Development Milestone Achieved at Rare Element's Bear Lodge Project
May 23 2013 - 8:30AM
Marketwired
Rare Element Resources Ltd. (NYSE Amex:REE)(NYSE MKT:REE)(TSX:RES)
(the "Company"), a mineral resources company advancing development
of the Bear Lodge Critical Rare Earth Project, is pleased to
announce that is has received notification by the U.S. Forest
Service (USFS) indicating that the Bear Lodge Project Plan of
Operations is sufficient for the NEPA process to formally proceed.
This notification allows the Company to advance the Project to the
next step in the development process.
"We appreciate the efforts of the Bear Lodge District Forest
Service office for the careful review of the proposed plan of
operations for Bear Lodge and look forward to working with them as
we advance the Project," said Jaye T. Pickarts, Chief Operating
Officer. "Completion of this step is a major environmental
milestone as it included a review of every aspect of our planned
operations and incorporated the extensive environmental and
engineering work we have done to date. Rare Element Resources will
continue to provide the necessary technical information and support
for the NEPA process and to work with the USFS and other state and
federal agencies to ensure the Bear Lodge Project is developed in a
timely and environmentally responsible manner," he concluded.
The Plan of Operations for Mining Activity on National Forest
Systems Lands for the Bear Lodge Project provides a detailed
outline of the planned operations, affected areas and environmental
protection measures currently anticipated by the Company. A copy of
the plan will be available on the Company's website at
www.rareelementresources.com starting on June 1, 2013.
NEPA Review
The USFS is the lead agency in charge of the NEPA process, which
will evaluate the potential impacts of the Project and identify
relevant mitigation measures. An Environmental Impact Statement
("EIS") will be prepared as part of process. In support of the EIS,
the Company has been collecting baseline data within the project
area for the last three years.
"We are very pleased to have completed this major project
milestone," said Randall J. Scott, President and Chief Executive
Officer. "We consider ourselves very fortunate to have our project
located in the great mining State of Wyoming. The existing
infrastructure and talent pool in northeast Wyoming are excellent.
We acknowledge Wyoming's elected officials at all levels, State
business leaders, and area residents who have a true appreciation
of the value of natural resource development done right. We look
forward to being a productive member of these great communities for
a long time to come."
Rare Element Resources Ltd. is a publicly traded mineral
resource company focused on exploration and development of
rare-earth element deposits, specifically those with significant
distribution of critical rare earths. The Company is advancing
development of the Bear Lodge Project, located in northeastern
Wyoming. Bear Lodge is a significant mineralized district
containing many of the less common, more valuable critical rare
earths that are essential for electronics, fiber optics, laser
systems for health and defense, as well as many evolving green
technologies, like hybrid cars, solar panels and wind turbines.
Permitting and feasibility work on the Project is currently
underway.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada.
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", "plans", "has
potential to", or "intends" or by discussions of strategy or
intentions. Such forward-looking statements include statements
regarding the permitting process and progress and project
development plans for the future. 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. Factors that could
cause actual results to differ materially include, but are not
limited to, the progress of our Bear Lodge Project, fluctuations in
demand for, and price of, rare earth products; timing of and
unexpected events at the Bear Lodge property; delay or failure to
receive government approvals and permits; changes in U.S. and
Canadian securities markets; and general economic conditions. There
can be no assurance that future developments affecting the Company
will be those anticipated by management. Please refer to the
discussion of these and other factors in our Transition Report on
Form 10-K for the six months ended December 31, 2012. We expect
that the above estimates as to development plans, processes, time
frames and financial needs will change as new information is
received and that actual results will vary from these estimates,
possibly by material amounts. While we may elect to update these
estimates at any time, we do not undertake to update any estimate
at any particular time or in response to any particular event.
Investors and others should not assume that any forecasts in this
press release represent management's estimate as of any date other
than the date of this press release.
Neither 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. Robbin Lee
720-278-2462rlee@rareelementresources.com
www.rareelementresources.com
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