NYSE-Amex: REE & TSX-V: RES
VANCOUVER, May 26, 2011 /PRNewswire/ - Rare Element
Resources Ltd. (NYSE-Amex: REE and TSX-V: RES) (the
"Company" or "Rare Element") announced that its common
shares will begin trading on the Toronto Stock Exchange, the senior equity
trading market in Canada, as of
Friday, May 27, 2011. The Company
will retain its current trading symbol - "RES".
Mark T. Brown,
CFO, commented that "After listing on the NYSE Amex on August 18, 2010, it made sense to also graduate
the trading of our shares in Canada from Tier One of the TSX Venture
Exchange to the TSX main trading board. We would like to thank the
TSX Venture Exchange staff for their assistance over the past 10
years in being a part of building Rare Element into one of the top
rare earth companies in North
America. We look forward to the benefits and greater
exposure that this new listing will provide as we continue to
advance our rare earth and gold projects in Wyoming."
Rare Element's common shares and options trade
on the NYSE Amex under the symbol REE in United States dollars. Rare Element's common
shares have also regularly traded in Germany on the Frankfurt Stock Exchange under
the symbol "R8V" in euros. In addition, like many companies listed
in Canada, trades in the Company's
common shares are often completed on alternative trading platforms
which regularly account for over 10% of the trading volume in
Canada for Rare Element's common
shares.
Rare Element currently has 43,871,173 common
shares outstanding and approximately US$72
million in cash and no debt.
Rare Element Resources Ltd (TSX-V: RES &
NYSE-Amex: REE) is a publicly traded mineral
resource company focused on exploration and development of
rare-earth elements and gold on the Bear Lodge property.
Rare-earth elements 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, additives in
ceramics and glass, petroleum cracking catalysts, and a number of
critical military applications. China currently produces more than 95% of the
130,000 metric tonnes of rare-earths consumed annually worldwide,
and China has been reducing its
exports of rare earths each year. The rare-earth market is growing
rapidly, and is projected to accelerate if the green technologies
are implemented on a broad scale.
ON BEHALF OF THE BOARD
Mark T. Brown CA, CFO
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.
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 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, who take full responsibility for content. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Rare Element Resources Ltd.