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Rare Element Resources Reports 125% Increase in Rare-Earth Mineral Resource at Bear Lodge

Published: 18:57 23 Mar 2009 GMT

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TSX Venture listed Rare Earth Resources (RES) announced a 125% increase in the mineral resource at its ‘Bear Lodge’ project, within the Bull Hill Southwest deposit in Wyoming, USA.  The total inferred resource now stands at 9.8 million tons averaging 4.07% rare earth oxides. The resource is based on 12 drill holes, or 13,326 feet of drilling completed by Rare Earth Resources since 2004, combined with an additional 16 holes completed before 2004 by Helca Mining, who outlined a (non 43-101 compliant) resource of 4.3 million tons @ 3.8% rare earth oxides in 1991.

"We are very excited with this initial mineral resource estimate for the rare-earth elements at Bear Lodge," said Dr. Don Ranta, President of Rare Element Resources. "The resource is based on 26 diamond drill holes that successfully intercepted rare-earth mineralization, fourteen of which include mineralization that contributed to the resource. The resource estimate is currently classified as inferred, but we are confident that upgrading it to the indicated category is primarily a function of completing additional in-fill drilling and further metallurgical work. We are also excited about the potential for expanding the deposit and discovering other rare-earth resources in the vicinity of Bull Hill.”

Looking ahead, Rare Earth Resources said that it is keen to explore the potential of a strategic alliance to advance the project further.

“Considerable in-fill definition drilling will be required to increase the confidence level and upgrade the inferred resources to the indicated category. Step-out drilling will likely expand the resource and define the boundaries of the mineralization,” it added.

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