Rare Element (REE) Reports Wider Loss for FY11 on Bear Lodge, Sundance Gold Expenses

Rare Element Resources Ltd. (AMEX: REE) reports the following year-end results:

• During the year ended June 30, 2011, a total of $7,339,669 (2010 - $2,724,518) was spent on the Bear Lodge Rare-Earth Project, including $412,330 (2010 - $nil) on the pre-feasibility study and $1,172,678 (2010 - $69,713) was spent on the Sundance Gold Project. Both projects are located on the same property.
  
  
• Administrative expenditures, excluding amortization, non-cash stock-based compensation and foreign exchange amounted to $2,056,536 (2010 - $1,145,906) for the period, up 79% compared to the previous year.
  
  
• Loss for the period was $16,657,962 (2010 - $2,791,969) or $0.43 per share (2010 - $0.09), up 497% from the previous year due to the exploration programs conducted on both the Bear Lodge Rare-Earth Project and the Sundance Gold Project in fiscal 2011 as well as the non-cash mark-to-market loss on share purchase warrants in fiscal 2011.
  
  
• Cash and cash equivalents at June 30, 2011 were $72,311,970 (June 30, 2010 - $11,460,476), reflecting the $57.5 million financing completed in December, 2010 and the exercise of almost all of the Company's outstanding warrants.

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