By Ian Wyatt

NEW YORK ( TheStreet) - The run in rare earth mining stocks continues. As I mentioned in Wednesday's article, How Beijing's Policies Could Mean no More Smart-phones , I think that we'll be hearing a lot more about these companies throughout 2011.

These stocks offer tremendous potential for investors. The risk is pinpointing the legitimate contenders in the race to replace the stockpiles that China has decided to hold back from rest of the world.

As I previously told you, rare earth elements really aren't all that rare; finding substantial deposits that are economically feasible to exploit is what takes time, effort - and capital. Here are a couple of my favorite players.

Since I last covered Molycorp ( MCP) in Rarest Resources Offer Biggest Gains back in October, the stock has shot up 110 percent, and is up over 330 percent since its August IPO.

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