Rare Element Resources Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. The net loss for the first quarter ended March 31, 2013, totaled $4.4 million, or $0.10 per share, compared to a net loss of $5.3 million, or $0.12 per share, for the same period in 2012. The $0.9 million positive variance in net loss between the periods was due to: reduced exploration spending of $0.7 million at the Bear Lodge property; positive variance in stock-based compensation of $2.3 million due primarily to a lower share price and smaller number of options granted; negative variance of $2.3 million in foreign exchange due to the impacts on the company's Canadian dollar cash balances related to exchange rate fluctuations in the US dollar on the balance sheet date; and miscellaneous positive variances of $0.2 million in other non-operating income and expenses.

Rare Element Resources Ltd. announced that Robbin Lee has joined the company as its Director of Investor Relations. Prior to their merger with AMB Property, she was Vice President of Investor Relations for ProLogis. Prior to ProLogis, she spent 12 years in senior IR roles for a number of companies in the mining sector, including Echo Bay Mines, PolyMet Mining and Atlas Corporation.

Rare Element Resources Ltd. announced that Lowell A. Shonk, a financial professional with more than 30 years of experience in the mining industry, has joined its Board of Directors as of April 23, 2013 and will serve as the Board's Audit Committee Chair. At the same time, Paul H. Zink, a director since early 2012, has tendered his resignation in order to devote his time to his new position as Chief Executive Officer of Americas Bullion Royalty Corp. Mr. Shonk has held numerous financial-related positions in the last 30 years in companies in the copper, molybdenum, gold, coal, iron ore, industrial minerals and lithium extractive and processing industries, both domestically and internationally. Mr. Shonk served as Vice President of Financial Operations and Analysis at Phelps Dodge Corporation and Freeport-McMoRan Copper & Gold from 1999 through 2009. Mr. Zink tendered his resignation to the Board on April 23, 2013 in order to focus his attention on developing Americas Bullion Royalty Corp., the mining industry's newest royalty company.