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Re: News Release - Tuesday, July 21, 2009
Drilling Begins at Rare Element's Sundance Gold Venture
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Vancouver B.C. - Rare Element Resources Ltd. (TSX-V: RES) is pleased to
announce that the Sundance gold-exploration venture between Paso Rico
(USA) Inc., a subsidiary of Rare Element Resources, and Newmont North
America Exploration Limited, a subsidiary of Newmont Mining Corporation
(Newmont), has begun drilling for gold on the Company's Wyoming
property. Newmont manages gold exploration at the Sundance Gold Venture
and is just beginning the 4th year of earning a 65% interest in the
project by spending US$5 million over a five year period. Following a
lengthy effort to permit disturbance on up to 200 acres, exploration
work for 2009 is focused on the expansion of known gold-mineralized
areas and the discovery of higher grade gold mineralization.
"Rare Element is excited by the results of the past gold exploration,"
reports President Don Ranta. "These results clearly warrant the current
2009 work program, and with the new permit in hand, many additional
target areas will be available for testing."
In addition, the Company's drilling program to expand the rare-earth
resource and to discover other rare-earth resources on the Bear Lodge
property is scheduled to begin in mid-August.
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 building on the successful metallurgical testing
program of the oxide material drill 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:info@rareelementresources.com
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Rare Element Resources Ltd.
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EXPLORATION STAGE |
CODE : RES.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Rare Element Res. is a gold exploration company based in Canada. Rare Element Res. holds various exploration projects in USA. Its main exploration properties are BEAR LODGE and SUNDANCE GOLD in USA. Rare Element Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 10.9 millions as of today (€ 10.0 millions). Its stock quote reached its highest recent level on August 12, 2011 at CA$ 9.95, and its lowest recent point on January 01, 2016 at CA$ 0.21. Rare Element Res. has 52 940 000 shares outstanding. |