SOURCE: The Bedford Report

The Bedford Report

July 29, 2011 08:16 ET

Rare Element Resources and General Moly Tap Into Rich Deposits

The Bedford Report Provides Equity Research on Rare Element Resources & General Moly

NEW YORK, NY--(Marketwire - Jul 29, 2011) - Soaring rare earth and molybdenum prices have been a major headache for hard disk drive manufacturers, but a blessing for explorers of the metals. While Chinese officials deny manipulating rare earth prices, companies from North America are stepping up operations to reduce China's rare earth monopoly. The Bedford Report examines the Industrial Metals and Minerals Industry and provides stock research on Rare Element Resources, Inc. (NYSE Amex: REE) (TSX: RES) and General Moly, Inc. (NYSE Amex: GMO) (TSX: GMO). Access to the full company reports can be found at:

China's Ministry of Industry and Information Technology (MIIT) claims that the allegations of manipulating prices of rare earth metals are a misunderstanding and argue that prices are justified considering the huge environmental impact over it. Last year China announced a five-month crackdown on illegal mining in order to protect the environment and its resources. This campaign was concentrated in the south where mines are commonly small, rural, and illegal operations particularly prone to release toxic wastes into the general water supply.

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General Moly is a U.S.-based molybdenum mineral development, exploration and mining company with interest in the Mt. Hope project located in central Nevada. Molybdenum is not one of the 15 lanthanide-series elements. General Moly says Mount Hope is "considered one of the world's largest and highest grade molybdenum deposits." China does hold serious power over the molybdenum market, having 22 percent of the world's inventories, despite being the largest producer of the metal. According to the USGS the top producers of molybdenum are China, the US, and Chile.

Rare Element Resources is a mineral resource company focused on exploration and development of rare-earth elements and gold. Last month the company announced that its Bear Lodge project in Wyoming has 20% more rare earth oxides in it than it initially estimated. Rare Element Resources' Bear Lodge, Wyoming property contains the "light" REEs (lanthanum, cerium, praseodymium, neodymium, samarium, europium, and gadolinium).

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