VANCOUVER, Feb 17, 2003 (Canada NewsWire via COMTEX) --

Rare Earth Metals Corp. is pleased to announce that it has signed two agreements with Strider Resources Limited, the original vendor of the Company's current Assean Lake claim holdings, to acquire a 100% interest in both the Row/Lass and Wood claim blocks. The newly acquired claim blocks cover the east and west strike extent of the Assean Lake projects' core claim group which is held under joint option by Rare Earth Metals (40%) and International Curator Resources (60%). Assean Lake, an advanced gold exploration project, is located in North Central Manitoba.

The Row/Lass claims cover 8 kilometers of the East strike extent and the Wood claims cover 7 kilometers of the West strike extent, respectively, of the existing Assean Lake claim group. They encompass an area of 3271 Hectares (8083 acres) in 16 claims along the Assean Lake Shear Zone (ALSZ) and will be held 100% by Rare Earth Metals.

The ALSZ is a major break in the earth's crust, which can be traced for over 200 km. Major geologic structures similar to the ALSZ are associated with gold camps throughout the Canadian Shield.

Drilling of up to 4500 meters is now underway on the aforementioned core group of Assean Lake claims (announced February 13, 2003). Over two million dollars has been spent to date on the project.

The Company will begin work on the newly acquired claims immediately including cutting 92 line kilometers of survey grid and 72 line kilometers of ground Magnetic and HLEM geophysical surveying.

The option agreements call for property expenditures of $1,250,000, the issuance of 400,000 common shares and property payments totaling $650,000 over 5 years. The Company has also issued 70,000 stock options at $0.35 per share for a period of 5 years.

On February 18, 2003 the Company is launching its redesigned website. The website will provide prospective investors and existing shareholders with better access to current and complete information about the Company and all its projects. (www.rareearthmetals.net)

On behalf of the board;

Andrew Cook, CEO, Director

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

 
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