Rare Element Resources Ltd. announced that the U.S. Nuclear Regulatory Commission has completed its review and issued the Company a Source Material License. This license is necessary to allow the processing of previously stockpiled material from the Bear Lodge Project at the Company's planned processing and separation demonstration plant ("Demonstration Plant") to be built in Upton, Wyoming. The license represents a critical step that advances the project to the next stage approval with the U.S. Department of Energy's ("DOE") Office of Energy Efficiency and Renewable Energy, which is providing approximately 50% of the budgeted project costs.