LAKEWOOD, Colo.--(BUSINESS WIRE)--Rare Element Resources Ltd. (the “Company”) (NYSE MKT: REE and TSX: RES), a strategic materials company focused on delivering rare earth products to technology industries by advancing the Bear Lodge Critical Rare Earth Project in northeast Wyoming, announced today that it has submitted applications for two key permits necessary to mine and recover rare earth elements as the next step in the permitting process. The mine permit application, which was submitted to the Wyoming Department of Environmental Quality - Land Quality Division (WDEQ-LQD) on June 3, 2015, will allow the Company to operate the mining and processing facilities associated with the Bear Lodge Project. The Company received notice from the WDEQ-LQD on June 8, 2015 that the application was deemed to be “complete” and that the 150-day technical review period has begun. In addition, the Company submitted a license application to the U.S. Nuclear Regulatory Commission (NRC) to possess source material on May 5, 2015. Having this license will allow for the recovery of rare earths and the possession of small quantities of thorium and uranium that are incidental to the recovery of rare earth elements. The Company plans to regularly dispose of the source material at a licensed disposal facility. The NRC has notified the Company that their 90-day license acceptance review process officially started on May 26, 2015.
“Submitting these very important permit applications continues to advance the Bear Lodge Project and put us on a direct path towards completion of the regulatory requirements for permitting,” said Jaye T. Pickarts, Chief Operating Officer. “Both the NRC and WDEQ-LQD have indicated they expect the timing of their permit approvals will align with the expected completion by the U.S. Forest Service of the final environmental impact statement and receipt of the final record of decision in late summer 2016. While other state, federal and local government permits and approvals will be required, the data gathered and work done for these two principal applications will form the foundation for the remaining applications. The progress we continue to make in permitting and the innovations we have made with our separation technology make Bear Lodge one of the most advanced rare earth projects in the industry. We look forward to assuming our role as a cornerstone in the re-establishment of a reliable, long-term North American rare earth supply chain.”
Rare Element Resources Ltd. is a publicly traded, mineral resource company focused on delivering strategic materials to technology industries by advancing plans to develop the Bear Lodge Critical Rare Earth Project 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 continue to advance. The Company is an affiliate member of the U.S. Department of Energy’s Critical Materials Institute, a combined government and private sector organization committed to eliminating supply chain issues for rare earths and other critical elements.
For additional information, please visit the Company’s website at www.rareelementresources.com.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the respective meanings 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" (including negative or grammatical variations thereof) or by discussions of strategy or intentions. Such forward-looking statements include statements regarding the expecting timing and outcomes relating to state and federal permit applications and approvals. .
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 progression plans for the Bear Lodge Project, delay or failure to receive government approvals and permits; the progress and results of the feasibility study, fluctuations in demand for, and price of, rare earth products; success of process technology under testing or development and timing; results from geological evaluations and programs; timing of and unexpected events at the Bear Lodge property and in connection with construction of the pilot plant;; changes in U.S. and Canadian securities markets; and our ability to raise additional financing necessary to construct the pilot plant and conduct our business. 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 factors set out in our filings made from time-to-time with the Unite States Securities and Exchange Commission, and the Canadian securities regulators, including without limitation, the Company’s most recent reports on Form 10-K and Form 10-Q. We do not undertake to update any statements or estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this news release represent management's estimate as of any date other than the date of this news release.