VANCOUVER, April 15 /CNW/ - Rare Element Resources Ltd. (TSX V: RES) (the
"Company") is pleased to announce the release of its comprehensive NI
43-101-compliant Technical Report describing the details of the rare-earth
mineral resource and gold exploration project at the Bear Lodge property,
located in northeastern Wyoming. The Company continues to advance the
commercial understanding of the Bear Lodge rare-earth deposit by defining and
estimating the resource and continuing metallurgical testing to determine the
recoverability of the rare earths within that resource. The Report is
available at www.sedar.com and will be added to the Company's website at
Summary of the Technical Report
The NI 43-101 Technical Report for the Bear Lodge project was completed
by Alan C. Noble, P.E., of Ore Reserves Engineering as the principal author,
with the support of Rare Element's James G Clark, PhD L.Geo. and Donald E.
Ranta, PhD, P.Geo., as co-authors. Mr. Noble, Dr. Clark, and Dr. Ranta are all
Qualified Persons for the purpose of Canadian NI 43-101, Standards of
Disclosure for Mineral Projects. The report focuses on the rare-earth
mineralization, but it also provides a comprehensive summary of the gold
mineralization potential and exploration efforts to date on the property
through the Company's Sundance Venture with Newmont Mining.
The report provides the first detailed summary of geology and exploration
and the first NI 43-101-compliant resource estimate on the property.
Furthermore, the report incorporates descriptions of all the exploration work
and metallurgical testing completed by the Company since the initial
exploration NI 43-101-compliant Technical Report was issued in 2002 by Brian
H. Meyer, P.Geo. The report also includes recommendations for additional
exploration work to expand the rare earths resource and the continuance and
expansion of the metallurgical testing program currently underway.
Dr. Clark, Vice President of Exploration, commented that "this report is
another significant milestone for the Bear Lodge project. We are excited about
the size and grade of the rare-earths resource outlined in the report and look
forward to the implementation of the recommended exploration work program that
we are confident will increase the resource further."
Rare Element Resources Ltd (TSX-V:RES) is a publicly traded
mineral-resource company focused on gold and strategic metals, specifically
the rare-earth elements. Rare Element Resources and Newmont have entered into
the Sundance gold exploration project on the Company's 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.
Rare Element Resources' Bear Lodge, Wyoming property also encompasses one
of the largest disseminated rare-earth occurrences in North America (M.H.
Staatz, 1983, US Geological Survey Professional Paper 1049-D). In parallel
with the Sundance gold-focused exploration project, Rare Element Resources is
currently planning the 2009 exploration 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
This news release was prepared by Company management, who take full
responsibility for content. Neither the 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