Date of Report: April 18
Company Name: Rare Element Resources Ltd.
Stock Symbol: RES
Exchange: Venture
Company Website: www.rareelementresources.com
Section A. Financial
1.  When was the Company incorporated? before 2000
2.  Nature of current operations: Exploration
3.  Shares outstanding: 23,182,556
4.  Shares fully diluted: 26,828,572
5.  Options outstanding (grouped in reverse order by date):

1
(most recent)

 2 3 4
Number 25,000 350,000 350,000 406,000
Price $1.00 $1.00 $1.00 $0.55
Expiry 10/2012 10/2012 9/2012 1/2012
6.  Warrants outstanding, excluding brokers' warrants (in reverse order by date):
1
(most recent)
 2 3 4
Number 537,500      
Price $1.35      
Expiry 5/2009      
7.  Financings in the past 24 months:
1
(most recent)
 2 3 4
Number of shares 1,075,000      
Price of shares $1.00      
Number of warrants (excluding brokers' warrants) 537,500      
Exercise price of warrants $1.35      
8. Total number of shareholders: 1000-1999
9.  Insider holdings:
Number of shares 2,000,000
Number of options 2,451,000
Number of warrants 537,500
10.  Is there a share-based incentive plan? No
11.  If yes, detail:
12.  Is there a Shareholders' Rights Plan in place? No
13.  Does a larger unrelated mining company hold greater than 5% of common shares, or is a joint venture with a larger company now in place? Yes
14.  Cash and short-term investments on hand ($): $2,400,000
15.  Book value of ABCP ($):
16.  How many geologists (full-time equivalent) are engaged  2
          by the company?
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Section B.  On the subject of the lead geologist:
1. Name: Don Ranta Phd.
2. Is this a Qualified person as defined in terms of NI 43-101? Yes
3. Years of experience in the field: 20+
4. Has this person played a key role in advancing a project from early exploration to:
a) historic (non-compliant) resource, pre-NI 43-101
If yes, detail:
b) NI 43-101 resource estimate Yes
If yes, detail, if different from above: Phelps Dodge; Amax.
c) joint venture with or buyout by a larger mining company Yes
If yes, detail, if different from above: Phelps Dodge; Amax.
d) an operating mine Yes
If yes, detail, if different from above: Phelps Dodge; Amax.
Section C.  On the subject of the lead executive responsible for financing:
1.  Name: Mark T. Brown CA
2.  Years of experience in the field: 15-20
3.  Total funds ($CAD) raised for this company: 5m-9.9m
4.  Total funds ($CAD) raised in the mining sector: 20m-49.9m
Section D.  Property #1
1. Name of the property: Sundance
2. Location: USA
3. Key resource targets (up to four): Gold      
4. Is there paved road access to the property? Yes
5. Distance to the nearest major city: 50 km.+
6. Distance to the nearest adequate power grid: 10-19.9km.
7. Distance to the nearest adequate water supply: 10-19.9km.
8. Distance to the nearest adequate labour supply: 10-19.9km.
9.  Distance to the nearest rail suitable for transport: 10-19.9km.
10.  Distance to the nearest port suitable for transport: 50 km.+
11.  Distance to the nearest protected wildlife refuge: 50 km.+
12.  Distance to the nearest tourist resort: 50 km.+
13.  What is the mean elevation (msl) of the property? 1000-4999m.
14.  Has this property been meaningfully mined before? No
15.  If yes, please describe any remaining usable infrastructure:
16.  Is this property currently an operating mine? No
17.  If no, distance to the nearest mine for target metals: 50 km.+
18.  Name of that mine and operator: Mineral Hill Mine
19.  Is there a NI 43-101 compliant resource report for the property? No
20.  If yes, please describe the key report estimates:
21.  If no, distance to nearest property with NI 43-101  50 km.+
          compliant resource report.
22.  Name of that property and operator: Mineral Hill Mine.
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23.  Is the property owned outright by the company? Yes
24.  If no, has the company secured mineral rights?
25.  If no, has the company secured surface rights?
26.  Does the company have permitting to explore the property? Yes
27.  Does the company have permitting to mine the property? No
28.  Total metres of drilling now completed: 10,000-19,999
29.  Total metres of drilling planned for next 12 months: 5,000-9,999
30.  Number of drilling rigs now on the property:
31.  Number of new rigs planned for next 12 months: 1
32.  Number of months/yr. this property is open to exploration: 8
33.  Number of months/yr. this property is open to mining: 12
34.  Exploration budget on this property for next 12 months: $1,000,000
35.  Has metallurgical testing been completed in support of the case for successful recovery of target metals for this deposit? Now in process
For this property, describe up to the three best drilling results:
Hole number 1
36.  Name Sun 021
Mineralized Metres  Metal  Grade Measure
37. - 40. 156 Gold 0.66 gpt
       
