Rare Element Resources appoints Steve Mooney to Board of Directors

– USA, CO – Rare Element Resources Ltd. (NYSE MKT: REE)(TSX: RES), a mineral resources company advancing development of the Bear Lodge Critical Rare Earth Project, announced today that Steve Mooney has joined the Company’s Board of Directors.

Mr. Mooney is the former Chairman and Chief Executive Officer of Thompson Creek Metals Company, a then privately owned mining and metallurgical company that he founded in 1993 with the purchase of molybdenum assets from Cyprus Minerals Company and AMAX Inc. Over the next 13 years, not only did he successfully restart operations but he significantly expanded production with the purchase of the Endako Project in British Columbia, Canada. When sold in 2006, Thompson Creek Metals Company was the second largest primary molybdenum producer in the world. Currently, Mr. Mooney is the principal of a private equity and investment firm with holdings in oil and gas, minerals and real estate. Prior to Thompson Creek, Mr. Mooney held executive positions with Cyprus Copper Company, a division of Cyprus Minerals, and Gulf Mineral Resources Company, a division of Gulf Oil Corporation. He has a degree in geological engineering from the Colorado School of Mines and is a Registered Professional Engineer in Colorado.

In 1990, Mr. Mooney was awarded the Distinguished Achievement Medal by the Colorado School of Mines (CSM) in recognition of his significant career achievements, which were deemed to have enhanced the reputation and mission of CSM. He served on the CSM Board of Trustees for two terms and was President of the Board during his second term. He has been a long-time member of the American Institute of Mining and Metallurgical Engineers and is a Director of the American Mining Association.

“Steve is a great combination of entrepreneur, engineer and businessman. His leadership at Thompson Creek demonstrates a deep understanding of what it will take to bring a significant project like Bear Lodge into production and build it into a profitable company,” stated Dr. Donald E. Ranta, Rare Element’s Chairman of the Board. “His experience will be a good complement to the rest of the board and his insight should prove invaluable as we continue to move the Bear Lodge project towards production.”

Rare Element Resources Ltd. is a publicly traded mineral resource company focused on exploration and development of rare-earth element deposits, specifically those with significant distribution of critical rare earths. The Company is advancing development of the Bear Lodge Project, located 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 is currently underway.

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