** Shares of American Rare Earths rise as much as 9.4% to A$0.32, their highest since July 4

** Rare earth miner says drilling results for its Wyoming project confirm presence of high-grade rare earth ore

** More than 1.2 mln shares change hands vs 30-day avg volume of about 486,170 shares

** Stock has gained 77.3% YTD, as of last close

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))