VANCOUVER, Nov. 19 /PRNewswire-FirstCall/ - Rare Element Resources Ltd. (TSX-V: RES) ("Rare Element" or the "Company") announces that is has completed the preparation and filing of a Form 20F with the United States Securities and Exchange Commission. This Form 20F is in addition to the "blue-sky" exemption that Rare Element currently maintains in the U.S., due to its listing with Standard & Poors, which only covers certain states. The filing of the Form 20F will make Rare Element a fully reporting issuer in the United States. With the completion of this filing, the Board of Directors of Rare Element will now consider completing a listing of the Company's common shares with a stock exchange in the United States.
Mark T. Brown, CFO stated that "In recent years, more and more of Rare Element's shareholders have been from the United States and other countries than Canada. Becoming fully reporting in the United States will ensure that the Company continues to follow the highest level of corporate disclosure for its shareholders in the US and abroad. The next natural step for Rare Element is to complete a listing of its shares on a US stock exchange which the Company would target to do during 2010."
Rare Element Resources Ltd (TSX-V:RES) is a publicly traded mineral resource company focused on rare-earth elements and gold. In addition to the REE exploration and evaluation efforts, 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. Gold exploration drilling began in July for the 2009 program, and rare-earth drilling began in August.
ON BEHALF OF THE BOARD
Donald E. Ranta, PhD, PGeo, President & CEO
Donald E. Ranta, PhD, PGeo, serves the Board of Directors of the Company as an internal, technically Qualified Person. Technical information in this news release has been reviewed by Dr. Ranta and has been prepared in accordance with Canadian regulatory requirements that are set out in National Instrument 43-101. This news release was prepared by Company management, who take full responsibility for content. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Rare Element Resources Ltd.