TSX-V: RES
VANCOUVER, June 10 /PRNewswire-FirstCall/ - Rare Element
Resources Ltd. (TSX-V: RES) is pleased to announce that drilling
has begun on the Bear Lodge rare-earths project in Wyoming. Exploration activity during 2010 is
focused on: 1) upgrading the resource category from inferred to
measured and indicated for a portion of the rare-earth-element
(REE) deposit; 2) expansion of the currently known REE deposits;
and 3) discovery of additional REE-mineralized deposits within
known target areas. The vast majority of the drilling will be
conducted for near-surface REE targets in the oxide zones of
mineralization. Work is being conducted under a permit that allows
up to 200 acres of disturbance.
One core drilling rig is now on the project site and will be
used to test the Bull Hill area REE targets (Figure 1). A second
drill rig is expected to arrive soon. Testing of the REE targets
will require approximately 30-40 angle drill holes generally with
depths of 400 to 700 feet. Additional testing of the Whitetail
Ridge targets identified in 2009 will also be carried out during
this program. Historic hole WP-1, drilled by Hecla Mining Company
in 1987, intersected 430 feet of strong REE mineralization in an
intercept from 0 to 430 feet that averages 2.44% REO at the
Whitetail Ridge area. Within the larger intercept were several
10-foot intercepts with grades ranging from 5.5% to 13.7% REO which
will be followed up this year.
"Rare Element is moving the known rare-earths deposit at Bull
Hill into the development drilling phase in preparation for a
prefeasibility study. We are also excited with the results of the
Bull Hill Northwest deposit drilling and resource estimation. The
probability of defining more high-grade mineralization at Bull Hill
Northwest is excellent," reports Vice President-Exploration, Dr.
Jim Clark. "We are also very
fortunate to benefit from the experience of Dr. Ellen Leavitt who will manage the rare-earths
exploration program again this year."
In addition, the Company's evaluation efforts on the rare-earth
resources will culminate in a Preliminary Economic Assessment
(Scoping Study) that is scheduled for completion later this
summer.
The 2010 gold exploration and drilling program will be announced
shortly.
Stock Options
The Board of Directors has also approved a grant of 500,000
stock options to Directors, Officers, employees and consultants
exercisable at a price of $2.71 until
May 28, 2015.
Rare Element Resources Ltd (TSX-V:RES) 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 light bulbs, 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 are implemented
on a broad scale.
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, 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.
To view the Location Map of Bull Hill Resources Area and
Targets, please visit:
http://files.newswire.ca/675/RareElementMap.pdf
SOURCE Rare Element Resources Ltd.