RARE EARTH METALS CORP. (the "Company")
(TSX:REM), May 27, 2003 Vancouver,
British Columbia.
Further to its news release of December 2, 2002, the Company announces
that it
has received conditional acceptance from the TSX Venture Exchange to
acquire
Golden Crown Resources Inc., a closely held company controlled by
certain
directors and officers of the Company, in consideration for the issuance
of
1,500,000 common shares of the Company.
Golden Crown holds an option from MinQuest Inc., an arm's length Nevada
Company,
to acquire a 100% interest in the Pinon Project, a Nevada property
consisting of
the Longstreet gold deposit and several untested gold target zones.
Through the
acquisition, Rare Earth Metals may now acquire 100% of the Pinon Project
by
completing the following, staged over a period ending February 2007: a)
issuing
MinQuest a total of 1,000,000 shares; b) paying MinQuest Inc., a total
of
US$310,000 in property payments; and c) spending US$760,000 on the Pinon
Project.
The Exchange acceptance of the Golden Crown acquisition requires that
the
1,500,000 shares of the Company being issued are held in escrow and that
the
Company has sufficient funds on hand to fund the initial US$48,000
property
payment and the US$145,000 Phase I work program.
On behalf of the Board of Directors
Andrew Cook
CEO & Director
On behalf of the Board of Directors
John Roozendaal
President
The TSX Venture Exchange has not reviewed
and does
not accept responsibility for the adequacy
or accuracy of the contents herein.
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
The TSX Venture Exchange has not reviewed this press release and does
not
accept
responsibility for the adequacy or accuracy
of this
release.
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