NI43-101Pre-Feasibility Study Report - page 567

Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
, 2014
10135-200-46 - Rev. 0
26 Recommendations
Roche recommends that Rare Element Resources proceed with a program to
prepare a feasibility study. This study should include additional investigations
within the mine, the PUG and the Hydromet areas of the Bear Lodge project. In
addition, the Company should continue to explore the development of individual
element separation technology.
The Company solicited quotations form four select international engineering firms
to complete the preparation of a feasibility study. These bids ranged from $2.54
million to $5.9 million. These cost estimates were exclusive of additional site
investigation work, additional trade off studies, and additional metallurgical
testwork. The cost estimates for the individual preparatory studies have been
26.1 Mining
26.1.1 Pit Grade Control Plan
Establishment of a good ore control program at the Bear Lodge Project will be
important to minimize dilution and avoid misclassification of ore and waste. There
are opportunities to improve ore control through better selectivity of mining at the
bench face in the high-grade zones and utilizing the most appropriate mining
equipment for the different mineralization characteristics across the ore body.
Potential grade control concepts include:
Visual on-the-spot ore/waste decisions at the bench face when in the high-grade
ore at Bull Hill could reduce dilution, maintain mine grades, and avoid
misclassification of material. The highest grade ore at Bull Hill is visually distinct
and could be selectively mined based on color. The low-grade ore and waste
can be easily distinguished from the darker FMR high-grade material;
Sampling of vertical blast holes for ore control may be unreliable for the high-
grade zone of the Bull Hill mineral system, dominated by steeply dipping veins.
Substituting RVC drilling for core presents an opportunity to reduce cost and
improve speed. Further testing is merited considering the potential benefits;
Development of a pit grade control plan is recommended. The pit grade control
plan must ensure a consistent feed to the PUG and the production of a
consistent grade of pre-concentrate material. The pit grade control plan should
be based on the REE and radionuclides content of various locations in the mine,
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