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| July 12, 2004 Rare Element increases placement to $300,000 | |
| Vancouver, BC - Rare Element Resources Ltd. (TSX-V:RES) wishes to announce that it is amending the financing announced on June 28, 2004 to increase the amount from $250,000 to $300,000. The Company has increased the private placement from 1.25 million units to 1.5 million units at a price of $0.20 per unit for gross proceeds of up to $300,000. Each unit is comprised of one common share and one 18-month non-transferable warrant. The warrants are exercisable for one common share at a price of $0.30 per share. Details of insider participation will be disclosed on completion of the offering. The funds will be used for further exploration and analysis of the Bear Lodge Project in Wyoming and for general working capital purposes. The offering is subject to TSX Venture Exchange approval. The Bear Lodge Project has had exploration programs completed on it by several large mining companies over the past 50 years. The company intends to evaluate the results obtained by those companies that are related to the rare earth elements found on the property. Further information is available at www.rareelementresources.com. About Rare Element Resources Rare Element Resources Ltd. is a mineral resource company focused on rare earths metals, which have been called the "enablers of modern living." These metals are required by many new technologies including the nickel-metal-hydride batteries used in hybrid electric vehicles. The US market for rare element minerals exceeds $1 billion, with most supplied by China. The US Geological Service states the Bear Lodge Mountains host extensive occurrences of rare earths. Rare Element's Bear Lodge project covers much of these mineralized areas and the company is positioned to become an important source of rare earth metals in North America. For additional information, please contact: Mr. Mark T. Brown, Director, (604) 687-3520, mtbrown@pacificopportunity.com Suite 410 -- 325 Howe St., Vancouver, BC V6C 1Z7 Mr. John Kuehne, SmallCap Partners (250) 380-2274, john@smallcap.ca The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. | |
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