
news release, to 25.7 million tons (23.3M metric tonnes) at a grade
of 2.86% REO. The near-surface oxide + oxide-carbonate resources
are those that are potentially amenable to open-pit mining and have
favorable metallurgical characteristics. The current resource
estimate is updated from that provided in the Company's NI 43-101
technical report dated April 2012 and includes all the drill holes
from Rare Element's 2011 drilling program. The mineral resources
were estimated by Ore Reserves Engineering (ORE), an independent
consultant.
Randall Scott, President and CEO stated, "We are pleased with
the results received to date from the exploration successes at the
Bear Lodge project. It is significant to note that the increase in
the resource base as announced in this press release is based on
the totality of results from all the holes that were drilled in
2011 and includes those that were not yet available for our
previous press releases. Additionally, we have seen an increase of
46% in the Inferred resources at the Whitetail Ridge deposit which
has a higher concentration of heavy REEs (HREEs). We are anxious to
begin the 2012 exploration and drilling activities to expand all
deposits and compare the new results to the excellent results we
received in 2011."
The new resource estimate is derived from an REE drill hole
database that includes 139 core holes completed by the Company
between 2008 and 2011. The estimate focuses on the dike sets in the
main Bull Hill deposit (including Bull Hill West), plus the Bull
Hill Northwest and Whitetail Ridge deposit areas (Figure 1). In
addition, the drilling indicates significant potential for
expansion of all three deposit areas, for discovering
mineralization in the undrilled areas between the deposits, and for
definition of heavy REE-enriched resources in the East Taylor and
Carbon targets, both of which were drilled in 2011.
The total mineral resources estimate by ORE for the three
deposits at a cutoff grade of 1.5% REO is summarized in Table 1 for
the different oxidation zones, including the oxide (OX),
oxide-carbonate (OxCa), transitional (tran), and sulfide/unoxidized
(sulf) zones.
Table 1. Estimated REE mineral resources for the Main Bull Hill,
Bull Hill NW and Whitetail Ridge deposits in the oxide,
oxide-carbonate, transitional and unoxidized mineralization zones
for all resource categories at a 1.5% REO cutoff grade
-------------------------------------------------------------------
Resource
Class ZONE Total Main NW Bull
-------------------------------------------------------
Cutoff Grade Grade
Oxidation (%) Tons (M) (%REO) Tons (M) (%REO)
-------------------------------------------------------------------
Measured OX 1.5 1.1 4.08 - -
OxCa 1.5 1.0 3.81 - -
-------------------------------------------------------
Total 1.5 2.2 3.95 - -
-------------------------------------------------------------------
Indicated OX 1.5 3.0 3.75 - -
OxCa 1.5 2.4 3.68 - -
-------------------------------------------------------
Total 1.5 5.4 3.72 - -
-------------------------------------------------------------------
Measured +
Indicated OX 1.5 4.1 3.84 - -
OxCa 1.5 3.4 3.72 - -
-------------------------------------------------------
Total 1.5 7.5 3.79 - -
-------------------------------------------------------------------
Inferred OX 1.5 12.7 3.06 1.3 2.57
OxCa 1.5 6.7 2.81 0.2 2.00
-------------------------------------------------------
OX + OxCa 1.5 19.4 2.98 1.5 2.50
-------------------------------------------------------
TRAN 1.5 1.3 3.01 0.1 2.27
SULF 1.5 6.5 2.70 0.9 2.62
-------------------------------------------------------
TRAN+SULF 1.5 7.8 2.75 1.0 2.58
-------------------------------------------------------
Total 1.5 27.2 2.91 2.5 2.53
-------------------------------------------------------------------
---------------------------------------------------------------------------
Resource
Class ZONE Whitetail Total
---------------------------------------------------------------
