Rare Element Provides Information of Cease Trade on TSX

LAKEWOOD, COLORADO -- (Marketwire) -- 02/20/13 -- Rare Element Resources Ltd. (NYSE Amex: REE)(NYSE MKT: REE)(TSX: RES) (the "Company") advises that its common shares will not trade on the TSX on February 20, 2013. The Company previously disclosed by press release the change in its fiscal year-end to December 31, and also filed a Form 8K with the U.S. Securities and Exchange Commission ("SEC") announcing this change; however, this Form 8K was not received by the Canadian securities regulators. The British Columbia Securities Commission (the "BCSC") issued a cease trade order on February 19, 2013 based on its belief that the Company had not made a quarterly financial filing which otherwise would have been due if the Company's fiscal year-end had remained June 30. The Form 8K has now been filed with the Canadian securities regulators, and the Company has been advised by the BCSC that the cease trade order will be promptly removed and that trading of its securities will resume on the TSX on February 21, 2013.

The trading of the Company's common shares on the NYSE MKT is not impacted.

For information please refer to the Company's website at www.rareelementresources.com.

Rare Element Resources Ltd. is a publicly traded mineral resource company focused on exploration and development of rare-earth elements (REEs), with a significant distribution of critical rare earths (CREEs). In addition to the REE exploration and evaluation efforts, the Company controls the Sundance gold project, which is located on the same property in Wyoming.

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", "has potential to", or "intends' or by discussions of strategy or intentions. 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. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company's business model; future operations, products and services; the impact of regulatory initiatives on the Company's operations; the size of and opportunities related to the market for the Company's products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance.

Contacts:

Rare Element Resources Ltd.

David Suleski

720-278-2468
www.rareelementresources.com