TSX: RES & AMEX: REE
June 28, 2011
Rare Element Resources Ltd. (TSX: RES and NYSE Amex: REE)
is pleased to announce that the 2011 rare earth element ("REE") drilling program has commenced at the Company's Bear Lodge rare earth element project in
Two core drilling rigs are currently on the project site and will be used to test the Bull Hill REE area and Whitetail Ridge REE targets. A third drill rig is expected to begin work shortly. The program to test the REE targets will consist of approximately 40 angle drill holes to general depths of 400 to 1,200 feet.
The REE drilling program will be augmented by geological mapping, geophysical surveys, soil and rock chip geochemical surveys, and additional bulk sampling of near-surface mineralized material.
Rare Element's exploration and evaluation plans for the Bear Lodge project in 2011 include:
- Additional resource definition drilling to expand and upgrade the resources at the Bull Hill SW, Whitetail Ridge, and Bull Hill NW deposits.
- Exploration drilling at the Bull Hill West, Carbon REE, and other prospective REE targets identified during the 2010 exploration program.
- Geological mapping, geochemical sampling, and geophysical surveys over selected areas in order to better delineate current target areas and identify new targets for economic REE mineralization.
- Collection of additional bulk sample mineralized material for the pilot plant testing from a second large diameter core drilling program in select, well-mineralized areas, along with additional sampling of mineralized surface exposures in road cuts, trenches, and drill sites.
- A condemnation drilling program to ensure that the proposed low-grade stockpile and waste facility will not cover ground that is prospective for REE and/or gold mineralization.
- Environmental baseline and geotechnical studies directed toward ultimate mine development.
- Continued metallurgical testing of oxide zone mineralized material for optimization of mineral concentration and chemical concentration processes.
- Pilot plant metallurgical testing on bulk sample material collected in 2010 to produce a potentially saleable rare earth carbonate concentrate.
- Continuation of metallurgical testing on the oxide-carbonate mineralized material.
- Completion of a Preliminary Feasibility Study in the first quarter of 2012.
"Rare Element is conducting its 2011 development and exploration drilling programs on the Bull Hill area and Whitetail Ridge rare earth deposits in anticipation of a prefeasibility study scheduled for completion during the first quarter of 2012. We are focused on increasing the indicated REE resources for use in the pre-feasibility study," reports Vice President of Exploration, Dr.
. "We are fortunate to have an excellent staff with which to accomplish these goals. These programs will be lead by
, the Company's Exploration Manager and Dr.
, Chief Geologist/REE."
Rare Element Resources Ltd (TSX: 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.
currently produces more than 95% of the 130,000 metric tonnes of rare-earths consumed annually worldwide, and
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.
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. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.