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Re: News Release - Friday, May 22, 2009
Rare Element increases financing to $1,500,000, files Tier One
application.
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Vancouver, BC -- Rare Element Resources Ltd. (TSX-V: RES) ("Rare
Element" or the "Company") announces that the Company has agreed to
increase the financing announced on May 19, 2009, by $750,000 to
$1,500,000 or 2 million Units due to strong demand and is fully
subscribed.
Each Unit consists of one common share and one half of one common share
purchase warrant. Each whole warrant allows the holder to purchase one
additional common share for a period of 18 months from the closing date
for additional consideration of $1.00.
Tier One application
Rare Element has filed an application with the TSX Venture Exchange to
become a Tier One listed issuer. The TSX Venture Exchange has issued
comments on the application and the recently filed NI 43-101 compliant
geological resource report which the Company is in the process of
responding to.
Donald E. Ranta, President & CEO, commented that: "We were pleasantly
surprised by the demand for our financing and are now well positioned
to follow up on the recommendations in the Company's recent Technical
Report which provides an estimate of the current resource at Bear
Lodge--9.8 Million-Ton Inferred Mineral Resource Averaging 4.07%
Rare-Earth Oxides*. (As announced on March 23, 2009). Several people
have asked about the economics of the project and some information is
provided in the NI 43-101 compliant geological resource report filed on
www.sedar.com beginning on Page 107. We will be making some format
edits to the NI 43-101 compliant report as requested by the TSX Venture
Exchange to complete the Tier One application. We are currently
planning for additional metallurgical test work and a summer drill
program as recommended in the report."
*The mineral resource estimate was completed by Mr. Alan C. Noble,
P.E., principal engineer of Ore Reserves Engineering, and is based on
geological interpretations supplied by the Company to ORE and
subsequently modified by ORE. Mr. Noble is an independent qualified
person for the purposes of National Instrument 43-101 standards of
disclosure for mineral projects of the Canadian Securities
Administrators and has verified the data disclosed in this release.
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 also continuing with a metallurgical testing program of the
drill-hole samples collected during 2008 and planning a 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
tbrown@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, 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.
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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. |