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Rare Element Resources Appoints Paul H. Zink as Chief Financial Officer

by User Not Found | Dec 12, 2013
Rare Element Resources announced that Paul H. Zink, former president of International Royalty Corporation and Eurasian Capital and a previous board member of the Company, has been appointed Senior Vice President and Chief Financial Officer. David P. Suleski, the Company’s Chief Financial Officer since 2011, ceased serving in that role effective December 11, 2013.

David P. Suleski leaving the Company to pursue other opportunities 

December 12, 2013 – Lakewood, Colorado – Rare Element Resources Ltd. (the “Company”) (NYSE MKT: REE and TSX: RES), a mineral resources company advancing development of the Bear Lodge Critical Rare Earth Project, announced today that Paul H. Zink, former president of International Royalty Corporation and Eurasian Capital and a previous board member of the Company, has been appointed Senior Vice President and Chief Financial Officer.   David P. Suleski, the Company’s Chief Financial Officer since 2011, ceased serving in that role effective December 11, 2013.   

“We thank Dave for his contributions over the last three years helping us advance the Bear Lodge Project from an exploration play to a development opportunity,” stated Randall J. Scott, President and Chief Executive Officer. “Paul’s strong finance background in extractive industries, his knowledge of the Company from his former tenure on our Board and his experience in the equities market will allow him to seamlessly step into the CFO role and become a key member of our executive team. Those skills also make us confident that he is the right person to guide us on the next phase of our journey as we continue to advance the Bear Lodge Project towards development.”  

Mr. Zink most recently served as Chief Executive Officer and Chief Investment Officer for Americas Bullion Royalty Corp.  Prior to that, he was President of Eurasian Capital, the royalty and merchant banking division of Eurasian Minerals Inc. He also served as president and a director of International Royalty Corporation, prior to its sale to Royal Gold in 2010.  Over his 30 year career in mining, he has also held high level positions with companies like Pegasus Gold, Inc. and Koch Industries with responsibilities including corporate development, credit and mergers and acquisitions.  Early in his career, he spent more than 15 years with J.P. Morgan & Co. in commercial and investment banking roles covering the minerals and energy sectors.  Mr. Zink also serves on the board of directors of Atna Resources Ltd.  

Rare Element Resources Ltd. is a publicly traded mineral resource company focused on exploration and development of rare-earth element deposits, specifically those with significant distribution of critical rare earths.  The Company is advancing development of the Bear Lodge Project, located in northeast Wyoming.  Bear Lodge is a significant mineralized district containing many of the less common, more valuable critical rare earths that are essential for electronics, fiber optics, laser systems for health and defense, as well as many evolving green technologies, like hybrid cars, solar panels and wind turbines.  Permitting and feasibility work on the Project is currently underway.

For additional information, please visit the Company’s website at www.rareelementresources.com or contact Robbin Lee at 720-278-2462 or rlee@rareelementresources.com.  

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Bear Lodge Panoramic
Sample Drilling
Core Samples

The Bear Lodge Project area is a significant mineralized district that contains one of the largest disseminated rare earth deposits in North America. This deposit contains many of the less common, more valuable critical rare earths that are essential for electronics, fiber optics, laser systems for health and defense, and many evolving green technologies, such as hybrid cars, solar panels and wind turbines. Rare Element Resources owns 100% of the project and, after completing a positive preliminary feasibility study in 2014, is current working with state and federal regulators to secure the permits and licenses necessary to move the Project toward development. 

Project Highlights

  • Solid Returns with Excellent Upside – the October 2014 PFS shows an after-tax 29% IRR, a NPV of $330 million using a 10% discount and an initial payback period of less than 3 years. It also identified several opportunities for upside including further operating cost reductions with refinement of the Company’s proprietary processing technology, the ability to recover Inferred mineral resource within the pit outline, the current 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. The site is ideally located near existing infrastructure, has access to low cost power and is generally supported by the local communities, who are well versed in natural resource development.
  • Robust Ore Body – the strength of our mineral resource is demonstrated by a 45 year Project life with a high-grade core that  results in a 2.9 year payback period.
  • Proprietary Technology – continued improvements to the Company’s patent-pending recovery technology have delivered a 99.999% pure, thorium-free TREO concentrate.  Recent work has identified an enhancement to existing separation technology that has produced a number of high purity, separated rare earth products in bench-scale testing.  The process is not only efficient and cost effective but environmentally friendly.  Pilot plant testing was started in July 2015. 
  • Permitting Advancing – the US Forest Service is preparing the Environmental Impact Statement on the site, the draft of which is expect in the second half of 2015.  The Company submitted its applications for key permits and license to the appropriate state and federal agencies in the second quarter of 2015. 
  • Optimization Work – optimization work identified in the PFS is currently being undertaken and will support detailed engineering and the Feasibility Study.