July 14, 2004 (REM – TSX.V) Rare Earth Metals Corp. (the “Company”) has received confirmation from JV partner Canadian Gold Hunter (CGH-TSX) that the summer drilling program at the Assean Lake Gold project has commenced. The project is a joint venture between Canadian Gold Hunter (60%) and Rare Earth Metals Corp. (40%) covering an area of 10,000 hectares in north-central Manitoba, 120km northwest of Thompson. The property is situated over the Assean Lake Shear Zone (ALSZ), an ancient fault system and major break in the Earth’s crust. Geologic structures like the ALSZ are associated with the major gold camps of the Canadian Shield. Gold occurrences have been discovered at various locations over a 23 km long portion of the ALSZ, covered by our claims.

Approximately 4,000 metres of drilling is scheduled this summer. This program follows the successful results received from the 2004 winter program in which 4,237 metres in 25 diamond drill holes were completed and drilled on 50 metre centers. The gold intercepts from the winter program were the best ever encountered on the Hunt Zone. Highlights include a 2.94 m interval at 38.6 g/t gold, a 2.0 m interval at 24.53 g/t and a 1.95 m interval at 16.83 g/t gold. In addition, a second high-grade zone (Hunt B) intersected a 1.64 m interval at 19.28 g/t gold, 40-45 metres below (to the north of) the Hunt Zone. Significant visible gold was noted in all of the intercepts

The 2004 Winter program resulted in a significant expansion to the west and at depth of the high-grade Hunt Zone. Mineralization at the Hunt Zone remains open in both directions and the plunge of the high-grade core is flattening to the west. The Hunt Zone is a shear-hosted deposit which has been traced by drilling for a strike of 600 metres and to a depth of over 300 metres. The Hunt Zone is exhibiting excellent continuity and will be tested in the current program on strike and at depth.

Rare Earth Metals is also conducting a summer field program on its 100% optioned Row, Lass and Wood claims. These claims are contiguous to the east and west claim boundaries of the Hunt property. With a 40% interest in the Hunt property and a 100% interest in the Row, Lass and Wood properties, the Company currently holds an interest in a continuous claim block that covers over 35 kilometers of the ALSZ. The field program will consist of a comprehensive MMI geochemical soil survey over areas surveyed by Magnetic and HLEM geophysical methods in 2003. The surveys will be compared and analyzed for prospective targets, which will be prioritized for a follow-up drill program. The Company contemplates a first phase of drilling on the Row, Lass and Wood properties in early 2005.

Andrew R Cook and Robert Sibthorpe resigned from the board of directors on June 17, 2004 and June 21st 2004 respectively. The officers and directors of the Company are Evan Sleeman Chairman, John Roozendaal President & C.E.O., Rick Mark Secretary, and Jay Butterworth Independent Director.

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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