Published: January 25, 2016 |

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Rare Element Resources Ltd.‘s has been directed by the board of directors to continue to conserve cash due to the current difficult markets and suspend all permitting and licensing efforts at this time, including the environmental impact statement (EIS) process.

“We are happy to have finally received the draft environmental impact statement (EIS) last week, but disappointed that we cannot continue at full speed on our permitting at this point. With the substantial on-going costs of the permitting process to the company and the challenging markets for raising additional capital at this time, the board felt it was prudent to take this additional measure to conserve cash. However, with the draft EIS now completed, we are at a good point to pause until we can fully financially support our go-forward permitting efforts,” said Randy Scott, president and CEO.

“We are very appreciative of our widespread support in the local communities surrounding the project and throughout the State of Wyoming, as well as of the work by the U.S. Forest Service and the EIS cooperators which got us to the recent publication of the draft EIS. We know that the critical nature of the rare earths we will produce from Bear Lodge will only increase and continue to drive interest in moving the permitting forward when the time is right,” added Scott.

The National Environmental Policy Act (NEPA) EIS process, along with the Nuclear Regulatory Commission’s (NRC) licensing are both now on hold temporarily, subject to further financing and the decision of the board to continue. The suspension also applies to the company’s Wyoming State mining permit and other Federal permit applications.

“We are working to identify a partner in the near future in order to continue to progress the permitting process and advance the project to unlock the value of this world-class rare earth district. We firmly believe in the critical need for a viable and secure domestic source of those rare earth materials that are sought after in the world’s advanced technology and defense applications,” said Scott.

“Our proprietary processing and separation technology advancements, coupled with the exceptional location of our Bear Lodge Project, continue to garner favorable recognition for the project. With the proper financial support, the team looks forward to reviving the permitting process and further advancing this outstanding project,” concluded Scott.

About Rare Element Resources
Rare Element Resources Ltd. is a publicly traded, strategic materials company focused on delivering rare earth products for technology and defense applications by advancing 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 continues 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.

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