Colorado Rare Earths, Inc., (OTCBB: CALY) shares prospered 7.7% Monday to $7.00, on word of new staking. Volume for the stock was a mere 2,125 shares, short of its daily average around 3,600.

The Lonoke, Ark.-based company put out a news release Monday saying that it has staked in excess of 8,000 acres in and around the Lemhi Pass District located in Idaho and Montana.

The United States Geological Survey report, released in December 2010, “The Principal Rare Earth Elements Deposits of the United States,” lists the Lemhi Pass District among the major Rare Earth Element (REE) deposits in the United States, while the December 2010 Department of Energy Critical Materials Strategy reports that Lemhi hosts significant concentrations of Heavy Rare Earths critical to green-tech and national security applications.

CREC’s new claims in Idaho follow the Company’s April 2011 staking of an additional 4,000 acres in Colorado’s Iron Hill and Wet Mountains mineral belts.

Company President Greg Schifrin was quoted in the same release as saying “our staking at Lemhi Pass adds to our portfolio of significant REE properties in Colorado. Taken together, Colorado Rare Earths’ claims now include some of the most prospective REE properties in the U.S.”

Colorado Rare Earths, Inc. is a mineral claims acquisition company. The Company currently focuses on rare earth elements and owns a 100% interest in a group of Colorado, unpatented, mineral claims; the Iron Hill Property, located in Gunnison County and a 100% interest in a group of unpatented mineral claims including the Wet Mountains Property which are located in Freemont and Custer Counties.