Company Website:
http://www.rareelementresources.com
LAKEWOOD, Colo. -- (Business Wire)
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
summarize key accomplishments achieved in 2014 and outline its planned
activities for 2015.
“The progress the Company made in 2014 confirmed our confidence in the
value of the Bear Lodge Project and our commitment to continue to move
the Project toward production,” stated Randall J. Scott, President and
Chief Executive Officer. “Not only did we complete a preliminary
feasibility study that showed a long-life project with strong economics,
but we also progressed the permitting process by helping the U.S. Forest
Service advance the environmental impact statement on the Project. These
accomplishments, in combination with the advancements we made during the
year on both our proprietary rare earth recovery technology and the
initial test work on rare earth separation, resulted in an exceptional
year for the Company.”
Highlights of 2014
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Initiated the Environmental Impact Statement (EIS) under National
Environmental Policy Act (NEPA) process. The U.S. Forest Service
(USFS), with support from the Company, started the process in February
2014 and held public scoping meetings in April. Since that time, the
USFS has completed the public scoping comment process and has been
working with cooperating agencies on alternatives identification and
analysis.
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Finalized the preliminary feasibility study (PFS) on the Bear Lodge
Project. The study indicates a 45-year project life, 29% after-tax
internal rate of return, $330 million net present value (10% discount
rate) and a 2.9 year payback period. The strong economics reflect the
benefits of the Project’s location in northeast Wyoming and the
deposit’s rich concentration of those rare earth elements essential to
critical magnet materials and high-value phosphor applications. For
more details, please see the technical report filed with the
regulatory agencies and available on the Company’s website at www.rareelementresources.com.
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Significantly improved patent-pending, recovery process technology and
initiated test work on downstream elemental separation. Process
improvements resulted in the filing of two additional patent
applications. Advancements included:
-
In January 2014, announced the ability to selectively isolate and
economically remove a significant portion of the low levels of
naturally occurring thorium in the ore;
-
In November 2014, completed test work on improvements to this
thorium-elimination technology while greatly reducing the amount
of cerium, the lowest value rare earth, in the concentrate. This
advancement resulted in improved purity (99.999% in bench-scale
testing) and substantially reduced the mass of material requiring
further separation, which is expected to reduce the costs
associated with that process; and
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Bench-scale tested a post-recovery process on the concentrate that
effectively separated the concentrate into light and heavy rare
earth fractions.
-
Completed a trench on the Bull Hill mineralization that confirmed the
location and trending of the high-grade zone that will be the source
of initial feed for the Project. Gathered a 1,000-ton (907-tonne) bulk
sample to be used for large-scale test work. Bulk samples excavated
from the main body of the trench had an average total rare earth grade
that exceeded 10%.
-
Accepted an invitation to join the Critical Materials Institute, a
major initiative sponsored by the U.S. Department of Energy and
committed to ensuring a secure supply of the rare earths necessary to
support evolving green technologies.
-
Initiated studies on areas of potential optimization identified in the
PFS, including reagent optimization and assessment of materials of
construction alternatives.
“In the new year, we continue to advance the programs we had underway at
year-end, including additional test work to expand on the positive
results achieved on downstream elemental separation,” said Jaye T.
Pickarts, Chief Operating Officer. “We continue to support the USFS in
its efforts on the EIS, providing supporting data when requested. In the
coming months, we will progress a number of studies and undertake
additional test work to generate data necessary for the next stage of
engineering for inclusion in the feasibility study. All of these efforts
will move us closer to accomplishing our goal of becoming the next North
American rare earth producer.”
2015 Planned Activities
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Continue to support the USFS’s efforts to finish the alternatives
assessment and complete the draft and final EIS documents. The USFS
has indicated that they are preparing an updated EIS schedule, and we
anticipate receiving a copy in the next few weeks.
-
Submit applications for mine and industrial siting permits to the
Wyoming Department of Environmental Quality and for a possession
license to the U.S. Nuclear Regulatory Commission. These tasks are
dependent upon completion of the alternatives assessment portion of
the EIS.
-
Confirm positive results of separation test work completed to date in
larger-scale pilot plant testing. Test additional elemental separation
methods directed at creating product baskets that meet end-users’
specifications and maximize product value to the Company.
-
Initiate additional studies, including rheology studies and final
geotechnical confirmation of waste rock and tailing characteristics,
to support the next phase of engineering for inclusion in the
feasibility study.
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Exercise responsible cash management to ensure continued progress
toward Project construction.
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Continue to cultivate relationships with potential offtake partners,
including supplying upgraded product samples and providing Project
updates.
-
Design and construct planned demonstration plant. The Company
continues to evaluate potential third-party financing options.
Programs undertaken in 2015 will depend upon progress on the EIS,
permitting and financing, and therefore are subject to change.
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.
Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information within the respective meanings of securities
legislation in the United States and Canada. Except for statements of
historical fact, certain information contained herein constitutes
forward-looking statements. Forward-looking statements are usually
identified by our use of certain terminology, including "will",
"believes", "may", "expects", "should", "seeks", "anticipates", "plans",
"has potential to", or "intends" (including negative or grammatical
variations thereof) or by discussions of strategy or intentions. Such
forward-looking statements include statements regarding the expected
timing and completion of permitting, technology test work and results,
ability to attract offtake partners and the ability to finance planned
activities.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results or
achievements to be materially different from any future results or
achievements expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include,
but are not limited to, the progression plans for the Bear Lodge
Project, the progress and results of the feasibility study, fluctuations
in demand for, and price of, rare earth products; success of process
technology under testing or development; results from geological
evaluations and programs; timing of and unexpected events at the Bear
Lodge property; delay or failure to receive government approvals and
permits; changes in U.S. and Canadian securities markets; and our
ability to raise additional financing necessary to conduct our business.
There can be no assurance that future developments affecting the Company
will be those anticipated by management. Please refer to the discussion
of these and other factors set out in our filings made from time-to-time
with the United States Securities and Exchange Commission, and the
Canadian securities regulators, including without limitation, the
Company’s most recent reports on Form 10-K and Form 10-Q. We do not
undertake to update any statements or estimate at any particular time or
in response to any particular event. Investors and others should not
assume that any forecasts in this news release represent management's
estimate as of any date other than the date of this news release.
Contacts:
Rare Element Resources Ltd.
Robbin Lee, 720-278-2462
rlee@rareelementresources.com
www.rareelementresources.com
Source: Rare Element Resources Ltd.
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