VANCOUVER, June 18 /CNW/ - Rare Element Resources Ltd (TSX-V: RES) announces that the Sundance gold-exploration project 2007 drill program is underway at the Company's Wyoming property. The Sundance project is a joint venture between 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). The 2007 drill program consists of a series of core and reverse-circulation drill holes with supporting detailed geological, geochemical and geophysical studies. It also includes an environmental assessment to permit a potentially larger drill program for 2008.
Sundance employs the alkaline-intrusive complex gold-exploration model, as exemplified by the Cripple Creek, Colorado gold district (over 23 million ounces of gold produced since discovery in the late 1800's).
Rare Element Resources Ltd (TSX-V:RES) is a publicly traded mineral-resource company focused on gold and the rare-earth elements. The Company and Newmont have entered into the Sundance gold-exploration joint venture on the Company's Wyoming property. Newmont has the right to earn a 65% working interest in Rare Element Resources' 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.
ON BEHALF OF THE BOARD
William H Bird, PhD, PGeo, 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.