| ||December 03, 2003|
Rare Element raises investor relations funding, begins S&P filing
| ||Private Placement|
Vancouver, BC - December 3, 2003. Rare Element Resources Ltd. (the "Company") is pleased to announce that a $50,000 private placement has been negotiated. The Company is offering units at $0.25 per unit. Each unit consists of a common share and a common share purchase warrant priced at $0.35 per share, which is valid for a period of 18 months from the date of closing of the financing. The funds will be used for investor relations expenses and for general working capital. A total of 200,000 common shares and 200,000 warrants will be issued upon completion of this placement bringing the total outstanding share capital up to 11,983,327 common shares. The management and directors group will own approximately 23% of the Company's shares upon completion of this transaction.
US Standard & Poor's Manual Exemption Filing
Rare Element has also commissioned the filing of a corporate listing with Standard and Poor's, which acts as a manual exemption filing for 35 US states. Upon completion of this filing, Rare Element will be able to disseminate information on its activities to interested parties in those states. The Company currently has a significant base of US shareholders, whic h resulted from the acquisition of Paso Rico Resources Ltd. The Company's major asset is also located in Wyoming, USA and this filing will allow the Company to keep US interested parties current on the activities of Rare Element.
About Rare Element Resources
Rare Element Resources is a mineral resource Company focused on rare earth metals, which, because they are essential to both advanced and existing industries and technologies, have been called the "enablers of modern living." In 2001, the market for rare earth metals in the US alone exceeded $1 billion, with most of those minerals imported from China. According to the US Geological Service, the Bear Lodge mountains in Wyoming 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 within North America.
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For additional information, please contact:
Mr. Mark T. Brown at 604-687-3520, firstname.lastname@example.org
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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