Rare Earth Metals Corp. (the “Company”) reports that drilling has commenced at its Longstreet gold-silver mine project in Nye County, Nevada. It is located 55 km (30 miles) NE of Tonopah, Nevada. The Company has an option to acquire a 100% interest in the Longstreet property.

The property is located in the Monitor Range, adjacent to the Walker Lane volcanic-hosted gold trend that includes world-class deposits such as the Comstock and Goldfields mining camps. Longstreet is approximately 47 km (29 miles) south-east of the Round Mountain gold mine (Barrick/Kinross) and 37 km (23 miles) east of the Midway gold project (Midway Gold Corp.) The gold-silver mineralization at Longstreet’s “Main Zone” consists of volcanic hosted, structurally controlled, sheeted veins.

The 15 hole reverse circulation drill (RCH) program now underway is designed to test the strongest indications of vein extensions beyond the existing resource. The purpose of this program is to identify a large enough resource to begin pre-feasibility studies for an open-pit, heap-leach amenable gold-silver deposit (http://www.rareearthmetals.net/current.html link to drilling plan map)

In the 1988 preliminary feasibility study, Mine Development Associates (MDA) of Sparks, Nevada, reported a measured resource of 3,277,900 tonnes of mineralization grading 0.82 g/t Au and 19.5 g/t Ag, excluding talus, (Qualifying Report, March 14, 2003, G.A Harron P. Eng., P.Geo) ( Link to Report is http://www.rareearthmetals.net/pinpic.pdf ).

In October, 2003 the Company received permits to drill 40 holes at the “Main Zone” of the Longstreet gold-silver project. Drilling began in November 2003 and 9 of a planned 15 RCH hole program were completed before winter weather conditions set in. The drilling was successful in that it intercepted gold-silver mineralization in every hole with intervals varying from 12.19 m of 0.98 g/t Au and 7.88 g/t Ag, to 6.9 m of 2.69 g/t Au and 153.3 g/t Ag and 3.04 m of 4.34 g/t Au and 22.5 g/t Ag. The results received from the initial 9 holes appear to support the company’s premise that properly angled drill holes can intersect mineralization of better grade and width than the vertically oriented drill holes completed in the 1980s’ programs.

The Longstreet property hosts 7 separate gold-silver targets. Four of the prospective zones including the “Main Zone” are heap-leach, open-pit targets. The remaining three zones are deeper, “bonanza” style high-grade gold-silver targets. To learn more about the Longstreet Project link to http://www.rareearthmetals.net/gold-project-nevada.html

The TSX Venture exchange does not accept responsibility for the adequacy or accuracy of this release.

On behalf of the Board of Directors,

John Roozendaal B.Sc
President, CEO & Director
Rare Earth Metals Corp.
 

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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