Tuesday, 25 September 2012

Rare Element to join S&P/TSX SmallCap Index

Rare Element Resources Ltd. (TSE:RES) said late Friday that it would be added to the S&P/TSX SmallCap Index.   
"We are pleased to be added to the S&P/TSX SmallCap Index," Rare Element chief executive Randall Scott said in a statement.  
"Our historical liquidity and market capitalization has enabled our inclusion into the Index and we will work hard to maintain our status on the Index."
Rare Element, which has a market capitalization of $218.72 million, was one of 47 companies added to the Index this year.
Other companies listed on the benchmark include: Avion GoldCorp. (TSE:AVR), Argonaut Gold (TSE:AR), Bonterra EnergyCorp. (TSE:BNE) and many others. 
The Index, which is a market-capitalization weighted index and maintained by the TSX Exchange, includes common stock and income trusts.  
The Wyoming-focused mineral resource company unveiled fiscal fourth-quarter earnings last week. 
For the fiscal fourth quarter ended June 30, Rare Element posted a net loss of US$8.6 million, or 19 cents per share.
That is wider than the year-earlier loss of US$7.1 million in 2011, or a loss of 16 cents per share. 
As an exploration company, Rare Element does not report revenues at this time.
Rare Element is focused on exploration and development of rare-earth elements and gold on the Bear Lodge property located in northeastern Wyoming. 
Rare-earth elements are key components of the green energy technologies and other high-technology applications. 
Some of the major applications include hybrid automobiles, plug-in electric automobiles, advanced wind turbines, computer hard drives and compact fluorescent lights.

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