Cutoff Grade Grade lbs REO
Oxidation (%) Tons (M) (%REO) Tons (M) (%REO) (M)
---------------------------------------------------------------------------
Measured OX 1.5 - - 1.1 4.08 92
OxCa 1.5 - - 1.0 3.81 78
---------------------------------------------------------------
Total 1.5 - - 2.2 3.95 170
---------------------------------------------------------------------------
Indicated OX 1.5 - - 3.0 3.75 222
OxCa 1.5 - - 2.4 3.68 179
---------------------------------------------------------------
Total 1.5 - - 5.4 3.72 400
---------------------------------------------------------------------------
Measured +
Indicated OX 1.5 - - 4.1 3.84 314
OxCa 1.5 - - 3.4 3.72 257
---------------------------------------------------------------
Total 1.5 - - 7.5 3.79 571
---------------------------------------------------------------------------
Inferred OX 1.5 3.1 2.71 17.1 2.96 1,012
OxCa 1.5 1.7 2.14 8.6 2.66 459
---------------------------------------------------------------
OX + OxCa 1.5 4.8 2.51 25.7 2.86 1,471
---------------------------------------------------------------
TRAN 1.5 0.0 2.23 1.4 2.94 82
SULF 1.5 0.1 2.08 7.5 2.69 401
---------------------------------------------------------------
TRAN+SULF 1.5 0.1 2.12 8.9 2.73 483
---------------------------------------------------------------
Total 1.5 4.9 2.50 34.6 2.83 1,954
---------------------------------------------------------------------------
The distribution of individual rare earth oxides for the total
measured and indicated resource is given in Table 2, and Table 3
shows the distribution of individual REO for the inferred resources
in the oxide and oxide-carbonate zones.
Table 2. Detailed REE grades of individual REO for Measured and
Indicated resources of oxide and oxide-carbonate zone
mineralization in the Bull Hill deposit
Measured Indicated
-------------------------------------------------------------------------
Oxide + Total Oxide + Total
Parameters & %REO Oxide Carb Oxide Oxide Carb Oxide
-------------------------------------------------------------------------
Tons Resource (M) 1.13 1.02 2.15 2.95 2.43 5.38
-------------------------------------------------------------------------
Volume Resource (ft3) 17 15 33 45 36 81
-------------------------------------------------------------------------
Tonnage Factor (ft3/ton) 15.3 14.9 15.1 15.3 14.9 15.1
-------------------------------------------------------------------------
%REO (%) 4.08 3.81 3.95 3.75 3.68 3.72
-------------------------------------------------------------------------
Million lbs REO (M) 92 78 170 222 179 400
-------------------------------------------------------------------------
%Cerium Oxide Ce2O3 1.74 1.67 1.71 1.64 1.62 1.63
-------------------------------------------------------------------------
%Lanthanum La2O3
Oxide 1.20 1.04 1.12 1.06 0.99 1.03
-------------------------------------------------------------------------
%Neodymium Nd2O3
Oxide 0.69 0.69 0.69 0.65 0.67 0.66
-------------------------------------------------------------------------
%Praseodymium Pr2O3
Oxide 0.198 0.191 0.195 0.187 0.185 0.186
-------------------------------------------------------------------------
%Samarium Oxide Sm2O3 0.108 0.106 0.107 0.098 0.104 0.101
-------------------------------------------------------------------------
%Gadolinium Gd2O3
Oxide 0.057 0.047 0.052 0.047 0.048 0.047
-------------------------------------------------------------------------
%Yttrium Y2O3 0.041 0.027 0.035 0.028 0.027 0.028
-------------------------------------------------------------------------
%Europium Oxide Eu2O3 0.024 0.022 0.023 0.021 0.021 0.021
-------------------------------------------------------------------------
%Dysprosium Dy2O3
Oxide 0.0144 0.0098 0.0122 0.0101 0.0096 0.0099
-------------------------------------------------------------------------
%Terbium Oxide Tb2O3 0.0047 0.0035 0.0042 0.0036 0.0035 0.0036
-------------------------------------------------------------------------
