The mineral resource estimate was completed by Mr. Alan C. Noble, P.E., principal engineer of Ore Reserves Engineering (ORE), and is based on geological interpretations supplied by the Company to ORE and subsequently modified by ORE. Mr. Noble is an independent Qualified Person under NI 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators, and Mr. Noble has verified the data disclosed in this release. Mr. Noble will prepare the updated NI43-101 report, which will be filed and available under the Company's SEDAR profile at www.sedar.com within 45 days.
The Rare Element Resources' field programs were carried out under the supervision of Dr. James G. Clark, Vice President of Exploration and John T. Ray, who is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. A detailed QA/QC program was implemented for the 2007 through 2012 drill programs. The QA/QC program was organized by Dr. Jeffrey Jaacks. Dr. Jaacks and Dr. Clark have verified the sampling procedures and QA/QC data delivered to ORE. They share the opinion that the data are of good quality and suitable for use in the resource estimate.
A full table of significant drill results from the Company's 2012 exploration program, along with maps and sections detailing the location of the drill holes, are available in our press release dated 11 March 2013 and posted on our website at www.rareelementresources.com.
Markets for Rare Earths
REEs 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 in steel, additives in ceramics and glass, petroleum cracking catalysts, and many others. Rare earths are critical and enabling metals for the green technologies.
Please refer to the tables in the Appendix for details of the M&I and Inferred tons and grade in this news release. All resources reported herein comply with NI 43-101.
Rare Element Resources Ltd. is a publicly traded mineral resource company focused on exploration and development of rare-earth elements (REEs), with a significant distribution of critical rare earths (CREEs). In addition to the REE exploration and evaluation efforts, the Company controls the Sundance gold project, which is located on the same property in Wyoming.
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada. 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", "plans", "has potential to", or "intends' or by discussions of strategy or intentions. Forward-looking statements are statements that are not historical facts, and include but are not limited to, mineral resource estimates and their underlying assumptions; the anticipated mine life of the project and possible timing and options being considered in the Feasibility Study. 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. Factors that could cause actual results to differ materially include, but are not limited to, our estimates of mineral resources; capital costs estimates; processing technology effectiveness; fluctuations in demand for, and price of, rare earth products; timing of and unexpected events at the Bear Lodge property; delay or failure to receive government approvals and permits; timing and availability of external financing on acceptable terms; the timing of a Feasibility Study and matters that will be discussed therein; plans for pilot scale metallurgical testing; technical, permitting, mining or processing issues; changes in U.S. and Canadian securities markets; and fluctuations in input costs and general economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our Form 10-K for the fiscal year ended June 30, 2012. We expect that the above estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management's estimate as of any date other than the date of this press release.
John T. Ray, MS, Rare Element's qualified person under Canadian NI 43-101, supervised the preparation of the scientific and technical information concerning the Company's mineral project contained in this news release. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant factors, please see the Technical Reports for our project as filed on SEDAR at www.sedar.com.
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in public disclosures, such as "measured," "indicated," "inferred" and "resources," that are recognized by Canadian regulations, but that SEC guidelines generally prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from the SEC's website at http://www.sec.gov.
For additional information please refer to the Company's website at www.rareelementresources.com.
To view the figure and tables associated with this release, please visit the following links: http://media3.marketwire.com/docs/RareElement03182013.pdf.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Rare Element Resources Ltd.
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