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Re: News Release - Tuesday, May 19, 2009
Rare Element Announces $750,000 Financing
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Vancouver, BC - Rare Element Resources Ltd. (TSX-V: RES) ("Rare
Element" or the "Company") announces that the Company has agreed to
complete a $750,000 financing consisting of 1 million Units at a price
of $0.75 per Unit. The additional funds will be used to provide working
capital for the Company's rare earths exploration program and to help
ensure that Rare Element continues to be in a strong financial
position. These funds will also assist in completing the work as
recommended in the Company's NI 43-101 compliant rare earths resource
report filed on www.sedar.com.
Each Unit consists of one common share and one half of one common share
purchase warrant. Each two warrants allow the holder to purchase one
additional common share for a period of 18 months from the closing date
for additional consideration of $1.00.
Don Ranta, President and CEO, stated that "while the Company has the
gold exploration program currently being handled by Newmont, these
funds will allow us to do additional exploration and metallurgical
testing on the rare-earth deposit as justified by the increase in
resources recently estimated."
Rare Element completed a NI 43-101 compliant resource estimate in
April, 2009 which increased the rare-earth resource and provided
encouragement for significant additional work. . The Company continues
to advance the commercial understanding of the Bear Lodge rare-earth
deposit by planning for the next stage of drilling and continuing
metallurgical testing to determine the recoverability of the rare
earths within that resource.
Rare Element Resources Ltd (TSX-V:RES) is a publicly traded mineral
resource company focused on gold and strategic metals such as the
rare-earth elements. Rare Element and Newmont have entered into the
Sundance gold exploration joint venture on the Company's Wyoming
property. Newmont has the right to earn a 65% working interest in Rare
Element's 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's Bear Lodge property, Wyoming, also encompasses one of
the largest disseminated rare-earth occurrences in North America (M H
Staatz, 1983, US Geological Survey Professional Paper 1049D). In
parallel with the Sundance gold-focused exploration project, Rare
Element has completed a NI 43-101 compliant resource estimate and a
Technical Report on the Bear Lodge Rare-Earth Mineralization. The
Company is also continuing with a metallurgical testing program of the
drill-hole samples collected during 2008.
ON BEHALF OF THE BOARD
Donald E Ranta, PhD, PGeo,
President & CEO
For information, refer to the Company's website at
www.rareelementresources.com or contact:
Donald E Ranta, President & CEO, (604) 687-3520
don@rareelementresources.com
Mark T. Brown, CFO, (604) 687-3520 ext. 242
mtbrown@pacificopportunity.com
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, which takes 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.
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Copyright (c) 2009 RARE ELEMENT RESOURCES LTD. (RES.V) All rights
reserved. For more information visit our website at
http://www.rareelementresources.com/ or send
mailto:jeff@globalmarketdev.com
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Animas Resources
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EXPLORATION STAGE |
CODE : ANI.V |
ISIN : CA0352651073 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Animas Res. is a gold and molybdenum exploration company based in Canada. Its main exploration properties are SANTA GERTRUDIS and BACANUCHI in Mexico. Animas Res. is listed in Canada. Its market capitalisation is CA$ 14.0 millions as of today (US$ 12.7 millions, € 9.2 millions). Its stock quote reached its highest recent level on March 07, 2008 at CA$ 2.14, and its lowest recent point on November 15, 2013 at CA$ 0.03. Animas Res. has 73 630 000 shares outstanding. |