May 19, 2006
Rare Element Resources Hires European Investment Relations Firm
Ref: 07-2006
Vancouver, BC - Rare Element Resources Ltd (TSX-V:RES) announces that it has contracted for the services of Pascal Geraths Gesellschaft Für Presse - Und Öffentlichkeitsarbeit MBH, Company No. 261358A ("PGGPO" of Salzburg, Austria, to implement the Company\'s European corporate finance, public awareness and investor relations program in Europe. PGGPO was hired effective 10 May 2006, and will be paid €7,500 per month for a period of six months. The Company will grant 250,000 stock options exercisable at $0.55 per share to Mr Geraths, the principal of PGGPO. PGGPO is a consulting firm located in Salzburg, Austria. Both PGGPO and Mr Geraths are at arm\'s length with the Company.
Rare Element Resources Ltd (TSX-V:RES) is a publicly traded mineral-resource company focused on gold, strategic metals and rare-earth elements (REE\'s). REE\'s, which have been called the "catalysts for high-tech living," are required for many new technologies, including nickel-metal-hydride batteries and the motors, generators and batteries used in hybrid cars. The US market for REE\'s exceeds US$1 billion, with most supplied by China. US Geological Survey Professional Paper 1049D states that Wyoming\'s Bear Lodge Mountains host North America\'s largest disseminated REE occurrence. Rare Element Resources\' Bear Lodge property covers the more significant of these mineralized areas and it is the Company\'s goal to become an important North American source of REE\'s.
Rare Element Resources and Newmont North America Exploration Limited, a subsidiary of Newmont Mining Corporation (Newmont), have agreed to terms that will establish a gold-exploration venture on the Company\'s Bear Lodge property. Under the term sheet, Newmont would have the right to earn a 65% working interest in Rare Element Resources\' Bear Lodge property, excluding any rights to the rare-earth elements and uranium but including rights to gold and other metals by performing US$5 million in property work expenditures over a five-year period. Newmont would also have the right to earn an additional 15% working interest by completing a positive project feasibility study. The parties will now work together to complete a definitive agreement, which will reflect the agreed-upon terms. The present terms and the resulting definitive agreement are subject to approval by the TSX Venture Exchange and all other appropriate regulatory agencies.
The Bear Lodge property exposes the upper levels of a mineralized alkaline-igneous intrusive complex. Previous gold exploration has identified numerous gold geochemical anomalies and gold occurrences in intrusive breccia bodies. The Newmont gold-exploration venture provides Rare Element Resources with further options to build a strong company and to advance its programs to evaluate both the gold and REE\'s of the Bear Lodge property.
ON BEHALF OF THE BOARD
William H Bird, PhD, PGeo, President & CEO
For information, visit the Company\'s website at www.rareelementresources.com or contact:
William H Bird, President & CEO, (604) 687-3520 ext 229, birdwill@aol.com .
Mark T Brown, CFO, (604) 687-3520 ext 242, mtbrown@pacificopportunity.com .
The TSX Venture Exchange has not reviewed, nor does it accept responsibility for the adequacy or accuracy of this release.
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