Rare Element Resources (TSX:RES)(NYSE Amex:REE) added 2.6% in after hours trade on Thursday after releasing a revised pre-feasibility study at Bear Lodge with improved economics.
The company announced several changes to the study for the Wyoming project, including much improved estimates of both capital and operating costs. Initial capital cost is now pegged at $334 million while annual operating cost are estimated to reach $61.8 million at $194/tonne mined.
By 6pm EST the developer was trading up 2.6% at $6.00 in New York, building on similar gains during normal trading hours.
Rare Element Resources is now worth $256 million on the TSE after gaining an astonishing 76% year to date.
Rare earth stocks had a good day on Thursday with sector bellwether Molycorp up more than 5% after earlier this week upping reserve estimates at its Mountain Pass project
