Rare Element Resources reported results for the first quarter

News source: Business Wire (dt.)
09.05.2014, 01:28

Rare Element Resources Ltd. (NYSE MKT:REE und TSX:RES) (hereinafter the "Company"), a mineral in the field Raw materials operating company, devoted to the development of the "Bear Lodge Critical Rare Earth Project" (hereinafter the "Project") dedicated, announced today, that its unaudited consolidated balance sheet for the 31. March 2014 ending of a three-month period under on Form 10-Q www.sec.gov and www.sedar.com has filed.

"Our company learns from industry experts continue to attention for the quality of our deposit and for the progress, we are making at their development ", sagte J Randall. Scott, Präsident und Chief Executive Officer. "During the quarter, we conducted additional studies on our proprietary technology and the method further refined, which we associated plant- were able to reduce operating costs and. We have the products, we have gained in these studies, used for, Submit samples and to advance discussions with potential buyers. We have a study on the benefits of additional downstream separation, either independently or as a joint venture, started. And we have continued to collect data, which are crucial for the inclusion of the revised feasibility study for the project; they are expected to be around mid-year available. It is equally important, that the U.S. Forest Service has held scoping meetings in April in the community and sought comments from interested groups, during placement of the Environmental Impact Statement ("ICE", Environmental Impact Statement) are to be included for the project with. We are of the view, that it is us, this progress - should allow - subject to a timely approval and funding, the next mine in production for the area Rare earth to be in North America. "

Financial Results (Please note, that all published by the company's financial results in U.S. dollars are given.)

Tax law, the company is run as exploration companies, which means, that at this time has no income from associated with the mining activities. The net loss for the quarter ended 31. March 2014 came to be 4,4 Million dollars or. 0,09 Dollars per share, what a net loss of 4,4 Million dollars or. 0,10 Dollars per share for the same period in 2013 faces. The key factors behind the equal annual results were mainly:

  • a reduction in the administrative costs of the company on 0,3 Million U.S. dollars, primarily due to lower compensation expenses aktienebasierten, and
  • a favorable variance in the exchange rate 0,5 Million U.S. dollars,
  • offset by higher exploration- and evaluation expenditure of 0,9 Million U.S. dollars, because the company has driven the updated feasibility and preliminary study further tested the method recovery technology in the test facility.

Barguthaben

At the 31. March 2014 the Company had cash and other liquid assets of 19,8 Million U.S. dollars, compared with 23,9 Million dollars on 31. December 2013. The net cash used during the quarter of 4,1 Million dollars were primarily for additional tests in the pilot plant, Issued work in support of the updated feasibility pilot study, general and administrative expenses. Cash and other liquid assets to 31. March 2014 shall be deemed sufficient, to our ongoing exploration- and development plans by the end of 2014 continue.

We assume, that we during the rest of year:

  • submit an update of the feasibility preliminary study about the middle of the year,
  • begin work on a definitive feasibility study in the second half of,
  • contribute to work of the U.S. Forest Service and the third principal in the development of the draft EIS for the project as well as apply for additional permits and licenses as required,
  • with our first analysis of the benefits of continued subsequent separation, including the identification of potential technology partners, continue and
  • Discussions with potential customers based on the quality of our over 97 Percent pure, almost thorium-free total Seltenerdkonzentrats will advance.

"Given our stable measured and indicated resources, our main focus is now on, define, how we can achieve the highest economic return for our shareholders ", soft Paul H. Zinc, Senior Vice President und Chief Financial Officer. "The updated feasibility pilot study will take into account the many refinements in the technologies and mining, we in the last 18 Could see months, and also the current conditions in the market for Rare earth reflect. While we continue to monitor the many moving parts are the Seltenerdbranche in view, we are of the view, that we have a special advantage in the market because of the element distribution of our project. "

The unaudited quarterly balance sheet is about the Canadian Securities and Exchange Commission underwww.sedar.com and on the American Securities and Exchange Commission SEC underwww.sec.gov cost. It is also available on the Company's website at www.rareelementresources.com.

Rare Element Resources Ltd. is a publicly traded company in the field of mineral resources, that specializes in the exploration and development of deposits of rare earth elements, particularly those with a significant content of rare earth critical. The company currently drives the development of the Bear Lodge project in the northeast of the U.S. state of Wyoming ahead. Bear Lodge is an area with significant mineral resources, many of the less frequently occurring, contains valuable critical rare earths. These are used in electronic equipment, Glasfaserprodukten, Laser systems for the health- and the field of armaments, as well as in many emerging environmental technologies such as hybrid cars, Solar panels and wind turbines used. Working in conjunction with the approval and feasibility of the project are currently underway.

Additional information can be found on the company's websitewww.rareelementresources.com or by Robbin Lee at Tel. +1 720-278-2462 or rlee@rareelementresources.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the U.S. and Canadian securities laws. Apart from historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are normally by our use of certain expressions, such as "will", "Believe", "May", "Expect", "Should", "Seek", "Anticipate", "Plan", "Have the potential" or "intend", or marked by discussions of strategy or intentions. Such forward looking statements also include statements regarding the timing and the expected results of a revised feasibility study, on the procedures for testing and the expected results, to those anticipated in the drilling results, the approval process and on the advances and future project development plans. Forward-looking statements involve known and unknown risks, Uncertainties and other factors, which may cause, cause our actual results or performance to differ materially from those in such forward-looking statements expressed or implied results or achievements to differ. Among the factors, which can lead to a significant deviation of the actual results, include the progress of our Bear Lodge project, Fluctuations in demand and the price of products with rare earth metals, the success of the tested process engineering, the results of geological evaluations and work, the timing of events and unexpected events on the Bear Lodge property, the delay or absence of regulatory approvals and permits, Changes to the U.S. and Canadian securities markets and general economic conditions. We make no representation, that future developments, which the company is exposed, to meet the anticipated by management events. Please also read the discussion of these and other factors in our Transition Report on Form 10-K for the six months ended 31. December 2013. We assume, that the above estimates in terms of exploration plans, Technologies and other methods, Change time horizons and financial needs with the discovery of new information and actual results may differ materially from these estimates. Although we reserve the right at any time to, We assume no obligation, to update any forecasts at a particular time or as a result of a specific event. Investors and other readers are cautioned that, that the forecasts in this press release represents only the opinion of management on the day of its publication.

The source language, of the original text is published, is the official, authoritative version. Translations are provided as an accommodation. Only the language version, which was published in the original, is legally valid. Therefore Straighten translations with the original language of publication from.

 

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