%Erbium Oxide Er2O3 0.0032 0.0022 0.0027 0.0022 0.0023 0.0022
-------------------------------------------------------------------------
%Ytterbium Yb2O3
Oxide 0.0018 0.0015 0.0017 0.0013 0.0014 0.0014
-------------------------------------------------------------------------
%Holmium Oxide Ho2O3 0.00163 0.00109 0.00138 0.00109 0.00108 0.00109
-------------------------------------------------------------------------
%Lutetium Oxide Lu2O3 0.00023 0.00019 0.00021 0.00017 0.00019 0.00018
-------------------------------------------------------------------------
%Thulium Oxide Tm2O3 0.00028 0.00020 0.00024 0.00019 0.00020 0.00020
-------------------------------------------------------------------------
Total Light 3.935 3.701 3.825 3.638 3.571 3.608
Total Heavy 0.148 0.114 0.132 0.114 0.114 0.114
Fraction Heavy 0.036 0.030 0.033 0.030 0.031 0.031
-------------------------------------------------------------------------
Measured+Indicated
-------------------------------------------------
Oxide + Total
Parameters & %REO Oxide Carb Oxide
-------------------------------------------------
Tons Resource (M) 4.09 3.45 7.54
-------------------------------------------------
Volume Resource (ft3) 63 51 114
-------------------------------------------------
Tonnage Factor (ft3/ton) 15.3 14.9 15.1
-------------------------------------------------
%REO (%) 3.84 3.72 3.79
-------------------------------------------------
Million lbs REO (M) 314 257 571
-------------------------------------------------
%Cerium Oxide Ce2O3 1.67 1.63 1.65
-------------------------------------------------
%Lanthanum La2O3
Oxide 1.10 1.01 1.06
-------------------------------------------------
%Neodymium Nd2O3
Oxide 0.66 0.68 0.67
-------------------------------------------------
%Praseodymium Pr2O3
Oxide 0.190 0.187 0.188
-------------------------------------------------
%Samarium Oxide Sm2O3 0.101 0.105 0.103
-------------------------------------------------
%Gadolinium Gd2O3
Oxide 0.049 0.048 0.049
-------------------------------------------------
%Yttrium Y2O3 0.032 0.027 0.030
-------------------------------------------------
%Europium Oxide Eu2O3 0.021 0.021 0.021
-------------------------------------------------
%Dysprosium Dy2O3
Oxide 0.0113 0.0097 0.0105
-------------------------------------------------
%Terbium Oxide Tb2O3 0.0039 0.0035 0.0037
-------------------------------------------------
%Erbium Oxide Er2O3 0.0025 0.0023 0.0024
-------------------------------------------------
%Ytterbium Yb2O3
Oxide 0.0015 0.0014 0.0014
-------------------------------------------------
%Holmium Oxide Ho2O3 0.00124 0.00108 0.00117
-------------------------------------------------
%Lutetium Oxide Lu2O3 0.00019 0.00019 0.00019
-------------------------------------------------
%Thulium Oxide Tm2O3 0.00022 0.00020 0.00021
-------------------------------------------------
Total Light 3.720 3.610 3.670
Total Heavy 0.124 0.114 0.119
Fraction Heavy 0.032 0.031 0.031
-------------------------------------------------
Table 3. Detailed REE grades of individual REO for Inferred
resources from all mineralized zones in the Bull Hill deposit
---------------------------------------------------------------------
Oxide + Total
Parameters & %REO Oxide Carb Oxide Transition Sulfide
---------------------------------------------------------------------
Tons Resource (M) 17.1 8.6 25.7 1.4 7.5
---------------------------------------------------------------------
Volume Resource 262 127 389 20 88
---------------------------------------------------------------------
Tonnage Factor (ft3/ton) 15.3 14.7 15.1 14.1 11.8
---------------------------------------------------------------------
%REO 2.96 2.66 2.86 2.94 2.69
---------------------------------------------------------------------
Million lbs REO (M) 1,012 459 1,471 82 401
---------------------------------------------------------------------
%Cerium Oxide Ce2O3 1.29 1.17 1.25 1.30 1.20
