NI43-101Pre-Feasibility Study Report - page 66

Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
, 2014
10135-200-46 - Rev. 0
business in the United States and also the employer of all US-based Company
consultants, contractors, and employees.
2.2 Rare Earth Element Background Information
Rare earth elements are key components of green energy technologies and other
high-technology applications. Some of the major applications include: hybrid
automobiles, plug-in electric automobiles, advanced wind turbines, nickel-metal-
hydride batteries, computer hard drives, magnetic refrigeration technologies, compact
fluorescent light bulbs, metal alloys, additives in ceramics and glass, fluid and
petroleum cracking catalysts, and a number of critical military uses. China currently
produces approximately 86% of the 136,714 tons (124,000 tonnes) of rare earths
consumed annually worldwide, and China has been reducing its exports of rare
earths each year. The rare earths market is growing rapidly at 7 to 10 percent per
year and is projected to accelerate further, if green technologies are implemented on
a broad scale.
2.3 Purpose and Basis of Report
The purpose of this document is to provide a Pre-feasibility Study (PFS), and an
updated mineral resources and reserve estimate for rare earth deposits in the Bull Hill
area within the Bear Lodge Project, located in Crook County, Wyoming. The updated
resource estimate is based on development and exploration drilling conducted by the
Company at both the Bull Hill and the Whitetail Ridge deposit in 2013 and
supersedes the resource estimate reported in an NI 43-101 compliant Technical
Report issued in June 2013. This technical report includes summaries of the
Characteristics of the geology, mineralogy, and ore controls of REE
Opportunities for expansion of M&I resources, and definition and discovery of
additional HREE-enriched resources;
Updated drilling data and estimate of resources through December 2013;
Results of updated metallurgical testing and pilot plant results;
An open pit mine plan and production schedule which further define minable
A summary of environmental programs and applications employed to minimize
the impact and provide the appropriate mitigation measures;
Designs of processing facilities and infrastructure;
Economic evaluation of mining and processing activities, including capital and
operating costs and cash flow analysis; and
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