NI43-101Pre-Feasibility Study Report - page 65

Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
, 2014
10135-200-46 - Rev. 0
2 Introduction
2.1 Project Background
Rare Element is continuing with technical work directed toward development of its
Bear Lodge Project in order to:
Define and expand Measured and Indicated (M&I) near-surface oxidized high-
grade rare earth element (REE) resources in the Bull Hill and Whitetail areas
to provide the resource base for development of an open pit mining operation;
Design a physical upgrading (PUG) process that provides adequate recovery
and sufficiently high grades of REE mineral pre-concentrate for further
processing in a hydrometallurgical plant;
Refine and test on a larger pilot plant scale a proprietary hydrometallurgical
process that economically recovers the REE minerals, dissolves the REEs,
and precipitates a bulk mixed rare earth oxide (REO) concentrate for sale;
Consider the capital and facilities required for possible future separation of
REEs into individual REO for sale of value-added products;
Establish the extent of REEs contained in lower-grade stockwork
mineralization adjacent to high-grade dikes and their suitability to provide feed
to the PUG plant;
Expand and define resources enriched in HREES in the Bull Hill West, Taylor,
and Carbon target areas.
In 2013, Rare Element further transitioned from exploration and evaluation to a
development focus that emphasizes environmental studies, metallurgy, chemistry,
and engineering. A proprietary processing technology was developed on a bench and
pilot scale for mineralized material processing. A summary of this proprietary process
was reported in a news release dated 4 March 2013, and a utility patent application
was filed with the US Patent Office. Data from testing performed by SGS, Lakefield in
2013 and 2014 was used to estimate capital and operating costs. Various detailed
engineering studies were accomplished to determine a mining method, and to identify
and validate facility sites. A contractor will soon be selected to complete a Feasibility
The Bear Lodge Project is held by Rare Element Resources, Inc. (formerly Paso Rico
(USA), Inc.), a wholly owned subsidiary of Rare Element Resources Ltd. For
purposes of this report, Rare Element, the Company, or RER refers to Rare Element
Resources, Inc., a Wyoming U.S. company, which is the legal entity conducting
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