Rare Element completes 2011 drilling at Bear Lodge, pre-feas expected in Q1 2012

Rare Element Resources (TSE:RES) (AMEX:REE) said late Monday that it has completed its 2011 seasonal exploration and drilling program at the Bear Lodge property in northeast Wyoming.
"We had a record year of drilling with excellent results, as indicated in our initial exploration update press releases of October 4 and October 27, 2011. Additional assay results will be received from the bulk of the drill holes over the next few months," said vice president of exploration, Dr. Jim Clark.
"We anticipate continuing our exploration efforts as the weather improves in 2012. The results of the initial drilling data are being modeled and incorporated into an updated resource model that will be part of the Prefeasibility Study scheduled for release during the first quarter of 2012. Updating of all resource estimates is expected in the spring of 2012."
Total drill footage for the program was 48,473.5 feet in 63 rare earth element drill holes, with the bulk of holes taking place in the Bull Hill target. The Whitetail Ridge, East Taylor and Carbon areas also saw drilling.
Highlights from the initial results in the Bull Hill area in October were 58 feet at 4.88% total rare earth oxides (TREO) in hole RES11-27; 40 feet at 3.21% TREO in hole RES11-21 and 115 feet at 3.38% TREO; and 64 feet at 5.48% TREO in hole RES11-22.
In addition to the development and exploration core drilling, an additional 37 large diameter core holes were completed to provide bulk sample material for metallurgical test work, the company said. Several 55 gallon barrels of surface mineralized material were also collected for the test work.
Meanwhile, a total of 34 drill holes were completed this year for the gold exploration program, with Section 16 seeing most of the action.
A geophysical survey was also conducted in support of both the gold and REE exploration programs, the company added.
Rare-earth elements are used for hybrid automobiles, plug-in electric automobiles, advanced wind turbines, computer hard drives, compact fluorescent light bulbs, and a number of critical military applications.

China currently produces more than 95 percent of the 130,000 metric tonnes of rare-earths consumed annually worldwide, with the country reducing its exports of rare earths each year.