Thursday, 31st August 2006 (2711 views)

Rare Element Resources has received funding for its site in Wyoming.

Pending approval from regulatory agencies, the company will receive $840,000 towards exploration at the Bear Lodge project.

The non-brokered offer is for 1.4 million units valued at $0.60 each, with each unit consisting of one common share and one half of a non-transferable share-purchase warrant.

The company reports that a whole warrant can be used to allow purchase of one extra common share for $0.75. This offer is eligible over the 18-month period following private-placement selling date.

The company's president, Dr Bill Bird, has recently returned from the site and is delighted with the progress being made there by Newmont's exploration team. Newmont is carrying out an extensive survey of the alkaline intrusive complex, as agreed in an May's option accord.

A detailed geophysical map of the site is nearing completion after excellent contributions from trenching, surface mapping and sampling work.

Dr Bird commented: "These additional funds will provide working capital for the Company's Bear Lodge, Wyoming, rare-earth exploration, as outlined in our 6th July 2006 news release. They also will finance our continuing review of potential strategic-metals project acquisitions, which we are pursuing to expand the Company's property holdings."

 

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