---------------------------------------------------------------------
%Lanthanum
Oxide La2O3 0.77 0.68 0.74 0.79 0.73
---------------------------------------------------------------------
%Neodymium
Oxide Nd2O3 0.53 0.49 0.52 0.52 0.47
---------------------------------------------------------------------
%Praseodymium
Oxide Pr2O3 0.149 0.135 0.144 0.146 0.134
---------------------------------------------------------------------
%Samarium Oxide Sm2O3 0.086 0.078 0.084 0.082 0.072
---------------------------------------------------------------------
%Gadolinium
Oxide Gd2O3 0.046 0.039 0.044 0.038 0.034
---------------------------------------------------------------------
%Yttrium Y2O3 0.043 0.032 0.039 0.023 0.020
---------------------------------------------------------------------
%Europium Oxide Eu2O3 0.020 0.017 0.019 0.017 0.015
---------------------------------------------------------------------
%Dysprosium
Oxide Dy2O3 0.0137 0.0105 0.0127 0.0083 0.0072
---------------------------------------------------------------------
%Terbium Oxide Tb2O3 0.0041 0.0032 0.0038 0.0028 0.0026
---------------------------------------------------------------------
%Erbium Oxide Er2O3 0.0028 0.0022 0.0026 0.0017 0.0016
---------------------------------------------------------------------
%Ytterbium
Oxide Yb2O3 0.0016 0.0012 0.0014 0.0010 0.0009
---------------------------------------------------------------------
%Holmium Oxide Ho2O3 0.00160 0.00122 0.00147 0.00091 0.00079
---------------------------------------------------------------------
%Lutetium Oxide Lu2O3 0.00021 0.00016 0.00019 0.00014 0.00012
---------------------------------------------------------------------
%Thulium Oxide Tm2O3 0.00029 0.00022 0.00027 0.00017 0.00014
---------------------------------------------------------------------
Total Light 2.828 2.556 2.737 2.843 2.606
Total Heavy 0.134 0.106 0.124 0.093 0.082
Fraction Heavy 0.045 0.040 0.044 0.032 0.031
---------------------------------------------------------------------
-----------------------------------------
Total
Tran +
Parameters & %REO Sulfide Total
-----------------------------------------
Tons Resource (M) 8.9 34.6
-----------------------------------------
Volume Resource 107 496
-----------------------------------------
Tonnage Factor (ft3/ton) 12.1 14.4
-----------------------------------------
%REO 2.73 2.83
-----------------------------------------
Million lbs REO (M) 483 1,954
-----------------------------------------
%Cerium Oxide Ce2O3 1.22 1.24
-----------------------------------------
%Lanthanum
Oxide La2O3 0.74 0.74
-----------------------------------------
%Neodymium
Oxide Nd2O3 0.48 0.51
-----------------------------------------
%Praseodymium
Oxide Pr2O3 0.136 0.142
-----------------------------------------
%Samarium Oxide Sm2O3 0.073 0.081
-----------------------------------------
%Gadolinium
Oxide Gd2O3 0.035 0.042
-----------------------------------------
%Yttrium Y2O3 0.020 0.034
-----------------------------------------
%Europium Oxide Eu2O3 0.015 0.018
-----------------------------------------
%Dysprosium
Oxide Dy2O3 0.0074 0.0113
-----------------------------------------
%Terbium Oxide Tb2O3 0.0026 0.0035
-----------------------------------------
%Erbium Oxide Er2O3 0.0016 0.0024
-----------------------------------------
%Ytterbium
Oxide Yb2O3 0.0009 0.0013
-----------------------------------------
%Holmium Oxide Ho2O3 0.00081 0.00130
-----------------------------------------
%Lutetium Oxide Lu2O3 0.00013 0.00017
-----------------------------------------
%Thulium Oxide Tm2O3 0.00015 0.00024
-----------------------------------------
Total Light 2.644 2.713
Total Heavy 0.084 0.114
Fraction Heavy 0.031 0.040
-----------------------------------------
The distribution of individual REOs for the inferred resource at
the Whitetail Ridge deposit is given in Table 4. Note the
significant enrichment in HREE in the Whitetail Ridge deposit,
relative to the Bull Hill deposit.
