Rare Element Resources Ltd.
TSX VENTURE : RES

Rare Element Resources Ltd.

July 27, 2005 12:06 ET

Rare Element Resources Grants Stock Options & Extends Warrants

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 27, 2005) - Rare Element Resources Ltd. (TSX VENTURE:RES) has issued stock options to its two new directors David Beling and Stephen Quin, new president William Bird and consultants for a total of 610,000 options to purchase common shares of the Company at an exercise price of $0.25 per share for a period of five years, expiring on 24 July 2010.

In addition, on 22 July 2005, the TSX Venture Exchange approved the Company's filing for an extension to 950,000 warrants, which had an original expiry date of 26 July 2005. Each warrant now entitles the holder to purchase one common share of the Company at $0.35 per share until 26 January 2006.

Rare Element Resources Ltd. is a mineral-resource company focused on rare-earth elements, which have been called the "catalysts for high-tech living." These elements are required by many new technologies, including the motors, generators and nickel-metal-hydride batteries used in hybrid cars. The US market for rare-earth elements exceeds $1 billion, with most supplied by China. The US Geological Survey states that Wyoming's Bear Lodge Mountains host extensive deposits of rare-earth mineralization. Rare Element's Bear Lodge Project covers the more significant of these mineralized areas and the company is positioned to become an important North American source of rare-earth elements.

ON BEHALF OF THE BOARD

William H Bird, PhD, PGeo, President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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