2008 Gold Exploration Program Initiated at Rare Element's Sundance Project



    TSX-V: RES
    Ref: 08-2008

    VANCOUVER, July 15 /CNW/ - Rare Element Resources Ltd (TSX-V: RES)
announces the initiation of the 2008 gold exploration program by Newmont North
America Exploration Limited (Newmont), manager of the Sundance
gold-exploration joint venture with Rare Element Resources in Wyoming. Based
on 2007 work, several additional prospective target areas have been identified
based on gold soil and induced polarization (IP) anomalies along known
mineralized trends. Plans for 2008 include geologic work, soil geochemical
sampling, and an induced polarization survey, and began in June. Newmont is
progressing toward an expanded exploration permit that will allow for
200 acres of disturbance and more drilling flexibility in target areas that
are not permitted at this time. The new exploration permit is expected to be
approved later this year.

    Additional Target Areas:

    Both to the northeast and southwest of the Carbon target, where 14 holes
have been drilled by Newmont, gold soil anomalies have been identified, and
the area to the southwest also has a coincident strong IP anomaly. East of the
Taylor target, where 12 holes have been drilled by Newmont, another IP anomaly
is found in a topographic low area named the East Taylor Bowl, which also has
some gold soil anomalies and a magnetic low anomaly.

    Geophysical Survey - Induced Polarization:

    An Induced Polarization survey is planned beginning in July to cover the
East and West breccias at the Smith target. This IP survey will extend
historical IP data, which covers the Taylor and part of the Carbon targets,
toward the east. IP work will extend to the southeast from Smith surveying
along trend toward the highly prospective Richardson area. The total survey
will cover up to 27.5 line kilometers. In addition a detailed ground
magnetometer survey will be conducted on the East Taylor Bowl target.

    Geochemical Survey - Soil Survey:

    Soil sampling and analysis in the 2008 program has begun filling gaps in
our coverage at Smith and adjacent areas with approximately 600 samples. These
soil samples will provide additional 100 m X 100 m coverage in the central and
most prospective portion of the project area. Other samples in outlying areas
are designed to extend existing anomalies.

    Rare Element Resources Ltd (TSX-V: RES) is a publicly traded
mineral-resource company focused on gold and strategic metals such as the
rare-earth elements. Paso Rico (USA) Inc, a subsidiary of Rare Element
Resources, and Newmont North America Exploration Limited, a subsidiary of
Newmont Mining Corporation, have entered into the Sundance gold-exploration
joint venture on Rare Element Resources' Wyoming property. Newmont has the
right to earn a 65% working interest in Rare Element Resources' property,
excluding any rights to the rare-earth elements and uranium but including
rights to gold and other metals, by performing US$5 million in property work
expenditures over a five-year period. Newmont also has the right to earn an
additional 15% working interest by completing a positive project feasibility
study.
    The Sundance joint venture is employing the alkaline-intrusive complex
gold-exploration model, as exemplified by the Cripple Creek, Colorado gold
deposit. Exploration results generated by Sundance suggest similarities
between Cripple Creek and Rare Element's Bear Lodge property.
    Rare Element Resources' Bear Lodge, Wyoming property also encompasses one
of the largest disseminated rare-earth occurrences in North America (M.H.
Staatz, U.S. Geological Survey Professional Paper 1049D). In parallel with the
Sundance gold-focused exploration project, Rare Element Resources is
independently advancing the rare-earth potential of its property with a 2008
drilling and metallurgical testing program.

    ON BEHALF OF THE BOARD

    Donald E Ranta, PhD, PGeo,
    President & CEO

    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. The TSX Venture Exchange has not reviewed, and
does not accept responsibility for the adequacy or accuracy of this release.





For further information:

For further information: refer to the Company's website at
www.rareelementresources.com or contact: Donald E Ranta, President & CEO,
(604) 687-3520, don@rareelementresources.com; Mark T. Brown, CFO, (604)
687-3520 ext 242, mtbrown@pacificopportunity.com

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RARE ELEMENT RESOURCES LTD.

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