TSX-V: RES VANCOUVER, Oct. 12 /CNW/ - Rare Element Resources Ltd (TSX-V: RES) announces that trenching and drilling are underway at the Newmont - Rare Element Resources venture, which is exploring for gold on the Company's Bear Lodge property in northeast Wyoming. Seven reverse-circulation drill holes have been completed for a total 1350 metres of drilling. One reverse-circulation hole remains to be drilled. The first core hole has reached a depth of 200 metres, with approximately 625 metres remaining to be drilled. Two additional core holes will be drilled. Six trenches have been constructed for a total length of approximately 1000 metres of trenching. The trenches were mapped, sampled and geophysically surveyed for radiometric and magnetic susceptibility. Assay turnaround has been very slow, with the majority of trench sample results and all soil and drill sample results still outstanding. Initial mapping, geophysical surveys and soil and rock sampling concentrate on the Taylor Ridge, Carbon Hill and the East and West Breccia prospects, where historical work has identified gold mineralization. While most of the assay results remain outstanding, Newmont's work confirms areas of anomalous gold, arsenic, antimony and tellurium on Carbon Hill and Taylor Ridge, which are coincident with potassic alteration in the rocks of the alkalic intrusive complex. Rock samples from Taylor Ridge, where visible gold has been identified in outcrop, consistently returned the highest gold values, which grade up to ten grams of gold per tonne. Rare Element Resources Ltd (TSX-V:RES) is a publicly traded mineral-resource company focused on gold and strategic metals, such as the rare-earth elements (REE's). Previous gold exploration on the Company's Bear Lodge, Wyoming property has identified gold occurrences in intrusive breccia bodies and numerous gold geochemical anomalies. The surface geology exposes the upper levels of a mineralized alkaline-igneous intrusive complex, which is geologically similar to the intrusive complex that hosts the Cripple Creek, Colorado, gold deposits. Paso Rico (USA) Inc, a wholly owned subsidiary of Rare Element Resources, and Newmont North America Exploration Limited, a subsidiary of Newmont Mining Corporation (Newmont), have entered into a gold-exploration venture on the Company's Bear Lodge property. Newmont is the manager of the gold-exploration program. Newmont has 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 also has the right to earn an additional 15% working interest by completing a positive project-feasibility study. The Bear Lodge property also has rare-earth-element (REE) exploration potential. The author of US Geological Survey Professional Paper 1049D stated that, what is now Rare Element Resources' Bear Lodge REE property is the largest disseminated REE occurrence in North America. REE's, which have been called "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. ON BEHALF OF THE BOARD William H Bird, PhD, President & CEO William H. Bird, PhD, PGeo, serves the Board of Directors of the Company as an internal, technically Qualified Person. Technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Dr Bird. This news release was prepared by Company management, who take full responsibility for content. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.