Rare Element Extends 2013 Bear Lodge Development Drilling Program
August 14 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 extending its 2013 development drilling
program in order to provide key data leading to the development of
a mineable pit focused on the high-grade zone within the Bull Hill
deposit. It will also investigate the potential for an even
higher-grade core within that zone that might be mined in the early
production years to further improve Project economics. The program
will also generate additional bulk samples for use in the ongoing
pilot plant test program. This drilling is being undertaken after
engineering work, performed in advance of the Feasibility Study,
identified the high-grade development option as economically
attractive.
"We have already delineated zones of high-grade mineralization
at the Bear Lodge Project that aggregate 6.0 million tons of
Measured and Indicated resource with an average grade of 4.72%
total rare earth oxides using a 3.0% cutoff grade. The area that
the drilling will target is the Main Zone, which contains 4.9
million tons of these resources at an average grade of 4.84% total
rare earth oxides," stated Dr. James Clark, Vice President of
Exploration. "The results of the additional development drilling
will help generate a detailed model of an area within this zone
that appears to contain significantly higher abundances of rare
earths. This information will not only help develop the high-grade
pit design but will expand our understanding of the rare earth
grade distribution within the high-grade zone. Early mine
production from the high grade core has the potential to boost
project economics even further by providing accelerated cash flow
during the early years of operations."
The extended drill program includes a total of 28 holes and
approximately 14,000 feet (4,268m) of drilling. The drilling will
encompass 22 PQ-diameter core holes and six reverse circulation
(RC) drill holes. Most of the drilling will be done from existing
access roads and drill sites. The program will begin when the
Company receives the required approval from the US Forest Service,
which is expected in time to complete the program during the 2013
drill season. Results will be available for inclusion in the
upcoming Feasibility Study.
Bear Lodge High Grade - Measured & Indicated Resource (Total
Rare Earth Oxide (TREO) at 3.0% Cutoff Grade)
Tons Tonnes Average Contained Contained
(Millions) (millions) Grade TREO lbs TREO Kg
Contained Contained TREO% (Millions) (Millions)
----------------------------------------------------------------------------
Bull Hill Main Zone
Measured 1.1 1.0 5.40 119 54
Indicated 3.8 3.4 4.69 356 162
Total 4.9 4.4 4.84 475 216
----------------------------------------------------------------------------
Total Bear Lodge
High Grade
Measured 1.1 1.0 5.40 118 54
Indicated 4.9 4.4 4.57 448 204
Total 6.0 5.4 4.72 566 258
----------------------------------------------------------------------------
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 any
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 drilling results, 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: Robbin Lee
720-278-2462rlee@rareelementresources.com
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