Rare Element Resources Appoints Jefferey Phillips as Managing Member of the Advisory Board

    TSX-V: RES

    VANCOUVER, Oct. 2 /CNW/ - Rare Element Resources Ltd (TSX-V: RES) has
appointed Mr. Jefferey Phillips as the Managing Member of a newly established
Advisory Board of the Company.
    Mr. Phillips is president of Global Market Development of San Diego,
California (www.globalmarketdev.com). He brings extensive experience in the
areas of finance, strategic corporate planning and corporate communications
for publicly traded companies. Mr. Phillips' past natural-resource company
clients have included: Metallica Resources Inc., Ultra Petroleum Corporation,
Silver Standard Resources Inc., Strathmore Minerals Corp., Pennaco Energy,
Guyana Goldfields Inc. and Boron Chemicals (now Atacama Minerals Ltd.).
    The newly formed Advisory Board will be a broadly experienced team of
well-known industry experts, representing technical, financial and
corporate-relations functions, that will help Rare Element Resources
efficiently increase its share value. In addition to expanding the resources
of the Company's executive team, the Advisory-Board members will be available
for specific consulting needs and will network on behalf of the Company. They
will offer ideas and access to unique resources and contacts that can benefit
Rare Element Resources.

    Rare Element Resources Ltd (TSX-V:RES) is a publicly traded
mineral-resource company focused on gold and the rare-earth elements. 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.
    Rare Element Resources' Bear Lodge, Wyoming property also encompasses the
largest disseminated rare-earth occurrence in North America (M H Staatz, US
Geological Survey Professional Paper 1049D). In parallel with the Sundance
gold-focused exploration project, Rare Element Resources is independently
advancing the rare-earth potential of its property with a 2007 drilling and
metallurgical testing program (see Company news release of 15 February 2007).


    Donald E. Ranta, PhD, PGeo, President & CEO

    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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