News-Release

Drilling to Commence at Rare Earth's LongStreet Gold-Silver Mine Project, Nevada

10/28/2003


Rare Earth Metals Corp. has received final permits for a 40 hole drill program at its Longstreet Gold-Silver Mine project in Nye County Nevada. Phase I is expected to commence mid-week and will consist of 10-15 reverse circulation drill holes (RCH). The property is located 55 km (30 miles) NE of Tonapah, Nevada and approximately 47 km (28 miles) SE of the Round Mountain Mine (Barrick/Kinross).

The Phase I program is designed to verify the extent of the existing resource calculated in a 1988 preliminary feasibility study by Mine Development Associates of Sparks, Nevada. MDA reported a measured resource of 3,277,900 tonnes of mineralization grading 0.82 g/t Au and 19.5 g/t Ag, excluding talus (Qualifying Report, March 14, 2003, G.A Harron P. Eng., P.Geo).

The qualifying report written by Harron for Rare Earth Metals states “It is the author’s opinion that the MDA measured resource calculation does not fully reflect the extent and grade of the mineralization present in and around the Longstreet Main vein. The calculations of the measured resource highlights the fact that angle holes are required to accurately sample the steeply dipping mineralization, and that the RCH’s need to be longer to penetrate the entire section of oxidized mineralization.” (2003 Qualifying Report, G.A Harron P. Eng., P.Geo) www.RareEarthMetals.net

The Phase I drill holes are planned to average 100 m (327 feet) in length and will be angled at a 45 degree dip and orientated (191 degrees azimuth) to intersect the two sheeted-vein sets which structurally control the emplacement of mineralization.

The Longstreet Mine project has a total of 7 separate gold-silver mineralized zones including the “Main” or “Longstreet” resource. Four of the mineralized zones on the property are shallow, sheeted-vein style, open pit targets while the other three are deeper, “bonanza” style, high-grade underground targets.


On behalf of the Board of Directors

John Roozendaal
President
 

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For more information about Rare Earth Metals Corp. please review the company’s website www.RareEarthMetals.net or speak with a Company representative toll free 866 816 0118 or by emailing info@rareearthmetals.net

 
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