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Rare Element reports Unanimous Support from Wyoming Legislature and Executive Branch

by User Not Found | Mar 03, 2015
Rare Element Resources receives strong letters of support from Wyoming executive office and the State Legislature.

March 3, 2015 – Lakewood, Colorado – Rare Element Resources Ltd. (NYSE MKT: REE and TSX: RES), a mineral resources company advancing development of the Bear Lodge Critical Rare Earth Project located in northeast Wyoming, is pleased to announce that the Wyoming Legislature has unanimously passed a support resolution for the Bear Lodge Project.  The Resolution recognizes the significance of re-establishing a strong domestic rare earth production base and the importance and need for timely completion of the Bear Lodge Project Environmental Impact Statement (EIS) by the United States Forest Service (USFS).

A second statement of support was received from Shawn Reese, Chief Executive Officer of the Wyoming Business Council, an arm of the Executive Branch of Wyoming State government and the State’s principal economic development agency.  The Business Council’s letter emphasizes the Bear Lodge Project’s role as a strong business anchor for Wyoming’s Crook and Weston Counties and expresses the Council’s commitment to continue discussions on future State financing assistance. The letter identifies Bear Lodge as a “priority project” for the Council and states its commitment to “…continuing our conversations about how the Wyoming Business Council can help make this project come to fruition, including discussions regarding possible financing assistance from the State as certain conditions and milestones are met.”    

“Wyoming has forward-looking leadership that understands building a better tomorrow has to begin today,” stated Randall J. Scott, President and Chief Executive Office.  “The Legislature’s strong Resolution sends an important message to the U.S. Forest Service, the lead agency for the EIS – the Bear Lodge Project really matters to Wyoming and to the Nation.  It represents an opportunity to diversify the State’s natural resource sector, and it will be a cornerstone for re-establishing a viable domestic rare earth supply chain.  The Resolution expresses the need for timely completion of the Project’s EIS and encourages the USFS as lead agency to adhere to the original schedule they announced to the public in early 2014.  We also appreciate the Business Council’s backing and its continued support for possible industrial revenue bonds or other financing to help construct the Project.  We consider ourselves very fortunate that the Bear Lodge Project is so attractively located in the great state of Wyoming.”

For copies of both Legislature’s Resolution and the support letter from the Wyoming Business Council, please visit the company’s website at www.rareelementresources.com and go to Bear Lodge Project/Community/Governmental 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 continue to advance.  The Company is a member of the U.S. Department of Energy’s Critical Materials Institute, a combined government and private sector organization committed to eliminating supply chain issues for rare earths and other critical elements.  Please see CMI’s website at https://cmi.ameslab.gov/ for additional details on its mission and members.

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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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 rare earths that are essential for the magnet materials used in 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. 

During the last few years, the Company, along General Atomics, whose affiliate is RER's majority shareholder, have been advancing their proprietary extraction/separation technology and have successfully produced commercial-grade neodymium/praseodymium (Nd/Pr) oxide in pilot-plant testing.  These materials are key components to the fast-growing, permanent magnet sector. The next step will be operations of a demonstration plant, which is currently under construction in Upton, WY.  Results generated from operating this plant will be used for the design and economic evaluation of a commercial rare earth processing facility. 

Project Highlights

  • Proprietary Rare Earth Extraction/Separation Technology – Successfully advanced the Company’s technology and produced neodymium/praseodymium (Nd/Pr) oxide in pilot-plant testing. Construction of a demonstration plant is currently underway to prove the scalability of the process and define the requirements for a commercial plant.
  • World-Class Technology Partner and Majority Shareholder – General Atomics, through its affiliate, is the majority shareholder in Rare Element Resources, is a technology leader with a proven track record of bringing new ideas to market.  Their understanding of the strategic role rare earths play in numerous advancing technologies makes them keenly aware of the need for a secure, domestic supply of rare earths. Their relationship within the U.S. Government have been essential to our ability to advance our technology.
  • Bear Lodge Project – Well-defined resource with excellent concentrations of the rare earth elements essential to high-strength, permanent magnets and the many industries that depend on them.  Two of those industries, electric vehicles and wind turbines, are expected to drive a doubling of demand for magnet materials in the next 10 years.
  • Strategic Location – Located in northeast Wyoming, the Bear Lodge Project has easy access to a major interstate, transcontinental rail, natural gas and low-power.  The area has existing infrastructure with a ready and skilled workforce.  The State of Wyoming has a rich history of mineral development and a pro-business focus, and its leaders are actively committed to economic diversification. 
  • Strong Federal and State Support – Both the Department of Energy (DOE) and the Wyoming Energy Authority (WEA) have shown their support for the Project through funding of over $26M for the demonstration plant.  The DOE continues to pursue ways to secure sources for material that will be key to industrial needs, especially those that support the country’s initiative of reducing carbon emissions, like electric vehicles and wind turbines. The WEA is supporting the State’s desire to diversify employment and understands that Wyoming can play a key role in developing a domestic supply chain – from minerals to magnets. 
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