TSX-V: RES Ref: 06-2008
Drill-hole Database Compilation
In assembling the Bear Lodge drill-hole database, Datamine North America will use a comprehensive geological data management system and the latest version of Datamine's Resource and Reserve Management System-Studio 3. With the release of Studio 3 they are now the first mining technology vendor offering integrated Virtual Reality for geological modeling. Studio allows mining professionals improved flexibility and greater control of data with enhanced 3-D visualization and verification of deposit models. The resulting Bear Lodge database and interpretation will allow the planned resource estimation efforts to proceed more efficiently and effectively.
GIS Database Compilation
GIS Technologies of Nederland, Colorado, has been working on compiling and organizing a Geographic Information System for the Bear Lodge geological-geochemical-geophysical database. The principal geologist in GIS Technologies has over 20 years in various capacities as both a geologist and GIS specialist. The GIS database will provide the capability to quickly analyze variable datasets for determining favorable targets for drilling and follow-up exploration.
Rare Element Resources Ltd 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 project on the Company's Wyoming property. Newmont has the right to earn a 65% working interest in Rare Element Resources' 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 Resources' Bear Lodge, Wyoming property also encompasses one of the largest disseminated rare-earth occurrences in North America (M.H. Staatz, 1983, US Geological Survey Professional Paper 1049-D). In parallel with the Sundance gold-focused exploration project, Rare Element Resources has completed drilling of eight holes to independently advance the rare-earth potential of its property and is currently conducting a rare-earth metallurgical testing program.
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, who take full responsibility for content. The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of this release.
CONTACT: refer to the Company's website at www.rareelementresources.com or contact: Donald E Ranta, President & CEO, (604) 687-3520, Email Contact; Mark T. Brown, CFO, (604) 687-3520 ext 242, Email Contact