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Rare Element Announces Appointment of Patrick M. James as Chairman of the Board

by User Not Found | Jun 13, 2014
Rare Element Resources announces the appointment of Pat James as Chairman of the Board and reports results of its Annual General Meeting

Voting Results for Annual Meeting of Shareholders

June 13, 2014 - Lakewood, Colorado - Rare Element Resources Ltd. (NYSE MKT: REE and TSX: RES) (the “Company”), a mineral resources company advancing development of the Bear Lodge Critical Rare Earth Project (the “Project”), announced that all eight director-nominees were elected by the shareholders of the Company at the 2014 Annual General Meeting held on June 12, 2014.  Additionally, Mr. Patrick M. James was appointed by the Company’s Board to serve as Chairman, replacing Dr. Donald Ranta who, as previously announced, retired from the Board effective June 12, 2014.  Mr. James brings significant operating and executive experience to the Company through his 45 years in the mining industry, including most recently as President, CEO and a director of Rio Algom Ltd and as the current Chairman of the Board of General Moly, Inc.

“We want to wish Don the best in his retirement and thank him for his many contributions over the years to the success of the Company and to the progress that we have made on the Bear Lodge Project,” said Randall J. Scott, President and Chief Executive Officer.  “In appointing Pat James to the role of Chairman, the Board has acknowledged Pat’s unique experiences and skill set that will benefit the Company as we continue to move the Project toward development and operations.  With over 45 years in the mining industry and executive roles in operating companies like Newmont, Santa Fe Pacific and Rio Algom, Pat is an excellent choice to assume the role of Chairman, as we continue on our path to become North America’s next rare earth producer.”

The Company also announced that the eight director nominees listed in the Company's management information circular dated April 29, 2014 were re-elected at the Annual General Meeting of shareholders of the Company held earlier today.  Shareholders also approved the non-binding advisory vote on executive compensation and ratified the re-appointment of EKS&H, LLLP, Certified Public Accountants, as the auditors of the Company.  Shareholders representing 56.49% of the 47,707,216 shares outstanding were represented in person or by proxy at the meeting. Please see the tables below for voting details.


Votes in Favor


Votes Withheld

Board Member

Number of votes



Number of Votes


M. Norman Anderson






Norman W. Burmeister






Gerald W. Grandey






Patrick M. James






F. Steven Mooney






Paul J. Schlauch






Randall J. Scott






Lowell A. Shonk









Votes in Favor


Votes Against


Votes Withheld


Number of votes



Number of Votes



Number of Votes


Approval on an Advisory Basis, Executive Compensation











Votes in Favor


Votes Withheld


Number of votes



Number of Votes


Ratification of EKS&H, LLLP, Certified Public Accountants as Auditor







The Board of Directors for Rare Element Resources would like to thank its shareholders for their continued support.

Rare Element Resources Ltd. is a publicly traded mineral resource company focused on exploration and development of rare-earth element deposits, specifically those with significant distribution of critical rare earths.  The Company is advancing development of the Bear Lodge Project, located in northeast Wyoming.  Bear Lodge is a significant mineralized district containing many of the less common, more valuable critical rare earths that are essential for electronics, fiber optics, laser systems for health and defense, as well as many evolving green technologies, like hybrid cars, solar panels and wind turbines. Permitting and feasibility work on the Project is currently underway. 

For additional information, please visit the Company’s website at www.rareelementresources.com or contact Robbin Lee at 720-278-2462 or rlee@rareelementresources.com.

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Bear Lodge Panoramic
Sample Drilling
Core Samples

The Bear Lodge Project area is a significant mineralized district that contains one of the largest disseminated rare earth deposits in North America. This deposit contains many of the less common, more valuable critical rare earths that are essential for electronics, fiber optics, laser systems for health and defense, and many evolving green technologies, such as hybrid cars, solar panels and wind turbines. Rare Element Resources owns 100% of the project and, after completing a positive preliminary feasibility study in 2014, is current working with state and federal regulators to secure the permits and licenses necessary to move the Project toward development. 

Project Highlights

  • Solid Returns with Excellent Upside – the October 2014 PFS shows an after-tax 29% IRR, a NPV of $330 million using a 10% discount and an initial payback period of less than 3 years. It also identified several opportunities for upside including further operating cost reductions with refinement of the Company’s proprietary processing technology, the ability to recover Inferred mineral resource within the pit outline, the current investigation of further separation as a means to participate more fully in the value chain, and the ability to boost revenues by recovering certain by-products.
  • Superior Location – Wyoming is recognized by Canada’s Fraser Institute as one of the world’s top five mining jurisdictions. The site is ideally located near existing infrastructure, has access to low cost power and is generally supported by the local communities, who are well versed in natural resource development.
  • Robust Ore Body – the strength of our mineral resource is demonstrated by a 45 year Project life with a high-grade core that  results in a 2.9 year payback period.
  • Proprietary Technology – continued improvements to the Company’s patent-pending recovery technology have delivered a 99.999% pure, thorium-free TREO concentrate.  Recent work has identified an enhancement to existing separation technology that has produced a number of high purity, separated rare earth products in bench-scale testing.  The process is not only efficient and cost effective but environmentally friendly.  Pilot plant testing was started in July 2015. 
  • Permitting Advancing – the US Forest Service is preparing the Environmental Impact Statement on the site, the draft of which is expect in the second half of 2015.  The Company submitted its applications for key permits and license to the appropriate state and federal agencies in the second quarter of 2015. 
  • Optimization Work – optimization work identified in the PFS is currently being undertaken and will support detailed engineering and the Feasibility Study.