Rare Element Appoints Gerald Grandey to Board of Directors

Rare Element Appoints Gerald Grandey to Board of Directors 
LAKEWOOD, COLORADO -- (Marketwired) -- 08/06/13 -- Rare Element
Resources Ltd. (NYSE MKT:REE)(TSX:RES), a mineral resources company
advancing development of the Bear Lodge Critical Rare Earth Project,
is pleased to announce the appointment of Gerald "Jerry" W. Grandey
to the Company's Board of Directors. Mr. Grandey will also serve on
the Company's Audit Committee. At the same time, Gregory E. McKelvey
has tendered his resignation as part of the orderly transition of the
Board from an exploration to development focus. Mr. McKelvey will
join the Advisory Committee of the Company. 
Mr. Grandey is the former Chief Executive Officer and past member of
the Board of Directors of Canadian-based Cameco Corporation, one of
the world's largest uranium producers accounting for 20% of world
production. He joined Cameco in 1993 as Senior Vice President
Marketing and Corporate Development and was appointed its President
in 2000 and Chief Executive Officer in 2003. In 2010, The Harvard
Business Review recognized Mr. Grandey as being one of the Top 100
CEO's in the world because of the value created for shareholders
through the growth in market cap during his tenure. He retired as CEO
and as a director of Cameco in 2011. Prior to Cameco, he held senior
executive positions with Concord Services and Energy Fuels Nuclear,
both Denver-based companies. Mr. Grandey was inducted into the
Canadian Mining Hall Of Fame in 2013; awarded the Canadian Nuclear
Association's Ian McRae Award in 2012 for his work in advancing
nuclear energy in Canada; and was nominated for the 2011 Oslo
Business for Peace Award in recognition of his efforts to facilitate
nuclear disarmament. He is on the Colorado School of Mines
Foundation, Board of Governors; the University of Saskatchewan's
Edwards School of Business, Dean's Advisory Council: and is Chairman
Emeritus for the London-based World Nuclear Association. Currently,
Mr. Grandey serves on the boards of Canadian Oil Sand Ltd, Potash
Corporation of Saskatchewan and Sandspring Resources. On the
philanthropic side, he serves on the Boards of the Canadian Institute
of Corporate Directors, the Saskatoon YMCA, Saskatchewan Junior
Achievement and the Persephone Theatre. He has a degree in
geophysical engineering from the Colorado School of Mines and a law
degree from Northwestern University. 
"Jerry is a skilled leader with a proven track record in the natural
resource sector. During his time at Cameco, his vision helped build
the Company into a global organization with a reputation for being a
leader in enrichment technology, a great place to work and an active,
responsible community member," said Dr. Donald E. Ranta, Rare
Element's Chairman of the Board. "We look forward to him sharing that
operational expertise with us as we bring the Bear Lodge Critical
Rare Earth Project into production." Gregory E. McKelvey tendered his
resignation to the Board on August 2, 2013. "As a director since
2008, Greg has played a critical role in helping the Company to
identify and outline the resource at Bear Lodge as well as advance
our understanding of the economic opportunity there. As a
professional geologist and proven exploration executive, Greg's
contributions have been meaningful to the Company. We are grateful
for his contributions over the last 5 plus years and his help in
advancing the Project to where it is today - poised to be the next
North American rare earth producer," concluded Dr. Ranta. 
Rare Element Resources Ltd. is a publicly traded mineral resource
company focused on exploration and development of rare-earth element
deposits, specifically those with significant distribution of
critical rare earths. The Company is advancing development of the
Bear Lodge Project, located in northeast Wyoming. Bear Lodge is a
significant mineralized district containing many of the less common,
more valuable critical rare earths that are essential for
electronics, fiber optics, laser systems for health and defense, as
well as many evolving green technologies, like hybrid cars, solar
panels and wind turbines. Permitting and feasibility work on the
Project is currently underway. Please visit our website at
www.rareelementresources.com.
Contacts:
Rare Element Resources Ltd.
Robbin Lee
720-278-2462
rlee@rareelementresources.com
www.rareelementresources.com