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Press release from Business Wire

Rare Element Resources Announces Selection of USFS Project Manager and Prime Contractor for Bear Lodge Project Environmental Impact Statement

<p class='bwalignc'> <i><b>First steps will include development of an EIS project timeline and public participation plan</b></i> </p>

Monday, December 16, 2013

Rare Element Resources Announces Selection of USFS Project Manager and Prime Contractor for Bear Lodge Project Environmental Impact Statement

07:30 EST Monday, December 16, 2013

LAKEWOOD, Colo. (Business Wire) -- Rare Element Resources Ltd. (the “Company”) (NYSE MKT: REE and TSX: RES), a mineral resources company advancing development of the Bear Lodge Critical Rare Earth Project, is pleased to announce that Tetra Tech, Inc., Mining and Minerals, an environmental, engineering, program management, construction management, consulting and technical services company, has been selected by the US Forest Service (USFS) Bearlodge Ranger District to act as the prime contractor to prepare the Bear Lodge Project Environmental Impact Statement (EIS). Additionally, the USFS Bearlodge Ranger District has selected Jeanette Timm, a 25-year Forest Service professional currently assigned to the Black Hills National Forest, to act as Project Manager for the EIS. Ms. Timm will direct the efforts of the EIS consultant and provide oversight of the process to ensure the timely and thorough preparation of the EIS in accordance with the National Environmental Policy Act (NEPA).

“As we move into this next major phase in the development of the Bear Lodge Project, we are pleased to have such a talented team of environmental experts heading this important process,” stated Jaye Pickarts, Chief Operating Officer. “Ms. Timm has worked in the USFS Sundance Office for many years and is very familiar with the Bear Lodge Project. This experience makes her an excellent choice to manage this process. When you combine this with the over 40 years of NEPA experience of Tetra Tech, we are confident that the EIS will be completed in a timely manner that will also ensure meeting the high standards of the NEPA process and with the full engagement of the public.”

The NEPA process requires that proposed impacts are fully evaluated to help key decision-makers and stakeholders balance the related activities and their recommended mitigation steps with their impacts on the surrounding human and natural environment. It is expected that the first activities undertaken by the EIS team will be the preparation of an EIS project timeline and a public participation plan, followed by project scoping.

Over the past three years, Rare Element has gathered environmental baseline data on the natural resources within the project and surrounding areas. In addition, the Company has completed multiple environmental studies to provide the starting point for the assessment of potential impacts to human health and the environment. The data will be provided to the USFS for inclusion in the EIS. Additionally, the Company has conducted several public update sessions to ensure stakeholders are fully informed on the planned activities.

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 permitting process and timeline, processing test work and expected results, and project development plans for the future. 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, the progress of our Bear Lodge Project, including the permitting process; fluctuations in demand for, and price of, rare earth products; success of process technology under testing; timing of and unexpected events at the Bear Lodge property; delay or failure to receive government approvals and permits; changes in U.S. and Canadian securities markets; 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 factors set out in our filings made from time to time with the SEC and Canadian securities regulators, including but without limitation, our reports on Form 10-K and Form 10Q. We expect that the above estimates as to development plans, technology and other processes, time frames and financial needs 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 these estimates at any time, we do not undertake to update any estimate 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.

Rare Element Resources Ltd.
Robbin Lee, 720-278-2462
rlee@rareelementresources.com

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