Rare Element Resources Completes Summer Condemnation Drilling and Geotechnical Work at the Bear Lodge Proposed Physical Upgrade Plant Site

Rare Element Resources Ltd. (NYSE MKT: REE and TSX: RES), a
publicly traded, strategic materials company focused on delivering rare
earth products for technology and defense applications by advancing the
Bear Lodge Critical Rare Earth Project located in northeast Wyoming,
announced that it has completed the 2015 condemnation drill program at
the planned physical upgrade plant (PUG) site for the Bear Lodge
Project. The program consisted of six reverse circulation drill holes
for a total of 3,000 feet and geotechnical work that included six
shallow holes and three test pits in the area of the PUG. The drill
program confirmed the absence of meaningful mineralized material under
the site while the geotechnical program identified the characteristics
of the soils for foundation design as part of detailed engineering. Both
programs help progress the design of the site and related mine
infrastructure.

“Our summer program complements engineering work that we did in 2012 and
provides important confirmatory information on our new, proposed PUG
site,” said Jaye T. Pickarts, Chief Operating Officer. “Over the last
two years we have studied ways to minimize the environmental footprint
of the PUG on public lands. We have successfully modified the location
and have reduced the PUG footprint by about one-third. The summer
program confirms our understanding of the area geology and ensures that
the location of the PUG will not interfere with accessing the valuable
rare earth elements found at the proposed mine site.” Macroscopic
investigation of the drill cuttings reveals a continuation of strong
alteration in the host rock but with minimal veining and overall low
potential for rare earth mineralization. Final assays of the drilling
are expected before the end of the year.

Rare Element Resources Ltd. is a publicly traded, strategic
materials company focused on delivering rare earth products for
technology and defense applications by advancing the Bear Lodge Critical
Rare Earth Project 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 continues to advance. The
Company is an affiliate member of the U.S. Department of Energy’s
Critical Materials Institute, a combined government and private sector
organization committed to eliminating supply chain issues for rare
earths and other critical elements.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning
of securities legislation in the United States and Canada. Except for
statements of historical fact, certain information contained herein
constitutes forward-looking statements. Forward-looking statements are
usually identified by our use of certain terminology, including "will",
"believes", "may", "expects", "should", "seeks", "anticipates", "plans",
"has potential to", or "intends" or by discussions of strategy or
intentions. Such forward-looking statements include statements regarding
the drilling and geotechnical work, anticipated timing and outcome of
our federal, state and local permitting efforts, and overall progress of
the Bear Lodge Project. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause our
actual results or achievements to be materially different from any
future results or achievements expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially include, but are not limited to, the progress of our
Bear Lodge Project, fluctuations in demand for, and price of, rare earth
products; success of process technology under testing; timing of and
unexpected events at the Bear Lodge property; delay or failure to
receive government approvals and permits; changes in U.S. and Canadian
securities markets; our ability to obtain financing and general economic
conditions. There can be no assurance that future developments affecting
the Company will be those anticipated by management. Please refer to the
discussion of these and other risk factors as set out in our filings
made from time-to-time with the U.S. Securities and Exchange Commission
and the Canadian securities regulators, including without limitation,
the Company’s most recent reports on Form 10-K and Form 10-Q. We do not
undertake to update any statements or estimates at any particular time
or in response to any particular event, other than in accordance with
applicable law. Investors and other should not assume that any forecasts
in this news release represent management’s estimates as of any date
other than the date of this news release.

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