Bear Lodge Project
The Bear Lodge Project is positioned to be the next North American source of rare earth minerals. The quantity and quality of the resource at Bear Lodge make it a world-class mining district and a dependable, long-term source for the rare earths the world demands.
The project is rich in “critical rare earths” (CREE), those elements that are less common, higher valued and expected to experience better demand growth and price support over the long term. It is situated in one of the best mining districts in the world. The mine site is ideally located in northeastern Wyoming, just off of I-90, and has easy access to power and supporting infrastructure. The processing facility will be located nearby, in the town of Upton, in an establish industrial area. Both communities contain a ready workforce, skilled in natural resource development.
Recent project highlights include:
- Solid Returns with Excellent Upside – the October 2014 PFS shows an after-tax 28% IRR using current low rare earth prices but the Project has several opportunities for upside including further operating cost reductions with refinement of the Company’s proprietary processing technology, the ongoing investigation of further separation as a means to participate more fully in the value chain, and the ability to boost revenues by recovering certain by-products.
- Superior Location – Wyoming is recognized by Canada’s Fraser Institute as one of the world’s top five mining jurisdictions and the site is supported by excellent infrastructure and communities well versed in natural resource development.
- Robust Ore Body – the strength of our mineral resource is demonstrated by a 45 year Project life and the high-grade core, which results in a 2.9 year payback period.
- Proprietary Technology – continued improvements to the Company’s patent-pending technology have delivered a 99.999% pure, thorium-free TREO powder that has then been separated into heavy and light rare earth fractions in a single step. Optimization work continues with a focus on reducing costs and further separating the fractions into products attractive to potential end-users.
- Permitting Advancing – the US Forest Service is preparing the Environmental Impact Statement (EIS) on the site, the draft of which is expect in the second half of 2015. In the second quarter, the Company completed its applications for two key permits/licenses with a goal of receiving them at the same time as the final record of decision, the decision document for the EIS, which is currently anticipated in the second half of 2016.
- Feasibility Study Planned – optimization work identified in the PFS is currently being undertaken, which will support completion of detailed engineering and the Feasibility Study.
Measured and Indicated Mineral Resource
Total Rare Earth Oxide (Using a 1.5% Cutoff Grade)
| ||Tons |
|Grade TREO |
|Contained TREO lbs |
|Contained TREO Kg |
|Measured ||3.0 ||3.77 ||226 ||102 |
|Indicated ||15.0 ||2.97 ||873 ||396 |
|Total ||18.0 ||3.05 ||1,099 ||498 |
Please use this link to see the Company's technical report filed on October 10, 2014.
Rare Element Resources Ltd (NYSE MKT: REE and TSX: RES) is a publicly traded company having 100% interest in the Bear Lodge property. Mineral resources were estimated by Alan C. Nobel, P.E. of Ore Reserves Engineering (O.R.E.), an independent Qualified Person as defined by NI 43-101.