EDITOR: | December 10th, 2012

Rare Element Drilling Results Expand District-Wide Enrichment Zones of Critical Rare Earth Elements Including Eu, Tb, Dy, and Y

| December 10, 2012 | No Comments
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December 10, 2012 (Source: Marketwire) —

Rare Element Resources Ltd. –

  • Drill results reveal enrichment of Critical Rare Earths as a district-wide zonation of Eu, Tb, Dy, and Y surrounding high grade Nd, Pr, La, Ce central core.
  • Drill intercepts document significant thicknesses and elevated concentrations of Eu, Tb, Dy, and Y enrichment encountered at Whitetail Ridge Resource Area and Carbon and Taylor target areas.
  • The high abundances of Critical Rare Earth Oxides (CREOs include Nd, Pr, Eu, Tb, Dy, and Y) demonstrate that the Bear Lodge rare earth district represents a growing world-class occurrence of those rare earth elements (REEs) that represent the strongest projected future growth in demand and price. The assay grades for Eu, Tb, Dy, and Y are among the highest of the North American REE deposits. Europium grades (currently the highest priced REE) are among the highest in the world.
  • Drilling has been extended into December. Complete assay results from the 2012 program are expected in January, followed shortly by an updated NI 43-101 Resource estimate. Metallurgical testing is currently underway at a number of laboratories and additional testing and pilot plant work is planned in conjunction with the start of a definitive Feasibility Study in 2013.

Rare Element Resources Ltd. (TSX:RES)(NYSE Amex:REE)(NYSE MKT:REE) is pleased to announce rare earth element (REE) assay results from 21 drill holes completed during the ongoing 2012 drilling program at the Company’s 100% owned Bear Lodge property, located in northeastern Wyoming, USA. The current drilling continues to demonstrate that the Bear Lodge resource is one of the highest grade total rare earth oxide (TREO) deposits in the world, and now also highlights the significant value of the content of combined Critical Rare Earth Oxides (CREOs).

Dr. Jim Clark, Vice President of Exploration for Rare Element Resources, states “The additional results from our 2012 drilling confirm and expand the quality and continuity of the Bull Hill REE deposit, where the Company expects to significantly increase the Measured and Indicated resources in preparation for its upcoming definitive Feasibility Study. At the same time, work continues on the development of an Indicated resource at Whitetail Ridge, which is slated for inclusion in the definitive Feasibility Study. The zones of heavy rare earth element (Eu, Tb, Dy, and Y) enrichment continue to expand at Whitetail Ridge, Carbon, and Taylor. The most recent drill results include some of the thickest intercepts and elevated concentrations yet encountered at Whitetail Ridge, Carbon, and Taylor.”

Expanding Critical Rare Earth Elements

Critical rare earth elements are those for which the strongest future growth is projected and higher values are attributed. We refer here to the oxides of Nd, Pr, Eu, Tb, Dy, and Y as Critical Rare Earth Oxides (CREO). In 2011, the Company identified significant heavy rare earth elements (HREEs) (Eu, Tb, Dy, and Y) in leached FMR ((FeOx)-(MnOx)-(REE minerals)) and oxide-carbonate dikes at the Whitetail Ridge resource area, and at the East Taylor and Carbon target areas (see news releases dated 4 August and 27 October 2011). The assay results further confirm those important observations. Mineralogical studies indicate that the HREE mineralization is found primarily in the rare earth fluocarbonates, synchysite and parisite, at Whitetail Ridge and Carbon, and in xenotime, an yttrium- vanadium phosphate, and rare earth fluocarbonates at East Taylor. Examination of aggregate significant intercepts from the current set of drill assay results indicates that there is a district-wide zonation in which the strongest TREO enrichment occurs within a central zone focused on the Bull Hill and Bull Hill Northwest deposits, while the strongest HREE (Eu, Tb, Dy and Y) enrichment is found in mineralization peripheral to the central zone and focused at the Whitetail Ridge deposit, and at the Carbon and Taylor REE target areas (Table 1 and Figure 2). The peripheral enrichment zone is ascribed to a late-stage, low-temperature hydrothermal event.

Key Objectives and Results of 2012 Drill Program To-Date

The objectives of the current drilling program are to further expand and upgrade the Bull Hill and Whitetail Ridge oxide resources, and further delineate the HREE (Eu, Tb, Dy, and Y) enrichment at the Carbon target area. The drill results highlight more details of a Bear Lodge district-wide zonation, with a central zone of strong TREO enrichment that gives way to a peripheral zone of significant Eu, Tb, Dy, and Y enrichment.

The results announced in this release include assays from 8 core holes at the Bull Hill REE deposit, 5 core holes and 3 reverse circulation (RC) drill holes from the Whitetail Ridge resource area, 2 RC drill holes from the Carbon REE target area, and 3 RC drill holes from the Taylor REE target area (Figure 1). The RC drilling is being conducted for exploration purposes only, and results will not be included in the updated resource estimates.

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