Company Website:
http://www.rareelementresources.com
LAKEWOOD, Colo. -- (Business Wire)
Rare Element Resources Ltd. (the “Company”) (NYSE MKT: REE and TSX:
RES), 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 today that it has
submitted applications for two key permits necessary to mine and recover
rare earth elements as the next step in the permitting process. The mine
permit application, which was submitted to the Wyoming Department of
Environmental Quality - Land Quality Division (WDEQ-LQD) on June 3,
2015, will allow the Company to operate the mining and processing
facilities associated with the Bear Lodge Project. The Company received
notice from the WDEQ-LQD on June 8, 2015 that the application was deemed
to be “complete” and that the 150-day technical review period has begun.
In addition, the Company submitted a license application to the U.S.
Nuclear Regulatory Commission (NRC) to possess source material on May 5,
2015. Having this license will allow for the recovery of rare earths and
the possession of small quantities of thorium and uranium that are
incidental to the recovery of rare earth elements. The Company plans to
regularly dispose of the source material at a licensed disposal
facility. The NRC has notified the Company that their 90-day license
acceptance review process officially started on May 26, 2015.
“Submitting these very important permit applications continues to
advance the Bear Lodge Project and put us on a direct path towards
completion of the regulatory requirements for permitting,” said Jaye T.
Pickarts, Chief Operating Officer. “Both the NRC and WDEQ-LQD have
indicated they expect the timing of their permit approvals will align
with the expected completion by the U.S. Forest Service of the final
environmental impact statement and receipt of the final record of
decision in late summer 2016. While other state, federal and local
government permits and approvals will be required, the data gathered and
work done for these two principal applications will form the foundation
for the remaining applications. The progress we continue to make in
permitting and the innovations we have made with our separation
technology make Bear Lodge one of the most advanced rare earth projects
in the industry. We look forward to assuming our role as a cornerstone
in the re-establishment of a reliable, long-term North American rare
earth supply chain.”
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.
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 expecting
timing and outcomes relating to state and federal permit applications
and approvals. .
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, delay or failure to receive government approvals and permits;
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 and timing; results from
geological evaluations and programs; timing of and unexpected events at
the Bear Lodge property and in connection with construction of the pilot
plant;; changes in U.S. and Canadian securities markets; and our ability
to raise additional financing necessary to construct the pilot plant and
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 Unite 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150616005645/en/
Contacts:
Rare Element Resources
Robbin Lee, 720-278-2462
rlee@rareelementresources.com.
Source: Rare Element Resources
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