Rare Element Appoints Jaye Pickarts as Chief Operating Officer to Advance the Bear Lodge Rare-Earths Project

March 8, 2011


VANCOUVER, March 8 /PRNewswire-FirstCall/ – Rare Element Resources Ltd. (TSX-V: RES and
AMEX: REE) (the “Company”) is pleased to announce the appointment of
Mr. Jaye T. Pickarts, P.E. as Chief Operating Officer (COO) of the
Company. His principal focus will be to lead the technical team in
advancing the Company’s Bear Lodge Rare-Earths Project, located in
Wyoming, through the development phase and into production. Mr.
Pickarts has provided metallurgical consulting advice to the Company
for the past eight months and has been instrumental in coordinating the
Company’s Scoping Study (Preliminary Economic Assessment), which was
completed in November 2010. The Study provides an initial engineering
development model and a preliminary economic analysis that will form
the basis of a Preliminary Feasibility Study to be completed by
year-end 2011.

The COO’s primary responsibilities will be to coordinate all of the
following activities: mine planning, mineral processing and
hydrometallurgical studies, environmental baseline assessment and
permitting studies, other engineering studies, and completion of the
Pre-feasibility Study. Successful completion of these studies with
positive results will allow the project to advance to Feasibility Study
stage and further the project’s development.

Mr. Pickarts is a metallurgical engineer with more than 25 years of
project evaluation and operations experience in the metal mining
industry. Prior to his appointment as COO of Rare Element, he was the
Senior Vice President and Director of Knight Pi©sold and Company in
Denver, Colorado for 12 years, where he was responsible for
successfully coordinating the completion of many feasibility studies
and environmental permitting programs in the western United States and
Internationally. Mr. Pickarts also has extensive experience in the
planning, engineering and managing of diverse mining operations at
major companies including Pegasus Gold Corporation, Brewer Gold
Company, Texasgulf Minerals and Metals, Freeport McMoran Gold Company,
and Kennecott Copper Corporation. He holds a B.S. in mineral processing
engineering from Montana College of Mineral Science and Technology, and
completed the Business Administration Graduate Program at the
University of Nevada, Reno. He is also a registered Professional
Engineer in Colorado and Nevada and is a Qualified Professional (QP).

Commenting on today’s announcement, Don Ranta, President and CEO of Rare
Element, said, “The addition of a seasoned executive of Mr. Pickarts’
caliber represents another step in the advancement of our Bear Lodge
project, and represents the Company’s commitment to maximizing
shareholder value by striving to become one of the western hemisphere’s
only rare-earths producers. Because of the critical importance of
mineral processing and hydrometallurgy to the success of the Bear Lodge
mine, an executive with expertise in these fields was sought after and
chosen. Mr. Pickarts brings a great deal of experience and leadership
to the Company in terms of mine evaluation, mine management, and
project management. We look forward to having Jaye join Rare Element
and assemble our development team.”

The Company is moving forward rapidly to evaluate the potential economic
viability of recovering rare-earth elements (“REE”) in concentrate or
in individual rare-earth oxides (“REO”) from the Bear Lodge rare-earth
resources. Shortages of REE outside of China are occurring at the same
time as demand is growing at nearly 10% per year for these elements in
clean energy technology, high technology, and other applications where
the REE are vital to these new technologies developed for more fuel
efficient (“hybrid”) automobiles as well as plug-in electric vehicles.
Many hybrid cars use rechargeable nickel-metal-hydride (Ni-M-H)
batteries that contain lanthanum along with electric motors and
generators that require high-strength permanent magnets containing
neodymium, praseodymium, dysprosium, and terbium. Europium is used in
compact fluorescent and other fluorescent lighting as phosphors.
Substantial quantities of all six of these REE would be produced by a
mine at Bear Lodge, and the six would represent approximately 80% of
the potentially saleable products’ value.

Rare Element Resources Ltd (TSX-V: 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 lights, metal
alloys, additives in ceramics and glass, petroleum cracking catalysts,
and a number of critical military applications. China currently
produces more than 95% of the 130,000 metric tonnes of rare-earths
consumed annually worldwide, and China 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 continue to be
implemented on a broad scale.

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 TSX
Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

SOURCE Rare Element Resources Ltd.

Source: newswire

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