Rare Element Resources Ltd. Announces Completion of 2011 Drilling Program at Bear Lodge
- 63 REE Holes Completed- 34 Gold Holes Completed
- 37 Large Diameter Holes Completed in Bulk Sampling Program
- Strong REE and Coincident Gold Mineralization in Three East Taylor Holes
LAKEWOOD, COLORADO -- (Marketwire) -- 12/05/11 -- Rare Element Resources Ltd. (TSX: RES)(NYSE Amex: REE) announced that its 2011 seasonal exploration and drilling program has concluded at the Bear Lodge property, located in northeast Wyoming.
Dr. Jim Clark, Vice President-Exploration stated, 'We had a record year of drilling with excellent results, as indicated in our initial exploration update press releases of October 4 and October 27, 2011. Additional assay results will be received from the bulk of the drill holes over the next few months. We anticipate continuing our exploration efforts as the weather improves in 2012. The results of the initial drilling data are being modeled and incorporated into an updated resource model that will be part of the Prefeasibility Study scheduled for release during the first quarter of 2012. Updating of all resource estimates is expected in the spring of 2012.'
Total drill footage for the program is 48,473.5 feet in 63 REE drill holes distributed as follows:
Area Number of Drill Holes Feet Meters
Bull Hill 36 30,921 9,175
Whitetail Ridge 16 14,029 4,277
East Taylor 7 2,610 796
Carbon 4 1,743 531
In addition to the development and exploration core drilling, an additional 37 large diameter core holes were completed to provide bulk sample material for metallurgical test work. Several 55 gallon barrels of surface mineralized material were also collected for the test work. Total bulk sample material collected through large diameter core and surface sampling is summarized below:
Mineralization Type Estimated Tons
Oxide/FMR 4
Oxide-Carbonate/OxCa 5
A total of 34 drill holes were completed this year for the benefit of the gold exploration program. The gold drilling was distributed as follows:
Core Drill
Area RC Drill Holes Holes Feet Meters
Section 16
(exploration/condemnation) 13 7,355 2,242
Smith 8 5,410 1,649
Taylor 11 7,555 2,303
Cole 1 843 257
Bull Hill NW 1 1,198 365
A CSAMT (Controlled Source AudiMagneto Telluric) geophysical survey was conducted in support of both the gold and REE exploration programs.
Rare Element Resources Ltd (TSX: RES)(NYSE Amex: REE) 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.
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.
Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by our use of certain terminology, including 'will', 'believes', 'may', 'expects', 'should', 'seeks', 'anticipates', 'has potential to', or 'intends' or by discussions of strategy or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company's business model; future operations, products and services; the impact of regulatory initiatives on the Company's operations; the size of and opportunities related to the market for the Company's products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance.
Forward-looking statements used in this discussion are subject to various risks and uncertainties, most of which are difficult to predict and generally beyond the control of the Company. If risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected, estimated or projected. Forward-looking statements in this document are not a prediction of future events or circumstances, and those future events or circumstances may not occur. Given these uncertainties, users of the information included herein, including investors and prospective investors are cautioned not to place undue reliance on such forward-looking statements.
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Contacts:
Rare Element Resources Ltd.
Anne Hite
Director of Investor Relations
720.278.2466
www.rareelementresources.com
