Rare Element Resources Reports Cash Position of $33.8 Million to End Q1

Rare Element Resources Ltd. (NYSE:REE, TSX:RES) reported their financial results for the first quarter ending March 31, 2013, including a cash position of $33.8 million.

As quoted in the press release:

For accounting purposes the Company is classified as an exploration company and, as such, does not have production-related revenues at this time. 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 the following:

• 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 Earth Element’s President and CEO,  Randall J. Scott, said:

The first quarter of 2013 is marked by some major milestones. During the first quarter, we not only substantially expanded the Measured and Indicated (M&I) resource at the Bear Lodge Critical Rare Earth Project but also identified the first-ever Indicated resource at the heavy rare earth-enriched (HREE) Whitetail deposit.

To view the whole press release, click here.