Rare Element Resources Ltd. has announced the results of an updated mineral resource estimate of rare earth elements (REE), plus yttrium, contained in two deposits located in the Bull Hill area of the Bear Lodge project, Wyo. The updated resource estimate increases the total pounds of REE contained in the Bull Hill deposits by more than 50% from 800 million pounds to 1210 million pounds at a 1.5% REE cutoff. The resource was estimated by Ore Reserves Engineering (ORE), an independent consultant.-

The new resource estimate is derived from a REE database that includes 32 core drill holes completed by the company since 2004 for a total of 28,396.5 feet, plus 16 drill holes, completed by other companies prior to 2004, for which REE data are available. Approximately 36% of the resource is within 100 ft of a drill hole and 75% of the resource is within 200 ft of a drill hole. In contrast, the initial NI 43-101-compliant inferred mineral resource of 9.8 million tons, averaging 4.07% rare earth oxides (REO), was estimated by ORE and reported in a Technical Report dated April 14, 2009. The new resource estimate focuses on the dike sets in both the Bull Hill Southwest and the Bull Hill Northwest target areas. In addition, there is significant potential for expansion of both deposits and for the definition of resources in other areas.

For more information, visit www.rareelementresources.com.