Table 4. Detailed REE grades of individual REO for Inferred
resources from the Whitetail Ridge deposit
Whitetail Inferred Resource
----------------------------------------------------------------------------
Parameters & %REO Oxide Oxide + Carb Ox+OxCa
----------------------------------------------------------------------------
Tons Resource (M) 3.074 1.718 4.792
----------------------------------------------------------------------------
Volume Resource 46.5 25.0 72
----------------------------------------------------------------------------
Tonnage Factor (ft3/ton) 15.1 14.6 14.9
----------------------------------------------------------------------------
%REO 2.71 2.14 2.51
----------------------------------------------------------------------------
Million lbs REO 167 74 240
----------------------------------------------------------------------------
%Cerium Oxide Ce2O3 1.11 0.90 1.03
----------------------------------------------------------------------------
%Lanthanum Oxide La2O3 0.71 0.53 0.64
----------------------------------------------------------------------------
%Neodymium Oxide Nd2O3 0.48 0.39 0.45
----------------------------------------------------------------------------
%Praseodymium Oxide Pr2O3 0.131 0.103 0.121
----------------------------------------------------------------------------
%Samarium Oxide Sm2O3 0.089 0.069 0.082
----------------------------------------------------------------------------
%Gadolinium Oxide Gd2O3 0.060 0.049 0.056
----------------------------------------------------------------------------
%Yttrium Y2O3 0.069 0.058 0.065
----------------------------------------------------------------------------
%Europium Oxide Eu2O3 0.024 0.018 0.022
----------------------------------------------------------------------------
%Dysprosium Oxide Dy2O3 0.0233 0.0194 0.0219
----------------------------------------------------------------------------
%Terbium Oxide Tb2O3 0.0065 0.0052 0.0061
----------------------------------------------------------------------------
%Erbium Oxide Er2O3 0.0044 0.0038 0.0042
----------------------------------------------------------------------------
%Ytterbium Oxide Yb2O3 0.0020 0.0017 0.0019
----------------------------------------------------------------------------
%Holmium Oxide Ho2O3 0.00269 0.00228 0.00255
----------------------------------------------------------------------------
%Lutetium Oxide Lu2O3 0.00025 0.00022 0.00024
----------------------------------------------------------------------------
%Thulium Oxide Tm2O3 0.00041 0.00036 0.00039
----------------------------------------------------------------------------
Total Light 2.520 1.984 2.328
Total Heavy 0.193 0.158 0.181
Fraction Heavy 0.071 0.074 0.072
----------------------------------------------------------------------------
1. REO (rare-earth oxides) include Ce2O3, La2O3, Nd2O3, Pr2O3, Sm2O3,
Gd2O3,,Y2O3,,Eu2O3,, Dy2O3, Tb2O3,, Er2O3 and other minor oxides listed
in general order of decreasing abundance in the deposits (Tables 2, 3,
and 4).
2. The resources estimates are classified as Measured, Indicated, and
Inferred Mineral Resources as defined by CIM and referenced in NI 43-
101.
3. ORE considers a range of 1.0 to 2.5 per cent REO cut-off grade to be
reasonable in estimation of potentially economic resources. A cutoff
grade of 1.5% REO is selected as the base case. Low-grade material above
0.5% cut-off grade is undergoing metallurgical testing to determine if a
simple low-cost process can result in its being upgraded.
4. A detailed program of core sampling and bulk density measurement was
conducted successfully during the 2010-11 drilling programs, especially
for oxide mineralization to ensure the most accurate data.
5. For purposes of this resource estimate, light rare earths (LREE) are
defined as Ce2O3, La2O3, Nd2O3, Pr2O3, and Sm2O3l, and heavy rare earths
(HREE) are defined as Gd2O3,,Y2O3,,Eu2O3,, Dy2O3, Tb2O3,, Er2O3, and
other minor oxides listed in general order of decreasing abundance in
Tables 2, 3, and 4.
Resources were estimated using inverse distance weighting with
grade zones to differentiate between high-grade and stockwork
mineralization. High-grade mineralization was defined as a minimum
30 feet (6.1m) true width above 1.5% for the main southwest area.
