Rare Element Reports Encouraging Rare-Earths Drill Results from Bear Lodge Property

    Directors Re-elected at Annual Meeting; Updating of Corporate Material

    TSX-V: RES

    VANCOUVER, Dec. 18 /CNW/ - Rare Element Resources Ltd. (TSX-V:RES) is
pleased to announce initial rare-earth-element (REE) assay results from the
2007 core drilling program completed on the Company's 100% owned Bear Lodge
property in northeastern Wyoming. The highlight of these results is an
aggregate true thickness of 111.9 feet over four separate mineralized
intervals averaging 4.69% REE in drill-hole RES 07-1, as detailed below.
    The rare-earth mineralization encountered in drill-hole RES 07-1 is
contained within well-defined carbonatite dikes, and a FMR
(iron-manganese-rare-earth element) dike, which all intrude a body of
heterolithic intrusive breccia of the Southwest Bull Hill target within the
Bear Lodge alkaline-igneous complex. This geologic setting is similar to that
hosting other REE intercepts on the Bear Lodge property. Two additional core
drill holes, RES 07-2 and RES 07-3, were completed during the 2007 rare-earth
drill program, and assay results for these drill holes are pending.

    Drill Program Results:

         Drill-hole RES 07-1 assay results from Rare Element's 2007
                          REE exploration drilling.
         (bearing N 60: E, inclination -65:, total depth 1057 feet,
                         Southwest Bull Hill target)
    Interval     Intercept       True     Mineralized Lithology  Total % REO
    --------     ---------    Thickness   ---------------------  -----------
     (feet)        (feet)     ---------

    277-307           30         18.3                FMR dike       4.19
    460.5-520       59.5         48.7        carbonatite dike       5.51
    555-580           25         13.4        carbonatite dike       5.92
    727-790           63         31.5        carbonatite dike       3.67

    Aggregate    intercept      111.9        Weighted average       4.69% REO
    RES 07-2      0-1000'   REE assays pending (Southwest Bull Hill target)
    RES 07-3      0-1000'   No significant REE mineralization; Gold assays
                                 pending (Northwest Bull Hill target)

    The near-surface REE-mineralized FMR dike is strongly oxidized and is
interpreted to be an oxidized carbonatite dike. REE assay values are reported
by convention as the combined rare-earth-oxide (REO) equivalents of the
fifteen lanthanide-series elements. The oxide equivalents for the Bear Lodge
distribution of elements are approximately 17% higher than the combined metal
assay values. Rare Element's Bear Lodge, Wyoming property contains mainly the
"light" REE (lanthanum, cerium, praseodymium, neodymium, samarium, europium,
and gadolinium), and predominantly the first four of these REE's. The average
relative distribution of the REE's, as determined from previous metallurgical
test material is presented in a Company news release of November 9, 2005.
    Rare Element has selected samples from RES 07-1 for metallurgical testing
and sent them to Mountain States R&D International (MSRDI) in Tucson, Arizona.
The test program will begin following receipt of the assay results for
drill-hole RES 07-2.
    The Bear Lodge property also has gold-exploration potential. The surface
geology exposes the upper levels of a mineralized alkaline intrusive complex,
which is geologically similar to the intrusive complex that hosts the Cripple
Creek, Colorado, gold deposits. Rare Element 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 feasibility study.

    Annual General Meeting

    Rare Element held its Annual General Meeting in Vancouver B.C. on Monday,
December 3, 2007. The current six members of the Board of Directors -
Donald E. Ranta, Norman W. Burmeister, Norman Anderson, Stephen P. Quin,
David C. Beling and Mark T. Brown - were all re-appointed to the Board and all
other matters passed with strong support from the Rare Element shareholders.
The Board then re-appointed Donald E. Ranta as President and Chief Executive
Officer, and Mark T. Brown, as Chief Financial Officer.

    Updating of Corporate Material

    Rare Element has begun a program to update and improve all of its
corporate material. This material will better explain the potential value of
the rare earth assets. It will also create a better understanding of the
historical gold results along with the current positive results being
generated by Newmont. The Company believes that the updated corporate material
will greatly improve the investing public's understanding of the Bear Lodge
property's full potential.

    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

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