VANCOUVER, March 10 /CNW/ - Rare Element Resources Ltd. (TSX.V: RES) (the
"Company") has agreed to appoint Mr. Gregory E. McKelvey as a Director of the
Company effective February 19, 2008.
Mr. McKelvey, MS. Geol., has more than forty years of international
experience in Latin America, Africa, and Europe in expanding responsibilities
for major mining companies such as Kennecott, Cominco, Homestake, and Phelps
Dodge. He was Vice President-South America for Phelps Dodge Exploration, and
is currently the President and CEO of Animas Resources. He also acts as an
Adjunct Faculty member at the University of Arizona in their International
Center for Mining Health, Safety and Environment and worked for the USGS in
Latin America. He has also consulted for many companies.
Mr. McKelvey has successfully directed and led innovative exploration
efforts, resulting in the discovery and identification of several major ore
deposits. He participated in or led the teams that discovered Sossego (Cu/Au)
in Brazil; Sheep Creek (Zn, Cu, Co) in Montana; Spar Lake-Cabinet Mts. (Cu,
Ag) in Montana; Sechura, (P(2)O(5)) in Peru; extensions of the Punta de Cobre
(Cu/Au) deposits in Chile; extensions of ore at Chino (Cu) in New Mexico; the
Codelco IOCG discovery in Brazil, and the recent new porphyry copper center at
Sierra Gorda in Chile.
Well known in the minerals exploration industry, Mr. McKelvey has
participated in formulating and implemented strategic and tactical exploration
plans for four different international mining/exploration companies. He
developed a resource-based metal market mine closure prediction system to
assist in longer-term mine development planning. He completed several mineral
business entry strategy plans for adding diversification to emeriging third
Mr. McKelvey is optimistic about the significant gold and rare-earth
potential of the Company's Bear Lodge property in northeastern Wyoming and
states that "the Bear Lodge property has a tremendous opportunity for
discovery of a major gold system as well as substantial rare-earth
occurrences. With Newmont leading the gold exploration, the Company has one of
the world's best exploration teams advancing the Sundance project, which has
great potential for both near-surface gold deposits as well as deeper
high-grade deposits. Rare Element Resources has the potential of defining a
large rare-earth resource with its current program of drilling, metallurgical
testing, and resource estimation."
The Board of Directors of Rare Element Resources would like to thank Mr.
David Beling for being a member of the Board during the past two years. Mr.
Beling was on the Board during a period of growth of the Company to its
present position. Mr. Beling has resigned from the Company's Board of
Directors; however, he will remain a friend and a member of the Advisory
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 (REE's). The author of US Geological Survey Professional Paper 1049D
stated that what is now Rare Element Resources' Bear Lodge REE property is the
largest disseminated REE occurrence in North America. REE's, which have been
called "catalysts for high-tech living," are required for many new
technologies, including nickel-metal-hydride batteries and the motors,
generators and batteries used in hybrid cars. The US market for REE's exceeds
US$1 billion, with most supplied by China.
The Rare Element Resources' Bear Lodge property also has gold-exploration
potential. Previous gold exploration has identified numerous gold geochemical
anomalies and gold occurrences in intrusive breccia bodies. The surface
geology exposes the upper levels of a mineralized alkaline intrusive complex,
which is geologically similar to the igneous intrusive complex that hosts the
Cripple Creek, Colorado, gold deposits.
Paso Rico (USA) Inc, a wholly owned subsidiary of Rare Element Resources,
and Newmont North America Exploration Limited, a subsidiary of Newmont Mining
Corporation (Newmont), have entered into a gold exploration venture, named the
Sundance Joint Venture, on the Company's Bear Lodge property. Newmont has the
right to earn a 65% working interest in Rare Element Resources' Bear Lodge
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
ON BEHALF OF THE BOARD
Donald E. Ranta, PhD, PGeo
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 prepared in accordance with Canadian regulatory
requirements set out in National Instrument 43-101 and reviewed by Dr Ranta
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.
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties
that may cause the Company's actual future-period results to differ materially
For further information:
For further information: check the Company's website at
www.rareelementresources.com or contact: Donald E Ranta, President & CEO,
email@example.com; Mark T Brown, CFO, (604) 687-3520,