Rare Element appoints Dr. Donald E. Ranta as President & CEO

    TSX-V: RES

    VANCOUVER, Oct. 2 /CNW/ - Rare Element Resources Ltd. (TSX-V: RES) has
appointed Dr. Donald E. Ranta as President and CEO of the Company effective
October 1, 2007. Dr. Ranta will also join the Company's Board of Directors.
    Dr. Ranta is an exploration and development executive experienced in
planning, implementing, and directing successful exploration and acquisition
programs throughout North and South America. He has extensive experience in
generative exploration, project exploration and evaluation, and business
planning. In addition, he is a former President and Board member of SME and
the current Vice President-Finance and a Board member of AIME; and he has been
a director of several junior exploration and mining companies.
    He has successfully directed and led innovative exploration efforts,
resulting in the discovery or acquisition, and evaluation of several major ore
deposits. He has managed exploration teams that: 1) contributed to the
discovery of the Sleeper gold deposit in Nevada, 2) completed the development
drilling of the Mount Emmons molybdenum deposit in Colorado, 3) discovered the
McDonald gold deposit in Montana, and 4) discovered many of the Santa
Gertrudis gold ore bodies in Sonora, Mexico. His exploration teams
participated in the acquisition or discovery of a number of other deposits
including: the Paradones Amarillos gold deposit in Baja California, the
Aquarius gold deposit in Ontario, Canada, the Kilgore gold deposit in Idaho,
the Seven-Up Pete gold deposit in Montana, the Olinghouse gold deposit in
Nevada, the Dolores gold-silver deposit in Mexico, the Youga gold deposit in
Burkina Faso, the Kuranakh gold deposit in Russia and the Cochise copper
deposit in Arizona.
    He is well known in the minerals-exploration industry. He is currently a
director of Animas Resources Ltd., and in the past he has been the
Manager/Vice President of Exploration for Echo Bay Mines and Manager/Vice
President for North American Exploration at Phelps Dodge Mining Company.
    Dr. Ranta is optimistic about the significant gold and rare-earth element
potential of the Company's Bear Lodge property in northeastern Wyoming. "With
the Sundance Partners moving the gold exploration project ahead on a steady
schedule, and our own rare-earths exploration underway, I see a great
opportunity to add my experience to the strong team at Rare Element. In
addition, we will work to add new advisors and staff to the team as we build
the Company."
    The Board of Directors of Rare Element would like to thank Dr. William H.
Bird for leading the Company as its President and CEO during the past two
years. Dr. Bird was instrumental in managing the growth of the Company to its
present position. Dr. Bird will resign from the Company's Board of Directors,
however, he will remain a friend and advisor to the Board.
    The Company has also granted 700,000 stock options to directors, officers
and contractors. Of these, the exercise price for 350,000 options was set at
$1.00 per share with an expiry date of September 1, 2012. The exercise price
of the remaining 350,000 options, which will expire on October 1, 2012, will
be set based on the market price for the Company's common shares upon
resumption of trading of the shares on October 2, 2007.


    Mark T. Brown, B. Comm., C.A., Director and CFO

    William H. Bird, 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. Bird 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

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