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Press release from Marketwire

Rare Element Provides Support to Colleges and Universities for REE Research

Tuesday, October 16, 2012

Rare Element Provides Support to Colleges and Universities for REE Research09:24 EDT Tuesday, October 16, 2012LAKEWOOD, COLORADO--(Marketwire - Oct. 16, 2012) -Rare Element Resources Ltd. (TSX:RES)(NYSE Amex:REE)(NYSE MKT:REE) is pleased to report on its ongoing support to North American students, colleges and universities in their efforts to advance research and development of critical rare earth elements. Since 2006, Rare Element has provided direct and indirect support and employment for over a dozen undergraduate and graduate students in areas of mapping, drilling and sampling, geohydrology and other environmental fields, as well as database development and computer modeling of the growing Bull Hill deposit at the Company's Bear Lodge Property. "These very capable students from around the United States and Canada have been a major source of high-level geological and other scientific work that has significantly advanced this project," said Dr. Jim Clark, Vice President of Exploration for Rare Element Resources. The students were or are currently enrolled at various universities including the Colorado School of Mines, Washington State University, Texas Tech University, the University of Wyoming, University of Manitoba, University of Arkansas, and the University of Toronto. The Company has played a substantial role in providing assistance in research grants made for students and faculty at the Colorado School of Mines, Montana Tech, and the South Dakota School of Mines & Technology. The purpose of these grants has been to advance various technical aspects of the Bear Lodge project. At Montana Tech, Rare Element is providing funding to a graduate student to investigate potential methods for extracting rare earth elements (REE) from selected Bear Lodge ore and concentrate samples. Jaye Pickarts, Chief Operating Officer for Rare Element, stated, "The Company is committed to supporting students at US colleges and universities that are pursuing the research and development of critical materials in this country. We are excited to be able to support this important work at Montana Tech and other educational institutions."Over the past two years, Rare Element has provided REE ore samples from the Bull Hill deposit for research purposes to students or faculty at Washington State University, Harvard University, Metropolitan State University of Denver and the University of California-Berkeley. The Company also supports a student at the Colorado School of Mines pursuing an MS degree. During summer months, Rare Element has provided instruction at the Bear Lodge Project to numerous undergraduate geology students and faculty from seven universities around the US through the Black Hills summer field camp run by the South Dakota School of Mines & Technology. In 2012, Rare Element was pleased to provide its encouragement toward a successful effort by the State of Wyoming Legislature, which provided $700,000 to the University of Wyoming for basic and applied research into REEs and for the Wyoming Geological Survey to investigate the potential for other REE resources in Wyoming. Rare Element Resources Ltd. (TSX:RES)(NYSE Amex:REE)(NYSE MKT:REE) is a publicly traded mineral resource company focused on exploration and development of REEs. In addition to the REE exploration and evaluation efforts, the Company controls the Sundance gold project, which is located on the same property in Wyoming. For information, refer to the Company's website at www.rareelementresources.com. Forward Looking Statements 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", "has potential to", or "intends" or by discussions of strategy or intentions. 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. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company's business model; future operations, products and services; the impact of regulatory initiatives on the Company's operations; the size of and opportunities related to the market for the Company's products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance.FOR FURTHER INFORMATION PLEASE CONTACT: Anne HiteRare Element Resources Ltd.Director of Investor Relations720-278-2466www.rareelementresources.com