March 26, 2004 (REM - TSX.V) . Rare Earth Metals Corp. (the "Company") is pleased to report initial assay results from drilling on the Hunt Zone on the Company's Assean Lake shear-hosted gold project in north-central Manitoba. Approximately 3,500 meters have been completed so far of the planned 4,100-meter program of BQ diamond drilling on the Hunt Zone and several reconnaissance targets on the north shore of Assean Lake.

The drill program has significantly extended the high grade Hunt Zone to depth and to the west. The Zone remains open in both directions and the plunge of the high-grade core is flattening to the west, which means that future drilling should intersect the zone at shallower depths than originally anticipated. In addition, the current drill program has resolved the geometry of a deep fault structure allowing for a greater understanding of the deposit. Please see the attached long section.

Assays for the first four holes in the Hunt Zone are presented in the table below. True widths are 80% to 85% of the reported lengths.

Hole No. Collar Azimuth/Angle Interval (m) Length (m) Gold (g/t)
HT-04-137 1650E/057S 333º/-62º 252.70-257.60 4.90 1.88
includes 254.60-256.10 1.50 4.35
HT-04-138 1600E/053S 333º/-65º 259.65-263.40 3.75 7.14
includes 262.00-263.40 1.40 13.48
HT-04-139 1700E/088S 333º/-63º 284.60-286.70 2.10 0.42
HT-04-143 1600E/100S 333º/-65º 307.00-312.90 5.90 3.04

Assays are pending on three additional holes, HT-147, 151 and 155, which were drilled to the west and higher in the Hunt Zone section to further test the extent of the zone. Two final holes, HT-158 and 161, in progress will conclude the winter program on the Hunt Zone.

"We are very pleased with the results and look forward to continued success in expanding the Hunt Zone, commented Richard Bailes, President of Canadian Gold Hunter, "The Hunt Zone shows excellent continuity and has the potential to be a significant new gold deposit in the prolific Canadian Shield - the most productive shear-hosted terrain in the world."

The Assean Lake Project is a 60/40 joint venture between Canadian Gold Hunter and Rare Earth Metals Corp.

Drill results and technical data have been reviewed by Jan Christoffersen, P.Eng., a Qualified Person pursuant to NI-43-101. The mineralized drill core intervals are split in the field and sent to ALS Chemex in Vancouver for analysis. The intervals containing visible gold are assayed by fire-assay procedure for metallics gold. This procedure involves pulverizing a one-kg sample and passing the prepared pulp through a 150 mesh (106 micron) screen. The +150 mesh material is analyzed in its entirety by fire assay. The -150 mesh material is homogenized and a 50-gram subsample is assayed by fire assay with gravimetric finish. The samples from sections that did not contain visible gold were fused by fire assay and analyzed by atomic absorption spectroscopy. A series of standards are routinely introduced with each batch of samples. Quality controls include preparation and analysis statistics performed to industry standards

On behalf of the board,

John Roozendaal
President C.E.O. & Director

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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