VANCOUVER, July 13 /CNW/ - Rare Element Resources Ltd (TSX-V: RES) announces that the Sundance gold exploration venture, which is a joint venture between Paso Rico (USA) Inc, a subsidiary of Rare Element Resources, and Newmont North America Exploration Limited, a subsidiary of Newmont Mining Corporation (Newmont), has received the exploration permit allowing for an expanded drilling program on the Bear Lodge property, Wyoming. Both Newmont and Rare Element Resources have prepared detailed drill plans for their respective 2009 exploration programs.
The Sundance Draft Environment Assessment (EA) was released to the public on November 5, 2008. Two different comment and appeal periods took place over an eight month period following its release. This EA will allow Newmont to fully explore the Sundance Venture claims on up to 200 acres of disturbance.
Approval of the permit will also allow Rare Element Resources to continue with its exploration and evaluation of the Bull Hill area rare-earth targets.
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 continuing with a metallurgical testing program of the drill-hole samples which is having some favorable results. In addition to the metallurgical testing program, the Company is also planning to complete a larger 2009 drilling program to increase the resources.
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. 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.