NI43-101Pre-Feasibility Study Report - page 558

Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
, 2014
10135-200-46 - Rev. 0
Using current market pricing, it has been calculated that the potential revenue from
the by-products listed above is in the range of $200 to $400 per ton of pre-
concentrate treated, or on average, about $300 per ton in potential additional net
revenue annually.
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