Rare Element Resources Ltd.
Rare Element Resources Ltd. is a publicly traded mineral resource company focused on delivering strategic materials to technology industries by advancing plans to develop the Bear Lodge Critical Rare Earth Project, located in northeast Wyoming.
Rare Element Resources Ltd. was incorporated in 1999. Its common shares are traded on the OTCQB Venture Marketplace ("OTCQB") under the symbol “REEMF.”
Bear Lodge Project
The Company’s primary focus is advancing the Bear Lodge Critical Rare Earth Project, located in northeast Wyoming, toward production. The Company owns a 100% interest in a group of 499 unpatented mining claims and 640 acres owned in patent. The mine site is located approximately 12 miles northwest of the town of Sundance, Wyoming. The Company also has an option on a parcel of land locate on the outskirts of the town of Upton, Wyoming, approximately 40 miles to the southwest. This is the planned site for the Project's hydrometallurgical processing plant.
In 2011, the US Geological Survey determined that the Bear Lodge Project contains one of the largest disseminated rare earth deposits in North America. Extensive geological work by the Company since 2004, including drilling, geophysical and geochemical sampling and assaying, has resulted in a Measured & Indicated resource of 18 million tons grading 3.05% Total Rare Earth Oxide (TREO) at a 1.5% cutoff grade. This includes 3.0 million tons of Measured and 15 million tons of Indicated resource. Please see our most recent NI 43-101 Technical Report for further details.
When you look at the size of this resource and the mix of rare earths, predominately those that have been designated “critical” by the US Department of Energy, in their 2011 Critical Materials Strategy report, we believe the Bear Lodge Project is one of the top, non-Chinese rare earth projects in the world.
The Company has completed numerous geological, metallurgical, engineering, environmental and financial studies on the Bear Lodge Project, some of which can be found in the Bear Lodge section of this website, to evaluate and support bringing the Project into production. This extensive body of work, plus environmental baseline studies conducted by the Company, form the basis for the Bear Lodge Plan of Operations (PO), which was submitted to the U.S. Forest Service and accepted as complete in early 2013. The PO provides details on the different aspects of operations and forms the foundation for permitting.
The Company has suspended the efforts of the Forest Service in progressing the draft Environmental Impact Statement (EIS) to a final EIS and Record of Decision (ROD) until it receives further capital. Although the Company has also submitted applications for the two additional key permits and licenses to the appropriate state and federal agencies, those are also suspended to further coordinate with the final EIS timing, which is approximately 12 to 15 months after resumption of efforts.
In mid-2014, the Company completed a number of detailed engineering and economic studies aimed at further refining specific aspects of the Project and published the results of this work in a Preliminary Feasibility Study (PFS) on the Project. This included the results of several pilot plant tests of its proprietary recovery technology. In early 2015, the Company announced the results of bench-scale testing of an innovative separation process that produced multiple, separated rare earth products in both a efficient and cost effective manner while being environmentally friendly. This work moved to pilot plant testing early in the third quarter of 2015.
Construction of the Bear Lodge Project is expected to take 12 to 16 months after receipt of the necessary permits, completion of a positive feasibility study, securing of financing and other factors.