Friday, 11 May 2012

Rare Element posts Q3 earnings

Wyoming-focused Rare Element Resources (TSE:RES)(AMEX:REE) Friday unveiled fiscal third-quarter earnings and said its president and CEO would present at a major conference in New York.

For the fiscal third quarter ended March 31, Rare Element posted a total operating loss of US$5.3 million compared to US$2.0 million a year earlier.

Net loss for the period was US$5.3 million against US$1.6 million in 2011, or a loss of 12 cents versus 4 cents last time.

With $36 million in cash on its balance sheet, Rare Element said it had sufficient cash on hand to conduct its current exploration

and development plans through 2013.

Rare Element's president and CEO Randall J. Scott will present at the Dahlman Rose & Co. Rare Earth Elements Executive Forum in

New York on May 16. This presentation will be available for viewing via this link:

Amongst the highlights of the company's plans, it continues to advance the Bear Lodge Project in Wyoming during 2012 and into 2013

including additional resource definition drilling to expand and upgrade the resources at the Bull Hill, Whitetail Ridge, and Bull

Hill NW deposits.

Exploration drilling is also scheduled at the Bull Hill West, Carbon REE, Taylor REE, and other prospective REE targets
identified during the 2010 and 2011 exploration programs.

Rare Element will also start the formal National Environmental Policy Act EIS process in 2012 and begin the formal Land Quality

Division of the Wyoming Department of Environmental Quality permitting process in the second quarter of 2013.

The company anticipates completing a Definitive Feasibility Study by the middle of 2013.

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