Rare Element Resources jumps after 20% Bear Lodge deposits increase

Rare Element Resources stock jumped 9% in after hours trade in New York after the company announced a new estimate for the amount of rare earth materials at its Bear Lodge project in Wyoming. The gains were on top of a 7% jump during regular hours for the volatile stock which is still trading down almost 40% from record highs hit in January.

The new estimate indicates a 20% increase in total rare earth oxides to 660m kilograms. The company also said there is significant potential for further expansion of all deposits and a preliminary feasibility study should be completed late 2011 or early 2012.