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Re: News Release - Monday, July 13, 2009
Rare Element Resources Receives Permit for Expanded Drill Program
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Vancouver, BC - Rare Element Resources Ltd (TSX-V: RES) announces that
the Sundance gold exploration venture, which is a joint 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 received the exploration permit
allowing for an expanded drilling program on the Bear Lodge property,
Wyoming. Both Newmont and Rare Element Resources have prepared detailed
drill plans for their respective 2009 exploration programs.
The Sundance Draft Environment Assessment (EA) was released to the
public on November 5, 2008. Two different comment and appeal periods
took place over an eight month period following its release. This EA
will allow Newmont to fully explore the Sundance Venture claims on up
to 200 acres of disturbance.
Approval of the permit will also allow Rare Element Resources to
continue with its exploration and evaluation of the Bull Hill area
rare-earth targets.
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 continuing with a metallurgical testing program of the
drill-hole samples which is having some favorable results. In addition
to the metallurgical testing program, the Company is also planning to
complete a larger 2009 drilling program to increase the resources.
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, 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.
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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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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. |