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Rare Element Resources Ltd

The following excerpt is from the company's SEC filing.

Exhibit 99.1






Rare Element Resources Reports Second Quarter Results

Separation Technology Pilot Plant Under Development

Draft Environmental Impact Statement Expected in Second Half of 2015

August 7, 2015 - Lakewood, Colorado - Rare Element Resources Ltd. (NYSE MKT: REE and TSX: RES)

(the Company), a publicly traded, strategic materials company focused on delivering rare earth products for technology and defense applications by advancing the Bear Lod ge Critical Rare Earth Project in northeast Wyoming, reported today that it has filed its unaudited consolidated financial statements on Form 10-Q for the three- and six-months ended June 30, 2015 on

During the quarter, we reported our success at producing high-purity separated rare earth products using our innovative process that combines both conventional and patent-pending technology, said Randall J. Scott, President and Chief Executive Officer. We are excited to build on this success by taking this work to the next level and are currently developing a larger-scale, pilot plant to conduct a series of tests to produce various separated rare earth products. We will use these products to demonstrate to potential off-take partners our ability to meet their specifications.

The final Record of Decision (ROD) from the U.S. Forest Service, the decision document that results from the Environmental Impact Statement (EIS), is currently expected in the second half of 2016. During the second quarter, we also submitted applications for two important permits, both currently being reviewed by the relevant agencies. Our goal is to secure all the permits and licenses necessary to operate at approximately the same time as the final documents from the EIS process become available.

On market conditions, Mr. Scott commented, While the rare earth market has seen some dramatic changes over the last several months, there continues to be significant recognition of how critical it is to re-establish a healthy, North American rare earth supply chain to support essential applications for the high-tech, automotive, green technologies and defense industries. Longer-term demand fundamentals remain positive with continued growth expected especially in key magnet materials, which would be supplied from Bear Lodge. Prices are also expected to increase as Chinese firms deal with poor earnings, rising wages and regulatory costs, new resource taxes and environmental issues. Bear Lodge is a unique project because of its high critical rare earths content, which includes the magnet materials and phosphors essential for green technologies. It is also smaller scale, has what is considered straightforward metallurgy and will use the innovative and environmentally friendly recovery and separation technology developed by the Company. All these factors mean it will play a significant role as a cornerstone for a North American supply chain.

Financial Results

(Please note that financial results published by the Company are all stated in U.S. Dollars.)

The Company does not have production-related revenues at this time. The net loss for the quarter ended June 30, 2015, totaled $2.1 million, or $0.04 per share, compared with a net loss of $3.1 million, or $0.06 per share, for the same period in 2014. The key drivers behind the year-over-year decrease in net loss for the...