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Rare Element Announces Appointment of Gerald W. Grandey as Chairman of the Board

by User Not Found | Jun 11, 2015
Rare Element Resources Appoints Gerald W. Grandey as Chairman at 2015 Annual General Meeting

Voting Results from Annual Meeting of Shareholders

June 11, 2015 - Lakewood, Colorado - Rare Element Resources Ltd. (NYSE MKT: REE and TSX: RES) (the “Company”), a strategic materials company focused on delivering rare earth products to technology industries by advancing the Bear Lodge Critical Rare Earth Project in northeast Wyoming, announced that all seven director-nominees were elected by the shareholders of the Company at the 2015 Annual General Meeting held on June 10, 2015.  Additionally, Mr. Gerald “Jerry” W. Grandey was appointed by the Company’s Board to serve as Chairman, replacing Lowell A. Shonk who had been in the role of Interim Chairman since February, 2015.  Mr. Grandey has been a member of Rare Element Resources’ Board since August, 2013 and has over 30 years of high-level executive experience in the natural resource sector, most recently as Chief Executive Officer and a member of the Board of Cameco Corporation, one of the world’s largest uranium producers. 

“Jerry not only has a wealth of industry experience, but the Company will also benefit from his leadership, technical and marketing-related skills as we continue to position ourselves to help meet the need for rare earth products in the technology sector,” said Randall J. Scott, President and Chief Executive Officer.  “Throughout his career, Jerry has proven himself to be a thoughtful leader with international experience who makes things happen, winning numerous industry awards over the years, including being recognized by the Harvard Business Review as one of the Top 100 CEO’s in the world in 2010.  It is this vision that will help us continue to move the Bear Lodge Project forward and allow us to develop the relationships we need with those companies that understand the value of the products we expect to produce and the need for a North American rare earth supply source.

“We want to thank Lowell for assuming the role of interim Chairman.  His leadership on the Company’s Board is highly valued, including his continuation as chair of both the Audit and Finance Committees.”

The Company also announced that all seven of the director nominees listed in the Company's management information circular dated April 30, 2015 were re-elected today.  Shareholders also ratified the re-appointment of EKS&H, LLLP, Certified Public Accountants, as the auditors of the Company.   Shareholders representing 56.07% of the 47,707,216 shares outstanding on the record date of April 16, 2015, were represented in person or by proxy at the meeting. The tables below provide the details for votes cast for the director-nominees and the ratification of auditors.

                                                 Votes in Favor                Votes Withheld  

Board Member                         Number of votes %          Number of Votes  %  

M. Norman Anderson                 6,648,434     95.32           326,451         4.68  

Norman W. Burmeister               6,487,252     93.01           487,633         6.99  

Gerald W. Grandey                    6,692,848     95.96           282,037         4.04  

F. Steven Mooney                     6,664,816     95.55           310,069         4.45  

Paul J. Schlauch                       6,453,767     92.53           521,118         7.47  

Randall J. Scott                         6,651,673     95.37           323,212        4.63  

Lowell A. Shonk                         6,647,247     95.30           327,638        4.70      

                                                  Votes in Favor               Votes Withheld

                                              Number of votes  %          Number of Votes  %

Ratification of EKS&H, LLLP,

Certified Public Accountants

as Auditor                               25,990,912      97.15          761,494        2.85  

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 delivering strategic materials to technology industries by advancing plans to develop the Bear Lodge Critical Rare Earth Project 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 an affiliate 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.

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.