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1. DESCRIPTION OF BUSINESS
12 Months Ended
Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS

Rare Element Resources Ltd. (collectively referred to as “Rare Element,” the “Company,” “our,” “we” or “us”) operates in the mining industry and is focused on advancing its Bear Lodge REE Project. Currently, the Company is undertaking advanced engineering and technical studies while working towards obtaining the necessary operating permits that will allow the Company to develop the Bear Lodge REE Project and begin commercial rare earth production at some time in the future. As such, we are defined by U.S. GAAP as an exploration stage entity. To date, we have no revenue and have an accumulated operating deficit of $99,441, of which $55,205 is attributable to the exploration and advancement of our mineral property interests.

 

Our continuing operations and the recoverability of the carrying values of our mineral property interests are dependent upon the existence of economic reserves being developed at the Bear Lodge REE Project, the ability of the Company to obtain the necessary operating permits to mine the Bear Lodge REE Project and on future profitable production at the Bear Lodge REE Project or proceeds from the disposition of any of our mineral property interests. Development of and/or commencement of commercial production at the Bear Lodge REE Project is dependent upon our ability to obtain the necessary financing to complete the exploration, development and/or construction of the Bear Lodge REE Project. Although we have been successful in raising such capital necessary to sustain our operations in the past, there can be no assurance that we will be able to do so in the future.