VANCOUVER, June 29 /CNW/ - Rare Element Resources Ltd. (TSX-V: RES) ("Rare Element" or the "Company") is pleased to announce that the TSX Venture Exchange has approved the upgrade of Rare Element from a Tier Two Issuer to a Tier One Issuer.
The listing requirements for being classified as a Tier One Issuer include having a "material interest in a Tier One Property" - defined as a property with at least a potentially economic resource and a recommended work program of at least $500,000, among other things.
In April, 2009, Rare Element filed a NI 43-101 Compliant resource estimate on Sedar and during the review process by the TSX Venture Exchange certain changes were made to improve the report. As such, the edited report has been filed on Sedar today.
Don Ranta commented that "We are pleased that the TSX Venture Exchange has elevated Rare Element to Tier One, which they reserve for their more advanced companies."
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. Director, 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.