VANCOUVER, July 29 /CNW/ - Rare Element Resources Ltd. (TSX VENTURE: RES)
(the "Company") is pleased to report that drilling has begun on the initial
drill targets for rare-earth-element (REE) mineralization on the Company's
Bear Lodge property of northeastern Wyoming. Drill-hole locations have been
chosen to expand the historical rare-earth discoveries made by Hecla Mining
Company and to provide additional material for metallurgical testing.
The initial core holes of the drill program will test a southeasterly
extension of the carbonatite dike system that contains the bulk of the REE
mineralization on the Bull Hill Southwest target and, if successful, could
expand the mineralized zone. Most holes are designed to offset known
mineralization, and one hole may test a new target concept. Approximately 1000
meters of drilling are planned for the 2008 program.
Rare Element Resources Ltd (TSX-V:RES) is a publicly traded
mineral-resource company focused on gold and strategic metals, specifically
the rare-earth elements. Rare Element Resources and Newmont have entered into
the Sundance gold exploration project 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 one
of the largest disseminated rare-earth occurrences in North America (M.H.
Staatz, 1983, US Geological Survey Professional Paper 1049-D). In parallel
with the Sundance gold-focused exploration project, Rare Element Resources has
completed drilling of eight holes to independently advance the rare-earth
potential of its property and is currently planning another drill program.
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
For further information:
For further information: refer to the Company's website at
www.rareelementresources.com or contact: Donald E Ranta, President & CEO,
(604) 687-3520, firstname.lastname@example.org; Mark T. Brown, CFO, (604)
687-3520 ext 242, email@example.com