November 4, 2004 (REM – TSX.V) Rare Earth Metals Corp. (the “Company”) reports results of the first three drill holes from its Longstreet gold-silver mine project in Nye County, Nevada. The property is located 55 km (30 miles) NE of Tonopah, Nevada. The Company has an option to acquire a 100% interest in the property.

In October, 2003 the Company received permits to drill 40 holes at the “Main Zone” target. 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 2004 drilling program, consisting of 15 reverse circulation (RC) holes 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 )

Drill Hole PR10 was collared within the known resource and drilled to test the resource for grade, width and continuity as well as explore for mineralized veins southwest of the Resource area. PR 11 was drilled 250 ft (76.2m) along strike of the mineralized zone. PR 11 and 12 were drilled approximately 150 ft (45.72m) outside the resource area in the vicinity of a fault, which is believed to cut off the resource in that direction.

The intercepts indicate that mineralization does continue southeast of the resource though the fault appears to have cut off the zone in PR 12. Drill hole PR 10 shows improved grade over vertical holes in the area and holes PR 11 and 12 indicate the presence of mineralization 40 meters southeast of the current resource. Drilling is currently testing the southwest margin of the resource to check grade and possible extensions at depth. Eleven additional holes are planned to test for extensions of the resource to the west and down dip to the north.

The table below lists the assay results for the first 3 holes, testing mineralized sheeted veins in and around the Longstreet Mine Property’s Main Zone. 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) Report link http://www.rareearthmetals.net/pinpic.pdf

DH # T. Depth (meters) Dip Angle From To Interval (Meters) Au g/t Ag g/t Gold Equivalent 60:1 Ag:Au Ratio
PR10 91.44 -45 10.67 22.86 12.19 2.92 29.7 3.42
Including 10.67 13.72 3.05 8.95 91 10.47
PR10 91.44 -45 28.96 36.58 7.62 0.63 16 0.9
PR11 91.44 -45 25.91 30.48 4.57 1.46 20.9 1.81
PR12 91.44 -45 41.15 44.2 3.05 0.5 5.8 0.6
PR12 91.44 -45 89.92 91.44 1.52 0.53 93.4 2.09

Richard Kern (P.Geo) of Reno, Nevada, is the qualified person as required under NI 43-101 and has reviewed the technical information contained in this press release. All samples were prepared and assayed by ALS Chemex, Reno, Nevada. Analysis is done using 50 gram fire assays with an AA finish up to 10 g/t gold and a gravimetric finish if over 10 g/t.

Due to difficulties beyond the control of the Company, 2004 drilling has progressed at an unacceptably slow rate with the 4th hole of the planned 15 hole program still being drilled. A second drilling contractor has now been retained to begin work on the property this week. Both rigs will continue drilling until the program is completed.

The Longstreet property is located in the Monitor Range, adjacent to the volcanic-hosted Walker Lane 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). The gold-silver mineralization at Longstreet’s “Main Zone” consists of volcanic hosted, structurally controlled, sheeted veins.

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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responsibility for the adequacy or accuracy of this release.