NI43-101Pre-Feasibility Study Report - page 113

Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
, 2014
10135-200-46 - Rev. 0
and titled, “Technical Report on the Mineral Reserves and Development of the Bull
Hill Mine”, filed with the Canadian securities regulators on SEDAR.
The inferred gold resource as of April 2012 includes 947,000 ounces of gold (26,847
kilograms) contained in 76.4 million short tons (69.3 million tonnes) averaging 0.42
grams per tonne gold, using a gold price of $1,200 per ounce and a 0.15 grams per
tonne cutoff grade in three deposits on the property: those being Smith, Taylor, and
Carbon. This inferred gold resource does not include the results from the Company’s
2011 gold drilling program.
Based on current economic conditions for gold, and Rare Element’s focus on the
development of the rare earth resource, the previously stated gold resource is no
longer expected to be economic and is not reported in this technical report. The
Company suspended gold exploration on the property at the end of 2011 and does
not plan any additional development activities.
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