Rare Element Reports Rare-Earths Drill Results



    TSX-V: RES
    Ref: 4-2008

    VANCOUVER, March 31 /CNW/ - Rare Element Resources Ltd. (TSX-V:RES) is
pleased to announce rare-earth-element (REE) assay results from the second and
third holes of the 2007 core drilling program completed on the Company's 100%
owned Bear Lodge Property located in northeastern Wyoming, USA. The highlight
of drill-hole RES 07-02 results is an aggregate true thickness of 108.5 feet
(33.1 m) over five separate mineralized intervals averaging 3.32 % rare-earth
oxides (REO), as detailed below. Results from drill-hole RES 07-01 were
reported in a news release dated December 17, 2007. Both of the first two
holes were drilled into the Bull Hill Southwest target, where an historical
resource has been previously estimated.
    An intercept of REEs, noted in the table below, was found in drill-hole
RES 07-03, which was placed on the Bull Hill Northwest target area located
1000 feet (300 m) to the north-northwest of Bull Hill Southwest. This target
area is reported to have potential for REEs and also for gold. Gold assay
results are weakly to moderately anomalous (0.01-0.57 ppm Au) throughout the
entire 1000-foot hole, but without thick intercepts of the better grades.
These results are suggestive of the type of mineralization occurring at a
margin of a large gold system.

    
    Drill-hole RES 07-02

              (bearing N 15 degrees E, inclination -65 degrees,
             total depth 1000 feet, Bull Hill Southwest target)
    ------------------------------------------------------------------
    Interval  Intercept  True Thickness  Mineralized Lithology  Total % REO
    --------  ---------  --------------  ---------------------  -----------
     (feet)    (feet)        (feet)

    420-436       16          15.3          carbonatite/FMR dike    4.02
    -------------------------------------------------------------------------
    442-467       25            25          carbonatite/FMR dike    5.36
    -------------------------------------------------------------------------
    510-566.5   56.5          38.5          carbonatite/FMR dike    2.74
    -------------------------------------------------------------------------
    626-650       24            12          carbonatite dike        2.91
    -------------------------------------------------------------------------
    920-966       46            25          carbonatite dike        2.66
    -------------------------------------------------------------------------
    Aggregate intercept      108.5          Weighted average        3.32% REO


    Drill-hole RES 07-03

              (bearing S 40 degrees W, inclination -75 degrees,
               total depth 1000 ft, Bull Hill Northwest target)
    -------------------------------------------------------------------------
    295-321       26            26          FMR dike               10.20% REO
    -------------------------------------------------------------------------
    

    The rare-earth mineralization encountered in drill-hole RES 07-02 is
contained within transitional carbonatite/FMR (iron oxide + manganese oxide +
rare-earth element) dikes and carbonatite dikes. The dikes intrude a body of
heterolithic intrusive breccia of the Bull Hill Southwest target within the
Bear Lodge alkaline-igneous complex. The REE-mineralized carbonatite/FMR dikes
are partly oxidized and are interpreted to be originally carbonatite dikes,
and these dikes appear to be transitional with carbonatite dikes at depth.
This geologic setting is similar to that hosting other REE intercepts on the
Bear Lodge property. The near-surface intercept in drill-hole RES 07-3 is an
FMR dike that is a strongly oxidized equivalent of a carbonatite dike.
    "We are pleased with the results of our rare-earth drilling and continue
to move the project forward with the metallurgical testing program," states
President Don Ranta.
    Selected mineralized samples from RES 07-01 and RES 07-02 have been sent
for metallurgical testing at Mountain States R&D International (MSRDI) in
Tucson, Arizona. The test program has begun as was reported in a news release
dated February 18, 2008.
    A summary of the entire Rare Element exploration program for rare earths
from 2004 through 2007 will be issued shortly.

    Rare Element Resources Ltd (TSX-V:RES) is a publicly traded
mineral-resource company focused on gold and the rare-earth elements. In
addition to the REE exploration and evaluation efforts, the Company 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 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.

    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: Mark T Brown, CFO, (604) 687-3520 ext
242, mtbrown@pacificopportunity.com; Donald E Ranta, (604) 687-3520,
don@rareelementresources.com

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