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Rare Element Appoints 2011 Geological Team & Grants Options

Stock Option Grant

The Company has issued stock options to its directors, officers, and consultants for a total of 985,000 options to purchase common shares of the Company at an exercise price of $10.50 per share for a period of five years, expiring on 16 March 2016, and subject to the TSX Venture Exchange's approval.

Cash Position and Share Structure Update

Rare Element has also had a total of 1,331,271 warrants, 67,137 brokers' warrants and 364,500 options exercised since January 1, 2011 and has cash on hand of approximately $71.5 million dollars and 43,455,173 common shares outstanding. There are only 119,287 warrants and 316,503 agent's warrants outstanding with exercise prices of $4.75 and $9.00 expiring from April 13, 2012 and December 22, 2012, respectively.

The Company's budget for 2011 is approximately $15 million which includes completion of an updated REE resource estimate, REE and gold drilling programs, metallurgical confirmation and optimization test, and preparation of a NI 43-101 compliant pre-feasibility study on the rare earth elements deposit at in Crook County, Wyoming.

Correction to Gold Resource News Release

Rare Element notes that the news releases dated March 14, 2011 outlining the Companies first ever gold resource estimate on the Sundance gold project contained the correct details in the table which outlined the resources in detail. However, one paragraph discussing the Smith gold resource estimate used the word "ounces" which should have read "grams" in two places. The sentence should have read: "The new Smith resource includes 25.2 million tonnes grading 0.50 grams of gold/tonne at a cutoff of 0.15 gpt." Please refer to the news release dated March 14, 2011 for the full details of the NI 43-101 compliant gold resource estimate.

Rare Element Resources Ltd (TSX-V: RES & AMEX: REE ) is a publicly traded mineral resource company focused on exploration and development of rare-earth elements and gold on the Bear Lodge property.

Rare-earth elements are key components of the green energy technologies and other high-technology applications. Some of the major applications include hybrid automobiles, plug-in electric automobiles, advanced wind turbines, computer hard drives, compact fluorescent light bulbs, metal alloys, additives in ceramics and glass, petroleum cracking catalysts, and a number of critical military applications. China currently produces more than 95% of the 130,000 metric tonnes of rare-earths consumed annually worldwide, and China has been reducing its exports of rare earths each year. The rare-earth market is growing rapidly, and is projected to accelerate if the green technologies are implemented on a broad scale.


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