Rare Element Resources Names Bob Bishop to the Advisory Board; Updates on Rare Earths 43-101 Technical Report and Grants Stock Options

    TSX-V: RES
    Ref: 02-2009

    VANCOUVER, Feb. 26 /CNW/ - Rare Element Resources Ltd. (TSX-V:RES)
announces that it has named Bob Bishop to the Company's Advisory Board,
provides an update on progress of a rare earths NI 43-101 Technical Report,
and issued stock options.

    Advisory Board Addition

    Bob Bishop has joined Rare Element Resources' Advisory Board. From 1983
until 2007, Mr. Bishop was the Editor and Publisher of Gold Mining Stock
Report, a subscription-based newsletter focused primarily on junior resource
companies. He remains an active investor in the sector, is one of the largest
shareholders in Rare Element Resources, and maintains widespread contacts
throughout the industry.
    The Advisory Board is a broadly experienced team of well-known industry
experts representing technical, financial and corporate relations functions
that will help the Company efficiently increase its value. In addition to
being available for advice to the executive team of the Company, the Advisory
Board members will be available for specific consulting needs and will network
on behalf of the Company.

    43-101 Rare Earths Update

    Rare Element Resources continues to advance the NI 43-101 Technical
Report with a resource estimate on the rare earths at the Bear lodge property.
Recent successful drilling has been incorporated into this report and the
Company expects to have the report released in the next 60 days.

    Grant of Stock Options

    Rare Element Resources has issued stock options to its directors,
officers and consultants for a total of 1,400,000 options to purchase common
shares of the Company at an exercise price of $0.58 per share for a period of
five years, expiring on 27 January 2014, subject to the TSX Venture Exchange's

    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. Rare Element 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's 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's Bear Lodge, Wyoming property also encompasses one of the
largest disseminated rare-earth occurrences in North America (M H Staatz, US
Geological Survey Professional Paper 1049D). In parallel with the Sundance
gold-focused exploration project, Rare Element is currently working at
completing a NI 43-101 Technical Report with a resource estimate of the
rare-earth mineralization, and is planning a metallurgical testing program on
the core samples collected in 2008.

    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: Donald E Ranta, President & CEO,
(604) 687-3520, don@rareelementresources.com; Mark T. Brown, CFO, (604)
687-3520 ext 242, mtbrown@pacificopportunity.com

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