       
Hole number 2
41.  Name Sun 022
Mineralized Metres  Metal  Grade Measure
42. - 45. 45 Gold 0.66 gpt
       
       
Hole number 3
46.  Name
Mineralized Metres  Metal  Grade Measure
47. - 50.        
       
       
51.  Website link to detailed drilling results: www.rareelementresources.com
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Section E.  Property #2
1. Name of the property: Bear Lodge
2. Location: USA
3. Key resource targets (up to four): RE Oxides      
4. Is there paved road access to the property? Yes
5. Distance to the nearest major city: 50 km.+
6. Distance to the nearest adequate power grid: 10-19.9km.
7. Distance to the nearest adequate water supply: 10-19.9km.
8. Distance to the nearest adequate labour supply: 10-19.9km.
9.  Distance to the nearest rail suitable for transport: 10-19.9km.
10.  Distance to the nearest port suitable for transport: 50 km.+
11.  Distance to the nearest protected wildlife refuge: 50 km.+
12.  Distance to the nearest tourist resort: 50 km.+
13.  What is the mean elevation (msl) of the property? 1000-4999m.
14.  Has this property been meaningfully mined before? No
15.  If yes, please describe any remaining usable infrastructure:
16.  Is this property currently an operating mine? No
17.  If no, distance to the nearest mine for target metals: 50 km.+
18.  Name of that mine and operator: Mountain Pass, California - Rare Earths Mine.
19.  Is there a NI 43-101 compliant resource report for the property? No
20.  If yes, please describe the key report estimates:
21.  If no, distance to nearest property with NI 43-101 
          compliant resource report:
22.  Name of that property and operator: Mountain Pass - owned by Chevron?
23.  Is the property owned outright by the company? Yes
24.  If no, has the company secured mineral rights?
25.  If no, has the company secured surface rights?
26.  Does the company have permitting to explore the property? Yes
27.  Does the company have permitting to mine the property? No
28.  Total metres of drilling now completed: 5,000-9,999
29.  Total metres of drilling planned for next 12 months: 1-4,999
30.  Number of drilling rigs now on the property:
31.  Number of new rigs planned for next 12 months: 1
32.  Number of months/yr. this property is open to exploration: 8
33.  Number of months/yr. this property is open to mining: 8
34.  Exploration budget on this property for next 12 months: $1,000,000
35.  Has metallurgical testing been completed in support of the case for successful recovery of target metals for this deposit? Now in process
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For this property, describe up to the three best drilling results:
Hole number 1
36.  Name RES 04-01
37. - 40. Mineralized Metres  Metal  Grade Measure
8.4 RE Oxides 8.70 %
       
       
Hole number 2
41.  Name RES 04-02
42. - 45. Mineralized Metres  Metal  Grade Measure
36 RE Oxides 4.06 %
       
       
Hole number 3
46.  Name RES 07-01
47. - 50. Mineralized Metres  Metal  Grade Measure
29 RE Oxides 4.80 %
       
       
51.  Website link to detailed drilling results: www.rareelementresources.com
Additional comments provided by the Company
Rare Element is exploring on it 100% owned Bear Lodge Project in Wyoming which has a large historical resources of Rare Earth Elements for which demand is growing sharply. China produces 90% of the world's rare earths and they are being used in more and more technological applications, including hybrid cars.

Newmont is exploring on the Sundance project (the same area as Bear Lodge) for gold and is very excited about the long, at sruface intercepts they have hit. They are spending $5 million to earn in 65% of the project. They are filing for a permit to allow for a very large drilling campaign as their next phase of work.

The Company has a tight share structure and an very experienced team of management and directors behind it, including Don Ranta, Mark T Brown, Jeff Phillips, Norm Anderson, Greg McKelvey, Stephen P. Quin, William H. Bird, David Beling, Winnie S. Wong, and Norm Burmeister.
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