July 29, 2008
Rare Element Resources Begins Drilling Program
VANCOUVER, July 29 /PRNewswire-FirstCall/ -- Rare Element Resources Ltd. (TSX VENTURE: RES) (the "Company") is pleased to report that drilling has begun on the initial drill targets for rare-earth-element (REE) mineralization on the Company's Bear Lodge property of northeastern Wyoming. Drill-hole locations have been chosen to expand the historical rare-earth discoveries made by Hecla Mining Company and to provide additional material for metallurgical testing.
The initial core holes of the drill program will test a southeasterly extension of the carbonatite dike system that contains the bulk of the REE mineralization on the Bull Hill Southwest target and, if successful, could expand the mineralized zone. Most holes are designed to offset known mineralization, and one hole may test a new target concept. Approximately 1000 meters of drilling are planned for the 2008 program.
Rare Element Resources Ltd (TSX-V:RES) is a publicly traded mineral-resource company focused on gold and strategic metals, specifically the rare-earth elements. Rare Element Resources and Newmont have entered into the Sundance gold exploration project on the Company's Wyoming property. Newmont has the right to earn a 65% working interest in Rare Element Resources' property, excluding any rights to the rare-earth elements and uranium, but including rights to gold and other metals, by performing US$5 million in property work expenditures over a five-year period. Newmont also has the right to earn an additional 15% working interest by completing a positive project feasibility study.
Rare Element Resources' Bear Lodge, Wyoming property also encompasses one of the largest disseminated rare-earth occurrences in North America (M.H. Staatz, 1983, US Geological Survey Professional Paper 1049-D). In parallel with the Sundance gold-focused exploration project, Rare Element Resources has completed drilling of eight holes to independently advance the rare-earth potential of its property and is currently planning another drill program.
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. The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of this release.
CONTACT: refer to the Company's website at http://www.rareelementresources.com/ or contact: Donald E Ranta, President & CEO, (604) 687-3520, [email protected]; Mark T. Brown, CFO, (604) 687-3520 ext 242, [email protected]
Rare Element Resources Ltd.
CONTACT: refer to the Company's website at http://www.rareelementresources.com/or contact: Donald E Ranta, President & CEO, (604) 687-3520,[email protected]; Mark T. Brown, CFO, (604) 687-3520 ext 242,[email protected]