VANCOUVER, May 12 /PRNewswire-FirstCall/ - Rare Element Resources Ltd. (TSX-V: RES) ("Rare Element" or the "Company") announces that the Company has signed an agreement with Newmont North American Exploration Ltd. ("Newmont") that Newmont will not exercise its option to acquire a 65% interest in the gold and base metals at the Sundance Venture of Rare Element's Bear Lodge property, Wyoming. This allows Rare Element to maintain its 100% interest in the mineral potential within the entire property. In addition, all of Newmont's 327 wholly owned claims outside the venture will be transferred to the Company.