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Rare Element Resources expects increased Bear Lodge resource by Q2

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Rare Element Resources (CVE:RES) (AMEX:REE) said Tuesday that it expects an updated resource report for its Bear Lodge rare earth property in northeastern Wyoming by the second quarter.

The updated report will be based on results from the company's 2010 rare earth element exploration program, which included a total of 42,409 feet of core in 63 holes, and 3,844 feet of large diameter core for bulk sample material, to be used for a pilot plant test scheduled for the third quarter.

The 2010 drilling was also completed alongside geological mapping, geophysical and geochemical surveys, as well as additional bulk sampling of near-surface mineralized material.

The company said it expects that the overall resource will increase in size due to the 2010 campaign, and that a substantial portion of the oxide resource will be upgraded to the "indicated" and, possibly, "measured" categories.

"The 2010 exploration and drilling program was tremendously successful, and the company expects this success to propagate into 2011," said vice president of exploration, Jim Clark.

"In addition to expanding the resources and upgrading the resource category, our work in 2010 identified new prospective areas and improved tremendously our understanding of the deposit."

In 2011, alongside continued metallurgical testing, the company plans on additional drilling to expand and upgrade the resources at the Bull Hill southwest and Bull Hill northwest deposits. Exploration drilling will also take place at the property's Whitetail Ridge, Bull Hill West, and Carbon South targets, among others.

"The company is excited about the follow-up drilling on the Whitetail Ridge target, which could increase significantly the global deposit resource," added Clark.

Rare Element said it also intends to identify new targets for rare earth mineralization. The completion of a preliminary feasibility study is expected by the end of the fourth quarter.



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Rare Element Resources Timeline

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September 25 2012
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May 11 2012

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