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Rare Element Summarizes Results From Its 2010 REE Exploration Program And Outlines Its 2011 REE Exploration Program

Bull Hill Northwest Resource Area

Nine core holes totaling 5,694 feet (1,736m) were drilled in the Bull Hill NW resource area in 2010 (Figure 2). Significant intercepts are listed in Table 1. REE mineralization in the Bull Hill NW resource area is contained within intrusive dikes, veins, and stockwork of FMR, transitional carbonatite/silicocarbonatite, and carbonatite/silicocarbonatite that invade trachytic and phonolitic intrusive rocks of the Bear Lodge alkaline complex. Silicocarbonatite is a carbonatite-related rock that carries abundant silicate mineral phases dispersed in the carbonate matrix. The silicate phases in the Bull Hill NW silicocarbonatite are primarily biotite and K feldspar. The structural controls for the mineralized bodies remain incompletely understood in this target area, but it appears most likely that northerly-striking mineralized bodies predominate. The north-striking mineralized bodies at Bull Hill NW appear generally to be narrower and lower-grade than those in the Bull Hill SW resource area, although exploration at Bull Hill NW has yet to be completed. Strongly anomalous gold mineralization in drill hole RES10-60 is distributed in trachyte porphyry and crosscutting biotite silicocarbonatite dikes, with the highest-grade intercept (12 ft @ 11.85gpt Au) contained within a biotite silicocarbonate dike. This occurrence of overlapping gold and REE mineralization, and another at the Whitetail Ridge target area, will be investigated during the Company's 2011 exploration program.

Whitetail Ridge Target

Two core holes totaling 1,631 feet (497m) were drilled at the Whitetail Ridge target in 2010 (Figure 2). Significant intercepts are given in Table 1. The Whitetail Ridge REE target area is located approximately 1,500 feet northwest of the Bull Hill Southwest deposit, adjacent to and west of the Bull Hill Northwest target. It is marked at the surface by a zone of FMR stockwork and a coincident geophysical anomaly. The size of the geophysical anomaly (approximately 1,400 by 2,000 feet elongate northeasterly) provides an indication that the REE target may be larger than others in the district. Historic hole WP-1, drilled within the Whitetail Ridge target area by Hecla Mining Company in 1987, intersected 430 feet that averaged 2.44% REO in a near-surface intercept from 0 to 430 feet (non-NI-43-101 compliant). Within the larger intercept were several 10-foot intercepts with grades ranging from 5.5 to 13.7% REO. The holes drilled during the 2010 program were sited based on detailed geological mapping (Figure 5), a ground geophysical survey, and historic drilling results from Duval, Molycorp, and Hecla. Detailed mapping suggests that the REE mineralization consists of northwest-striking FMR dikes and an FMR stockwork zone that is elongate northeasterly, with dimensions of roughly 1250 feet (380 meters) by 950 feet (290 meters). The enveloping geophysical anomaly is larger and may indicate a broader distribution of REE mineralization beneath the extensive soil and colluvial cover.

Figure 5. Geological map of part of the Whitetail Ridge REE target area. The zone of FMR dikes strikes northwesterly and cuts a diatreme breccia. The long axis of the FMR stockwork zone trends northeasterly. -

Bull Hill West Target

Two core holes totaling 2,355 feet (718m) were collared in the Bull Hill West target area (Figure 2). Two other holes drilled in the Bull Hill SW resource area penetrated the Bull Hill West target area at depth. Significant assay results are given in Table 1. The results from drill holes RES10-46, RES10-47, RES10-51, and RES10-57 indicate that mineralized veins, dikes, and associated stockwork zones continue to the west across the Bull Hill drainage with little or no offset. The Company identifies this area west of the Bull Hill drainage as the Bull Hill West target (Figure 4), an area that combines target areas referred to in past news releases and presentations as the "Conceptual Carbonatite Plug" target and the "Fault Offset" target. Until these recent results from drilling west of the drainage, it was thought that the drainage represented a structure (West Bull Hill fault) that could have significantly offset or terminated the REE-mineralized dike swarms at the Bull Hill SW resource area.

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