Rare Element Resources Ltd. (the “Company”) (NYSE MKT: REE), 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 located in northeast Wyoming,
announced today that it has received the draft Environmental Impact
Statement (EIS) from the U.S. Forest Service (USFS) for the Bear Lodge
Rare Earth Project. The draft EIS is a key milestone in the permitting
process for the project, as it defines the potential operating
conditions and identifies the environmental impacts of the project. The
draft EIS seeks to balance the interests of various stakeholders in the
federal lands on which the world-class rare earth deposit is located and
set the bounds for a mineral resource project that can operate
economically, while adhering to the highest environmental standards.
Public meetings and a 45-day comment period follow the publication of
the Notice in the Federal Register, which occurred on January 15, 2016.
“The draft EIS is the culmination of a great deal of hard work by our
company; the third-party contractor, Tetra Tech; and the USFS, who
oversees our permitting process under the National Environmental
Protection Act (NEPA),” stated Randy Scott, CEO of the Company. “It is a
major milestone in the project’s development and once again signals how
far we have been able to advance the Bear Lodge Project. Our team has
done an outstanding job with over five years of data collection and
studies leading up to the draft’s release by the USFS. Once the comment
period is concluded, we will further evaluate the EIS and permitting
timeline.”
Jaye Pickarts, Chief Operating Officer of the Company, added: “As those
close to the U.S. permitting process know, the publication of a draft
EIS is a major accomplishment for a resource project on public lands. We
will work diligently to provide meaningful comments to the USFS as they
continue to work toward a final EIS. Our goal is clear, to develop a
project that is a sustainable, profitable and reliable source of
critical rare earth materials for the U.S. while adding jobs and revenue
to the Wyoming economy. We look forward to working with all stakeholders
in a timely, transparent and efficient permitting process.”
Copies of the draft EIS are available on the Company website at www.rareelementresources.com
and from the USFS.
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.
Please contact Paul Zink at 720-278-2460, or pzink@rareelementresources.com,
for additional information.
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 Company’s ability for advancement toward the final environmental
impact statement (EIS) and expected timing for a final EIS and other
federal, state and local permitting and licensing. Factors that could
cause actual results to differ materially include, but are not limited
to, regulatory matters; the future price of our common shares, which
will be dependent on such matters as the progress of our Bear Lodge
Project, fluctuations in demand for, and price of, rare earth products,
and the 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. securities
markets; ability to raise capital in support of the business objectives
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 United States Securities and Exchange Commission 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.
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