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Rare Element Resources’ stock was up 15.17% from its opening price today to $4.13 a share after announcing results of an updated NI 43-101-compliant mineral resource estimate showing a measured and indicated mineral resource of 6.8 million tons at 3.75% rare earth oxides at its Bear Lodge Property in Wyoming, USA.
The company also reported an additional high-grade inferred mineral resource of 24.2 million tons at 2.74% rare earth oxides, including 17.7 million tons at 3.10% REO (at 2% cutoff grade).
Rare Element Resources says that the report shows a 38 percent increase of measured and inferred rare earth resources.
“The Bear Lodge project continues to advance rapidly,” stated Dr. Don Ranta, Chairman of Rare Element Resources.
“The current upgraded Bull Hill resource will be used in the prefeasibility study, scheduled for completion in Q1 2012. The company’s 2011 exploration program completed a record number of drill holes, although the results of less than half of the holes have been received and logged. These interim updated results have expanded and upgraded the known resources, and discovered targets with substantial potential for defining additional rare-earth resources with significant middle and heavy REE-enrichment.
“We will continue pilot plant metallurgical tests this year and expand our REO separation testing. With the anticipated completion of a positive prefeasibility study, we will begin working immediately on a Feasibility Study of the Bear Lodge project. The Company is also transitioning to a management and operations team of highly skilled engineers and mining professionals.”
