Rare Element Resources-Newmont Gold Venture Completes Expanded 2007 Drill Program

    TSX-V: RES

    VANCOUVER, Nov. 14 /CNW/ - Rare Element Resources Ltd (TSX-V: RES)
announces that the Sundance gold exploration project, which is a joint venture
between Paso Rico (USA) Inc, a subsidiary of Rare Element Resources, and
Newmont North America Exploration Limited, a subsidiary of Newmont Mining
Corporation (Newmont), has completed the expanded 2007 drill program on Rare
Element's Wyoming property.
    Newmont drilled an initial eight holes that were completed in September
and, because of favorable gold assay results (see news release of 2 October
2007), expanded the drill program on the Carbon target with seven additional
holes that have all been completed. Assay results are pending for the seven
    Newmont manages the gold exploration for the Sundance project.
Exploration work for 2007 was designed to build on the successful 2006
trenching and drilling program and included, in addition to drilling, detailed
environmental, geological, geochemical and geophysical studies. Fifteen drill
holes have now been completed in 2007 for a total of 26 holes drilled by
Newmont on joint venture ground. Permitting and the Environmental Assessment
progressed smoothly, so the Plan of Operation that will allow an expanded
drill program may be approved in the second half of 2008. Exploration data is
being compiled and plans are being formulated for the 2008 exploration
    Interpretation of the mapping, sampling and drilling results to date has
prompted an increasing focus on a new gold target in the East Taylor Bowl as a
major center for igneous and hydrothermal activity and possibly the core of
the Bear Lodge igneous system. The East Taylor Bowl is a topographic low
centrally located east of the Taylor gold target, south of the Carbon gold
target, and west of the Bull Hill rare-earth-element target.

    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 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 has completed 2007 drilling of three holes
to independently advance the rare-earth potential of its property. The company
has begun a metallurgical testing program of the drill-hole samples with
results expected in the spring of 2008 (see news releases of 15 October 2007
and of 15 February 2007).

    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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