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 August 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 – the Company’s patent pending technology has consistently delivered a 97+% pure, near-thorium free concentrate in testing. Refinements of the process are being tested that have the potential to lower costs and eliminate all detectable thorium.
- Permitting Advancing – the US Forest Service is preparing the Environmental Impact Statement on the site, the draft of which is expect in Spring 2015, while the Company prepares it applications for the necessary permits on a parallel track.
- Feasibility Study to Start – pending Board approval, the detailed Feasibility Study is expected to start before the end of 2014.
Summary of Measured and Indicated Resource (Total Rare Earth Oxide) @ 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 see press release dated August 26, 2014 for additional detail. The related technical report should be available by October 15, 2014.
Rare Element Resources Ltd (NYSE MKT: REE and TSX: RES) is a publicly traded company having 100% interest in the Bear Lodge property.