Rare Element Resources Ltd.: 2013 Development Drilling Program Underway
June 13 2013 - 8:00AM
Marketwired
Rare Element Resources Ltd. (NYSE MKT:REE)(TSX:RES), a mineral
resources company advancing development of the Bear Lodge Critical
Rare Earth Project is pleased to announce commencement of the 2013
development drilling program at the heavy rare earth oxide
(HREO)-enriched Whitetail Ridge resource area.
"This year's drilling program is smaller and more focused than
in previous years," stated Dr. James Clark, Vice President of
Exploration. "Our understanding of the geology at Bear Lodge has
grown significantly over the last two years, driving the growth we
have seen in the resource. To maximize the return on our drilling
investment, we will focus on Whitetail Ridge, where we have the
potential to add more than one million tons of HREO-enriched
material to the Bear Lodge resource with 10,000 feet of drilling.
By adding resource with higher HREO content, including key critical
rare earths, there is an opportunity to have a positive impact on
the economics of the Project. Several of the HREOs are
higher-valued elements that we expect to experience better demand
growth and price support over the longer term."
Two drill rigs have commenced drilling at Whitetail Ridge with
the goal of:
-- Upgrading a significant block of the current Inferred resource to the
Measured and Indicated (M&I) classification in order to define a
mineable pit for inclusion in the Feasibility Study, scheduled to
commence later this year; and
-- Expanding the block of high-grade resource identified within the
Whitetail Ridge deposit, currently 0.51 million tons (0.46 million
tonnes) grading 4.1% of total rare earth oxides (TREO) at a 3.0% TREO
cutoff grade.
The Whitetail Ridge resource area currently contains an
Indicated resource of 2.25 million tons (2.0 million tonnes) at a
grade of 2.61% TREO and an Inferred resource of 8.0 million tons
(7.3 million tonnes) grading 2.82% TREO, both at a cutoff grade of
1.5% TREO. The Indicated resource has a distribution that contains
7.6% HREO, compared with 3.6% HREO in the M&I resource at the
adjacent Bull Hill deposit. HREO include Europium (Eu), Terbium
(Tb), Dysprosium (Dy), and Yttrium (Y), which are also considered
critical rare earths as defined by the US Department of Energy, as
well as Gadolinium (Gd), Holmium (Ho), Erbium (Er), Thulium (Tm),
Ytterbium (Yb) and Lutetium (Lu).
Geological activities, in addition to the 10,000 feet (3,050
meters) drilling program, will include geological mapping and soil
and rock chip geochemical surveys.
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 northeast
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.
John T. Ray, M.S., Registered SME Member, acts on behalf of the
Board of Directors of the Company as an internal, technically
Qualified Person. Technical information in this news release was
reviewed by Mr. Ray and prepared in accordance with Canadian
regulatory requirements that are set out in National Instrument
43-101. This news release was prepared by Company management, who
take full responsibility for content.
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 drilling program anticipated results, 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; success of process technology under testing;
results from geological evaluations and programs, 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, technology and
other 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.
Cautionary Note to U.S. Investors: The United States Securities
and Exchange Commission permits U.S. mining companies, in their
filings with the SEC, to disclose only those mineral deposits that
a company can economically and legally extract or produce. We use
certain terms in this press release, such as "measured,"
"indicated," "inferred", and "resources" that are recognized by
Canadian regulations, but that SEC guidelines generally prohibit
U.S. registered companies from including in their filings with the
SEC. U.S. investors are urged to consider closely the disclosure in
our most recent Transition Report on Form 10- K and Form 10-Q which
may be obtained from us, or from the SEC's website at
http://www.sec.gov.
Contacts: Rare Element Resources Ltd. Robbin Lee
720-278-2462rlee@rareelementresources.com
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