LAKEWOOD, Colo.--(EON: Enhanced Online News)--Rare Element Resources Ltd. (NYSE MKT: REE)(TSX: RES), a mineral resources company advancing development of the Bear Lodge Critical Rare Earth Project, announced today it has signed a Memorandum of Understanding (MOU) with the US Forest Service, Bearlodge Ranger District. The signing of the MOU officially starts preparation of an Environmental Impact Statement (EIS) on the Bear Lodge Project, which will be prepared in accordance with National Environmental Policy Act (NEPA) procedures. The Forest Service will designate a Project Manager (PM) to act on its behalf to oversee the analysis and supervise the efforts of the 3rd party EIS consultant. The selection process for the 3rd party EIS consultant is currently underway.
“The work we have done over the last several years, which includes extensive baseline data collection and the development of a thorough plan of operations, should expedite this process and support our goal of making Bear Lodge the next world-class critical rare earth project to reach production.”
“Starting the EIS process is a significant milestone in our progress toward bringing the Bear Lodge Project into production,” said Randall J. Scott, President and Chief Executive Officer. “The work we have done over the last several years, which includes extensive baseline data collection and the development of a thorough plan of operations, should expedite this process and support our goal of making Bear Lodge the next world-class critical rare earth project to reach production.”
The MOU outlines the working arrangements, conditions and requirements of both the Forest Service and Rare Element with regard to completion of the EIS, including the process by which the 3rd party consultant will be selected and supervised. Applicants for the position of Project Manager (PM), an internal Forest Service position, are currently under review by personnel at the Bearlodge Ranger District. The PM and 3rd party consultant will initially work together to develop a public involvement plan, which will include the public scoping process.
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.
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 drilling program anticipated results; permitting process, anticipated progress and success; 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; fluctuations in demand for, and price of, rare earth products; success of process technology under testing; results from geological evaluations and programs, timing of any 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 uncertainties and risk factors set out in our filings made from time to time with the SEC and the Canadian regulators, including, without limitation, our reports on Form 10-K and Form 10-Q. We expect that the above estimates as to drilling results, development plans, permitting process and progress, 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.