VANCOUVER, June 29 /CNW/ - Rare Element Resources Ltd. (TSX-V: RES)
("Rare Element" or the "Company") is pleased to announce that the TSX Venture
Exchange has approved the upgrade of Rare Element from a Tier Two Issuer to a
Tier One Issuer.
The listing requirements for being classified as a Tier One Issuer
include having a "material interest in a Tier One Property" - defined as a
property with at least a potentially economic resource and a recommended work
program of at least $500,000, among other things.
In April, 2009, Rare Element filed a NI 43-101 Compliant resource
estimate on Sedar and during the review process by the TSX Venture Exchange
certain changes were made to improve the report. As such, the edited report
has been filed on Sedar today.
Don Ranta commented that "We are pleased that the TSX Venture Exchange
has elevated Rare Element to Tier One, which they reserve for their more
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. Rare Element and Newmont have entered into the Sundance gold
exploration joint venture on the Company's Wyoming property. Newmont has the
right to earn a 65% working interest in Rare Element's 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.
Rare Element's Bear Lodge property, Wyoming, also encompasses one of the
largest disseminated rare-earth occurrences in North America (M H Staatz,
1983, US Geological Survey Professional Paper 1049D). In parallel with the
Sundance gold-focused exploration project, Rare Element has completed a NI
43-101 compliant resource estimate and a Technical Report on the Bear Lodge
Rare-Earth Mineralization. The Company is also continuing with a metallurgical
testing program of the drill-hole samples collected during 2008 and planning a
2009 drilling program to increase the resources.
ON BEHALF OF THE BOARD
Donald E. Ranta, Phd. PGeo.
Director, 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, which
takes 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
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, email@example.com; Mark T. Brown, CFO, (604)
687-3520 ext. 242, firstname.lastname@example.org