X0305 4 2012-03-29 0 0001419806 RARE ELEMENT RESOURCES LTD REE 0001343721 Ranta Donald E 225 UNION BLVD. SUITE 250 LAKEWOOD CO 80228 1 0 0 0 Stock Option (Right to Buy) 15.16 2012-03-29 4 D 0 100000 0 D 2011-01-11 2016-01-11 Common Stock 100000 0 D The exercise price is reflected in Canadian dollars. The reporting person and the Company agreed to cancellation of this option for no value and the Board of Directors approved such cancellation on March 29, 2012. While no Section 16 report is required for this transaction, the reporting person has elected to file this Form 4 to be consistent with his Canadian insider reports. /s/ Donald E. Ranta 2012-04-02