| | Published : February 23rd, 2010 | Definitive Eden Lake Rare-Earth Property Agreement Completed by Rare Element and Medallion |
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Re: News Release - Tuesday, February 23, 2010 Title: Definitive Eden Lake Rare-Earth Property Agreement Completed by Rare Element and Medallion
23 February 2010 - VANCOUVER, BC: Rare Element Resources Ltd ("Rare Element" - TSX-V: RES) and Medallion Resources Ltd ("Medallion" - TSX-V: MDL) announce that they have completed and executed a definitive option agreement whereby Rare Element grants to Medallion an option ("Option") to acquire a 65% interest in a joint venture to explore the Eden Lake rare-earth-element (REE) property, located in western Manitoba, Canada ("Property"). Medallion has filed the definitive option agreement, along with an NI 43-101-compliant Technical Report on the Eden Lake property, with the TSX Venture Exchange for final approval. Option terms are presented below.
"We are pleased to confirm our working relationship with Rare Element, President Don Ranta and his team," said Bill Bird, president of Medallion. "As we evaluate available data and plan our upcoming 2010 program, it's clear to me that we have one of the best REE projects in North America. The Eden Lake REE geology is a unique combination of an alkalic intrusive complex with essential carbonatite, a large area of multiple styles of REE mineralization and a potential for elevated heavy REE's. Eden Lake also is one of the very few significant REE properties in Canada within practical range of roads, power and mining-friendly communities. Our team of recognized REE veterans is ready to go to work."
Dr Ranta adds, "The execution of Rare Element's agreement with Medallion sets the stage for significant achievement at the Eden Lake REE property. The collation and re-evaluation of data and the completion of the airborne geophysical survey announced earlier this month is a solid beginning. We are excited by Medallion's rapid progress and Dr Bird's enthusiasm, which are justified by the quality of the Eden Lake property."
Option Terms
For Medallion to maintain its Option to acquire a 65% joint-venture interest in the Property, Medallion must complete, over a five-year period, the following cash and share payments to Rare Element and complete the following Property-exploration expenditures:
Five-Year Option to earn 65% interest in joint venture to explore Eden Lake property |
Cash payment |
Medallion common shares |
Property Work commitment |
Initial payment |
$25,000 |
|
|
At the signing of the definitive agreement |
$25,000 |
|
|
Upon TSX Venture Exchange approval |
$50,000 |
200,000 |
|
End of first year |
$50,000 |
200,000 |
$250,000 |
End of second year |
$100,000 |
200,000 |
$500,000 |
End of third year |
$200,000 |
200,000 |
$500,000 |
End of fourth year |
$500,000 |
500,000 |
$500,000 |
End of fifth year |
$500,000 |
500,000 |
$500,000 |
TOTAL |
$1,450,000 |
1,800,000 |
$2,250,000 | Production from the Property will be subject to an underlying 3% Net Smelter Return royalty ("NSR") in favour of the prospector that originally staked the property. Half of this NSR may be purchased for $1.5 million.
Upon completion of the cash and share payments and work commitments, Medallion may exercise its Option to acquire a 65% interest in a joint venture with Rare Element that will be created to further explore and develop the Property (Medallion will hold 65% and Rare Element will hold 35%).
Medallion will be the operator of the exploration program during the Option period and, as the majority interest holder, Medallion would be the operator of the joint venture, as well.
The Eden Lake REE property is a recent discovery and one of the ten-most-promising North American REE prospects. A very large mineralized area, high-grade assays and multiple-mineralization styles support a number of targets for REE mineralization over a large surface area. Elevated yttrium and heavy-REE geochemical-sample values indicate a potential for concentrations of the more valuable heavy REE's. The property is located 20 kilometres northwest of the town of Leaf Rapids in western Manitoba, which offers supportive regional infrastructure & logistics. According to the Fraser Institute, mining-friendly Manitoba is considered the second-best jurisdiction in the world for exploration and mining. The property is expected to present few permitting, environmental or social concerns.
Rare Element Resources Ltd (TSX-V: RES) is a publicly traded mineral-resource company focused on rare-earth elements and gold. Rare Element has a 100% interest in the Bear Lodge property, Wyoming, which has a central core area of rare-earth mineralization and a surrounding cluster of gold occurrences. Rare Element is expanding and evaluating the rare-earth deposit, which has a NI 43-101-compliant resource, and is exploring other REE targets. In addition to the REE exploration and evaluation efforts, Rare Element and Newmont participate in the Sundance gold exploration venture on Bear Lodge property.
