Rare Element Resources
Bear Lodge Project
Canadian NI 43-101 Technical Report
October 9
th
, 2014
10135-200-46 - Rev. 0
2-6
Mr. Dahlberg and Mr. Rose last visited the site in June 2014 and Mr. Noble last
visited the Bear Lodge property in August 2014. Jeffrey Jaacks last visited the
property in May 2014 and Jaye Pickarts visited the property numerous times
beginning in 2010 and continuing into 2014, most recently in August 2014. During
2010 and continuing into 2013, Mr. Pickarts contributed in the preparation of
metallurgical test programs and baseline environmental studies on the Bear Lodge
Project. In 2011, he became the Company’s Chief Operating Officer, and he
thereafter managed and supervised all of the site engineering programs for the
project.
Rare Element provided staff support and assistance by drafting certain figures
incorporated in the report (as credited below each illustration) and aiding in the final
assembly of the report. A number of figures drafted by ORE are also used in the
report.
2.5 Terms of Reference
A portion of the overall REE resources are categorized as Measured and Indicated
mineral resources. It is recognized that further infill drilling and testing are needed to
place additional Inferred resources into higher reliability categories (i.e., Measured
and Indicated resources) to extend mine life.
Where metric units are used, such is noted; and they are usually within parentheses.
For the purpose of this report, the term "ppm" will refer to parts per million. See
Glossary of Terms for other conversion factors.
Other abbreviations and terminology used in this report include those below and as
set forth in the Glossary of Terms:
•
IRR—The internal rate of return on an investment or project is the annualized
effective compounded return rate or rate of return that makes the NPV of all
cash flows from a particular investment equal to zero.
•
NPV (Rate) —Net present value of a time series of cash flows both incoming
and outgoing, is defined as the sum of the present values of the individual
cash flows. The NPV of a sequence of cash flows takes as input the cash
flows and a discount rate (Rate) and outputs a return of dollars above the
discount rate.
