Rare Element Resources Ltd. (the “Company”) (NYSE MKT: REE)(TSX:
RES), a mineral resources company advancing development of the Bear
Lodge Critical Rare Earth Project, announced today that Steve
Mooney has joined the Company’s Board of Directors.
Mr. Mooney is the former Chairman and Chief Executive Officer of
Thompson Creek Metals Company, a then privately owned mining and
metallurgical company that he founded in 1993 with the purchase of
molybdenum assets from Cyprus Minerals Company and AMAX Inc. Over the
next 13 years, not only did he successfully restart operations but he
significantly expanded production with the purchase of the Endako
Project in British Columbia, Canada. When sold in 2006, Thompson Creek
Metals Company was the second largest primary molybdenum producer in the
world. Currently, Mr. Mooney is the principal of a private equity and
investment firm with holdings in oil and gas, minerals and real estate.
Prior to Thompson Creek, Mr. Mooney held executive positions with Cyprus
Copper Company, a division of Cyprus Minerals, and Gulf Mineral
Resources Company, a division of Gulf Oil Corporation. He has a degree
in geological engineering from the Colorado School of Mines and is a
Registered Professional Engineer in Colorado.
In 1990, Mr. Mooney was awarded the Distinguished Achievement Medal by
the Colorado School of Mines (CSM) in recognition of his significant
career achievements, which were deemed to have enhanced the reputation
and mission of CSM. He served on the CSM Board of Trustees for two terms
and was President of the Board during his second term. He has been a
long-time member of the American Institute of Mining and Metallurgical
Engineers and is a Director of the American Mining Association.
“Steve is a great combination of entrepreneur, engineer and businessman.
His leadership at Thompson Creek demonstrates a deep understanding of
what it will take to bring a significant project like Bear Lodge into
production and build it into a profitable company,” stated Dr. Donald E.
Ranta, Rare Element’s Chairman of the Board. “His experience will be a
good complement to the rest of the board and his insight should prove
invaluable as we continue to move the Bear Lodge project towards
production.”
Rare Element Resources Ltd. is a publicly traded mineral resource
company focused on exploration and development of rare-earth element
deposits, specifically those with significant distribution of critical
rare earths. The Company is advancing development of the Bear Lodge
Project, located 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 is currently underway.
For additional information, please visit the Company’s website at www.rareelementresources.com
or contact Robbin Lee at 720-278-2462 or rlee@rareelementresources.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning
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,” or by discussions of strategy or
intentions. Such forward-looking statements include statements regarding
the gross proceeds that could be raised and shares and warrants
potentially issuable under the oversubscription rights; the use of
proceeds of this offering; the permitting process, anticipated progress
and success; project development plans for the future; and our goal to
become a rare earth producer. 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, whether the election
to purchase additional common shares and warrants is exercised and, if
so, the purchase price for such securities; the progress of our Bear
Lodge Project, fluctuations in demand for, and price of, rare earth
products, and our success of process technology under testing; timing of
any unexpected events at the Bear Lodge property; delay or failure to
receive government approvals and permits; changes in U.S. and Canadian
securities markets; the availability of additional capital on acceptable
terms or at all; and general economic conditions. 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 uncertainties and risk factors set out in our filings made from
time to time with the SEC and the Canadian regulators, including,
without limitation, our reports on Form 10-K and Form 10-Q. We expect
that the above estimates will change as new information is received and
that actual results will vary from these estimates, possibly by material
amounts. While we may elect to update our forward-looking information at
any time, we do not undertake to update at any particular time or in
response to any particular event. Investors and others should not assume
that any forecasts in this press release represent management’s estimate
as of any date other than the date of this press release.
Copyright Business Wire 2013