Medallion Resources Ltd (TSX-V: MDL) explores for rare-earth elements, which are required by many new energy-saving technologies. Increasing interest in energy conservation and environmental protection are fuelling intense interest in, and public awareness of these critical commodities. As understanding and demand increase, Medallion is well positioned to take part in potential breakthroughs in the exploration for these rare metals.
ON BEHALF OF THE RARE ELEMENT RESOURCES BOARD OF DIRECTORS �Donald E. Ranta�, PhD, PGeo, President & CEO
For information, refer to Rare Element�s web site www.rareelementresources.com or contact: Mark T Brown, CFO, (604) 687-3520 ext 242 mtbrown@pacificopportunity..com . Donald E Ranta, (604) 687-3520 don@rareelementresources.com
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ON BEHALF OF THE MEDALLION RESOURCES BOARD OF DIRECTORS �William H Bird� , PhD, PGeo, President & CEO
For further information, refer to Medallion�s web site www.medallionresources.com or contact: William H Bird (888) 827-6611 williambird@medallionresources.com Erica C Bearss (604) 681-9558 ebearss@medallionresources..com
| Donald E Ranta, PhD, PGeo, serves the Rare Element Board of Directors 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 Rare Element 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.
Medallion management, who takes full responsibility for content, prepared this news release. William H Bird, PhD, PGeo, who serves the Board of Directors of Medallion Resources as an internal, technically Qualified Person, has reviewed this release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Medallion's future acquisition and exploration plans, objectives or goals, including words to the effect that Medallion or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential acquisitions. Also, in order to proceed with Medallion's exploration plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion's plans.
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http://www.rareelementresources.com/i/pdf/2010-02-23_NR.pdf
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Copyright � 2010 RARE ELEMENT RESOURCES LTD. (RES.V) All rights reserved. For more information visit our website at http://www.rareelementresources.com/ or send email to 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. |
Option Grants of Rare Element Resources Ltd. |
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Corporate news of Rare Element Resources Ltd. |
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1/4/2012 | (Bear Lodge)Reports 38 Percent Increase of M & I Rare-Earth Mineral Reso... |
12/21/2011 | Reports Additional Drilling Results And Progress with Pilot ... |
9/7/2011 | Releases Rare Earth Metallurgical Test Results and Begins Pi... |
8/15/2011 | Ringing the Opening Bell of the NYSE Amex on August 16, 2011 |
8/5/2011 | (Bear Lodge)Discovers Heavy Rare Earths at Whitetail Ridge, East Taylor ... |
8/4/2011 | Discovers Heavy Rare Earths at Whitetail Ridge, East Taylor ... |
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6/14/2011 | (Bear Lodge)Reports Upgrade and Significant Increase of Rare-Earth Miner... |
5/26/2011 | shares to trade on the Toronto Stock Exchange on May 27, 201... |
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3/18/2010 | $7.8 Million Offering |
2/23/2010 | Definitive Eden Lake Rare-Earth Property Agreement Completed... |
2/5/2010 | Named to 2010 TSX Venture 50 |
1/8/2010 | Acquires Nuiklavik REE Project in Labrador, Canada |
12/7/2009 | 2009 Drill Program Tests Gold Targets at Bear Lodge |
12/1/2009 | Options Eden Lake Rare-Earth Property to Medallion |
11/19/2009 | Files US SEC Registration Form 20F |
10/22/2009 | US government begins to focus on rare earths |
10/13/2009 | Identifies High-Potential Whitetail Ridge Rare-Earth Target |
7/21/2009 | Drilling Begins at Rare Element's Sundance Gold Venture |
5/23/2009 | increases financing to $1,500,000, files Tier One applicatio... |
7/15/2008 | s Resources' Gold Exploration Program Initiated |
5/29/2008 | Reports on Gold Metallurgical Test Results |
2/18/2008 | 's Rare-Earths Metallurgical Testing Underway |
1/17/2008 | ' new corporate profile |
1/11/2008 | Upcoming conference |
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