Rare Element (NYSE:REE) announced that the 2011 rare earth element drilling program has commenced at its Bear Lodge rare earth element project in Wyoming. Two core drilling rigs are currently on the project site and will be used to test the Bull Hill REE area and Whitetail Ridge REE targets.Vice President of Exploration, Dr. Jim Clark stated, "Rare Element is conducting its 2011 development and exploration drilling programs on the Bull Hill area and Whitetail Ridge rare earth deposits in anticipation of a prefeasibility study scheduled for completion during the first quarter of 2012. We are focused on increasing the indicated REE resources for use in the pre-feasibility study. We are fortunate to have an excellent staff with which to accomplish these goals."Rare Element Resources has a potential upside of 96.3% based on a current price of $10.7 and an average consensus analyst price target of $21.