Rare Element Resources Ltd. (the "Company") (NYSE MKT: REE) announced today that it has notified the NYSE MKT of its decision to voluntarily delist its common shares from the NYSE MKT. Like other rare earth companies, the Company has pursued vigorous cost cutting over the past year. The Company's board of directors has determined that it would be in the best interest of the Company and its shareholders to voluntarily delist from the NYSE MKT exchange due to costs associated with the continued listing and NYSE MKT continued listing requirements. The Company will continue to file periodic reports with the U.S. Securities and Exchange Commission pursuant to the requirements of the Securities Exchange Act of 1934, as amended. The Company anticipates that the last day of trading for its common shares on the NYSE MKT will be on or about February 22, 2016. The Company intends to have its shares traded on the OTC Pink Current Information marketplace once the delisting from NYSE MKT is complete. Rare Element Resources Ltd. is a publicly traded, strategic materials company focused on delivering rare earth products for technology and defense applications by advancing the Bear Lodge Critical Rare Earth Project in northeast Wyoming. Bear Lodge is a significant mineralized district containing many of the less common, more valuable, critical rare earths that are essential for electronics, fiber optics, laser systems for health and defense, as well as many evolving green technologies, like hybrid cars, solar panels and wind turbines. The Company is an affiliate member of the U.S. Department of Energy's Critical Materials Institute, a combined government and private sector organization committed to eliminating supply chain issues for rare earths and other critical elements. Please contact Paul Zink at 720-278-2460, or firstname.lastname@example.org, for additional information. Forward-Looking Statements This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are usually identified by our use of certain terminology, including "will," "believes," "may," "expects," "should," "seeks," "anticipates," "plans," "has potential to," or "intends," or by discussions of strategy or intentions. Such forward-looking statements include statements regarding when the delisting from the NYSE MKT is expected to become effective, the filing of future periodic reports with the SEC, and the trading of the Company's common shares on the OTC Pink marketplace. Factors that could cause actual results to differ materially include, but are not limited to, the Company's ability to meet the OTC Pink marketplace standards, market conditions, and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and our other periodic and current reports filed with the SEC and available on www.sec.gov and with the Canadian securities commissions available on www.sedar.com. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other uncertainties and risk factors set out in our filings made from time to time with the United States Securities and Exchange Commission and the Canadian regulators, including, without limitation, our reports on Form 10-K and Form 10-Q. We expect that the above estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update our forward-looking information at any time, we do not undertake to update at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management's estimate as of any date other than the date of this press release.