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Rare Element Resources to Participate in the 32nd Annual Wyoming Business Forum

by User Not Found | Nov 13, 2014
Rare Elements' President and Chief Executive Officer, Randy Scott, will be one of the key presenters at the 32nd Annual Wyoming Forum “Keys to Our Success and Our Future” being held on November 13 & 14, 2014, in Cheyenne, Wyoming.

November 13, 2014 – Lakewood, Colorado – Rare Element Resources Ltd. (NYSE MKT: REE and TSX: RES), a mineral resources company advancing development of the Bear Lodge Critical Rare Earth Project located in northeast Wyoming, is pleased to announce that Randy Scott, President and Chief Executive Officer, will be one of the key presenters at the 32nd Annual Wyoming Forum “Keys to Our Success and Our Future” being held on November 13 and 14, 2014, in Cheyenne, Wyoming.   Mr. Scott is presenting on a panel entitled “World Class Minerals – Wyoming’s Strategic Position in a Troubled World.” Governor Matt Mead will join an anticipated 550 attendees at one of the largest events of this type in the nation where business leaders will discuss the critical business and economic issues having an impact on Wyoming today and into the future.

“Wyoming has thoughtful leadership that understands that building a strong future for its citizens means taking action today,” stated Mr. Scott.  “We see that in the support they have provided to the Company’s Bear Lodge Project and their understanding of its significance not only in creating jobs and generating tax revenues for the State but in helping to re-establish a domestic rare earth supply chain.  Wyoming’s governmental, business and university leadership understand the strength of the many advancements we have achieved and the generational, long-term value these will bring to the entire state.  We are pleased to have been asked to participate in this significant event and describe our achievements, including the identification of the high grade core at Bear Lodge as well as developing our technology that produces a 99.999% pure and thorium-free rare earths concentrate, to business leaders from across the State.  We are delighted that we will be a unique part of Wyoming’s bright future for many years to come.”

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 continue to advance.  The Company is a member of the U.S. Department of Energy’s Critical Materials Institute, a combined government and private sector organization committed to eliminating supply chain issues for rare earths and other critical elements.  Please see CMI’s website at https://cmi.ameslab.gov/ for additional details on its mission and members.

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.