Slightly different cutoff grades and minimum widths were used in
other areas. Drill holes were composited to nominal 10-foot (3.1m)
true-width intervals for estimation. Grades were not capped, but
oxide and oxide-carbonate grades were adjusted downward for
estimation of the transition and sulfide zones to compensate for
the significant increase in grade in the oxidized zones. Grades
were estimated using trend surfaces to interpolate parallel to the
carbonatite/FMR dike orientation. The resource model blocks are 10
X 10 X 10-foot cubes. Based on 4-year average REO prices, the
cutoff grade of 1.5% REO was selected near the high-point of a
range of likely cost scenarios. As additional data are gathered,
work will continue on the resource estimates with further
evaluation and refinement.
Geology and Mineralization
The Bull Hill deposit contains the bulk of the current
resources. The deposit comprises a steeply-dipping FMR-carbonatite
dike swarm with dominant northwesterly and subordinate northerly
trends. Carbonatite dikes at depth are interpreted to transition
toward the surface into either oxide-carbonate bodies or FMR
(FeOx-MnOx-REE) bodies, which range in size from sub-millimeter
veinlets to large dikes more than 100 feet (30 m) in width. The
Bull Hill Northwest (NW) deposit shares many characteristics with
the Bull Hill deposit. Northerly-striking mineralized bodies
predominate at Bull Hill NW. The dikes are part of an
FMR/carbonatite dike system that appears to be separate from the
Bull Hill dike system.
The Whitetail Ridge deposit is more enriched in heavy rare
earths (HREEs) and is distinguished by a zone of FMR stockwork,
some dikes, and a coincident geophysical anomaly. The size of the
geophysical anomaly (approximately 1,400 by 2,000 feet elongate
northeasterly) provides an indication that the REE target may be
larger than others in the district. Expansion of the Whitetail
Ridge resource is a key objective of the Company's 2012 drilling
program. Anther objective of the 2012 drilling program will be the
development of NI 43-101-compliant resources for the HREE-enriched
mineralization at the Carbon and East Taylor target areas.
The major dike sets in all of the resource areas are accompanied
by peripheral zones of lower-grade stockwork REE mineralization.
The term "stockwork" refers to a rock cut by a network of small
veins or dikes that contain the mineralization. REE grades in the
stockwork zones range between about 0.5% to 2% REO. The Company is
continuing its investigation of low-cost physical processing
methods to upgrade the contained REE mineralization in the
stockwork for eventual inclusion with the resources.
Cutoff Grade & Metallurgy
The resource size is sensitive to an assumed cut-off grade,
which is sensitive to metallurgical operating costs. The Company is
advancing its rare-earth metallurgical studies at: 1) Mountain
States Research & Development International (MSRDI), Vail,
Arizona, under the direction of Dr. Roshan Bhappu, P.E., 2) Nagrom,
Perth, Australia, under the direction of Tony Wilkinson, and 3)
Hazen Research, Golden, Colorado. The objective for each of these
testing laboratories is the development and optimization of an
effective and cost-efficient metallurgical flowsheet. The
metallurgical testing program will continue in 2012 on mineralized
bulk core samples and surface bulk samples collected during 2011.
Metallurgy of the FMR oxide zone is well established and was
reported previously. Metallurgical testing of the oxide-carbonate
zone resource is in progress.
Mineral Resources are not Reserves
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Mineral resource estimates do not
account for minability, selectivity, mining loss, and dilution.
These mineral resource estimates are in the measured, indicated,
and inferred mineral resource categories. Inferred mineral
resources are normally considered too speculative geologically for
the application of economic considerations that would enable them
to be categorized as mineral reserves. There is also no certainty
that these inferred mineral resources will be converted to measured
and indicated mineral resource categories through further drilling,
or into mineral reserves once economic considerations are
applied.
Rare Element announced positive economic results from its
Pre-Feasibility Study (PFS) on 1 March 2012, and a revised news
release on 12 April 2012. The PFS established a Proven plus
Probable mineral reserve for the Bull Hill deposit that contains
7.914 million tons (7.2M metric tonnes) at a grade of 3.12% REO and
at a cutoff grade of 1.1% REO.
Quality Assurance
The mineral resource estimate was completed by Mr. Alan C.
