News-Release

Gold Project Acquisition Approved - Nevada Pinon Project

05/27/2003


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.