Noble, P.E., principal engineer of Ore Reserves Engineering (ORE),
and is based on geological interpretations supplied by the Company
to ORE and subsequently modified by ORE. Mr. Noble is an
independent qualified person for the purposes of National
Instrument 43-101 standards of disclosure for mineral projects of
the Canadian Securities Administrators and Mr. Noble has verified
the data disclosed in this release.
The Rare Element Resources' field programs were carried out
under the supervision of Dr. James G. Clark, Vice President of
Exploration, John Ray, and Dr. Ellen Leavitt, who is a qualified
person for the purposes of National Instrument 43-101 standards of
disclosure for mineral projects of the Canadian Securities
Administrators. A detailed QA/QC program was implemented for the
2007 through 2011 drill programs. The QA/QC program was organized
by Dr. Jeffrey Jaacks. Dr. Jaacks and Dr. Clark have verified the
sampling procedures and QA/QC data delivered to ORE. They share the
opinion that the data are of good quality and suitable for use in
the resource estimate.
A full table of significant drill results from the Company's
2004-2011 exploration programs, along with maps and sections
detailing the location of the drill holes, are available at:
http://www.rareelementresources.com.
Markets for Rare Earths
REEs are key components of the green energy technologies and
other high-technology applications. Some of the major applications
include hybrid automobiles, plug-in electric automobiles, advanced
wind turbines, computer hard drives, compact fluorescent light
bulbs, metal alloys in steel, additives in ceramics and glass,
petroleum cracking catalysts, and many others. China currently
produces more than 96% of the 124,000 tonnes of rare-earths
consumed worldwide annually, and China has been reducing its
exports of rare earths each year. The rare-earth market is
projected to grow rapidly as these green technologies are
implemented on a broad scale. Rare earths are critical and enabling
metals for the green technologies.
Rare Element Resources Ltd. (TSX:RES)(NYSE Amex:REE) is a
publicly traded mineral resource company focused on exploration and
development of rare-earth elements and gold. In addition to the REE
exploration and evaluation efforts, the Company is exploring for
gold on the Sundance project, which is located on the same property
in Wyoming.
ON BEHALF OF THE BOARD
Anne Hite, Director of Investor Relations
For information, refer to the Company's website at
www.rareelementresources.com.
Donald E. Ranta, PhD, PGeo, serves the Board of Directors of the
Company as an internal, technically Qualified Person. Technical
information in this news release has been reviewed by Dr. Ranta, in
addition to the others mentioned above, and has been prepared in
accordance with Canadian regulatory requirements that are set out
in National Instrument 43-101. This news release was prepared by
Company management, which takes full responsibility for
content.
Forward Looking Statements
Except for statements of historical fact, certain information
contained herein constitutes forward-looking statements. Forward
looking statements are usually identified by our use of certain
terminology, including "will", "believes", "may", "expects",
"should", "seeks", "anticipates", "has potential to", or "intends'
or by discussions of strategy or intentions. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results or achievements to be
materially different from any future results or achievements
expressed or implied by such forward-looking statements.
Forward-looking statements are statements that are not historical
facts, and include but are not limited to, estimates and their
underlying assumptions; statements regarding plans, objectives and
expectations with respect to the effectiveness of the Company's
business model; future operations, products and services; the
impact of regulatory initiatives on the Company's operations; the
size of and opportunities related to the market for the Company's
products; general industry and macroeconomic growth rates;
expectations related to possible joint and/or strategic ventures
and statements regarding future performance.
Forward-looking statements used in this discussion are subject
to various risks and uncertainties, most of which are difficult to
predict and generally beyond the control of the Company. If risks
or uncertainties materialize, or if underlying assumptions prove
incorrect, our actual results may vary materially from those
expected, estimated or projected. Forward-looking statements in
this document are not a prediction of future events or
circumstances, and those future events or circumstances may not
occur. Given these uncertainties, users of the information included
herein, including investors and prospective investors are cautioned
not to place undue reliance on such forward-looking statements.
To view Figure 1 please visit the following link:
http://media3.marketwire.com/docs/rerfig1.pdf.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
Contacts: Rare Element Resources Ltd. Anne Hite Director of
Investor Relations (720) 278-2460ahite@rareelementresources.com
www.rareelementresources.com
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