Rare Earth Metals Corp., (REM – TSX.V), November 15, 2005 (the “Company”) announces that Harvest Gold Corporation (“Harvest Gold”), its wholly owned subsidiary, has optioned two blocks of claims from Tudale Explorations Ltd and Stephen J. LeSavage located in the central part of the Rice Lake Gold Belt in Manitoba, Canada. The property package consists of two separate claim blocks, the Johnston claims, comprising 12 claims covering an area of approximately 19 square km near Wallace Lake ; and the Mabel Lake claims, comprising 6 claims covering an area of approximately 9 sq km located between Mabel Lake and Cliff Lake .

The Rice Lake Belt covers the Western extent of the Uchi geologic terrain. This terrain hosts the giant Red Lake Gold camp and the Pickle Lake Gold camp. The dominant geologic structure at Rice Lake is the Wanipigow fault, a major regional feature extending 130 km eastward to the Red Lake gold camp. Rocks in the Rice Lake Belt are similar in age to those at Red Lake and include mafic-ultramafic rocks, basalt, rhyolite, sulphide and oxide iron formation and ankerite alteration.

Rocks north of the regional Wanipigow fault in the Rice Lake Belt are equivalent to the Balmer formation. Balmer formation rocks host most of the gold deposits in the Red Lake Gold camp, which has produced over 25 million ounces of gold. Most of the Johnston claims are situated north of the Wanipigow fault. The important geologic similarities between the Rice Lake Belt and the Red Lake belt make Rice Lake , an ideal location for the exploration of large, high grade gold deposits.

The Wanipigow fault crosses the Johnston claims. Chip samples from the “Johnston occurrence” yielded up to 68 g/t Au over 80cm. Immediately east of the Johnston claims there are sulphide-, oxide- and carbonate-bearing iron formations that contain a number of gold occurrences with grab samples containing up to 2440 g/t Au and 20.228 Kg/t Ag (Manitoba Mineral Deposit Report No. 15).  These iron formations extend westward on to the Harvest Gold property.

Mr. Steven J. Lesavage, the property vendor, has prospected the claims since 1982. This work has included magnetic and VLF geophysical surveys. Several drill holes into a coincident VLF anomaly yielded 5.4 g/t Au over a core length of 1.22 m. In addition, vegetation geochemical surveys over several untested VLF conductors have yielded anomalous gold and other metals. A large number of VLF conductors with coincident magnetic anomalies remain to be evaluated.

Harvest Gold has undertaken a reconnaissance geological survey over a portion of the claims and a soil geochemical survey over three VLF anomalies. The geological survey revealed the presence of a large zone of extensive ankerite alteration adjacent to two VLF anomalies. The Company is testing these conductors and the coincident alteration zone with a short 700 m drill program. Drill results will be announced as soon as assay results are available.

The Company may earn a 50% interest in the claims by fulfilling a schedule of work on the property totaling $1.7 million over a 5 year period. Harvest Gold has an option to acquire up to 75% by extending the work commitment. The Company also has the option to purchase up to half of the Production Royalty of 3%.

As detailed in Rare Earth Metals Corp’s Information Circular dated September 13, 2005 and filed on SEDAR, the Company is to effect a restructuring (the “Restructuring”) whereby Harvest Gold is to be “spun off” as a separate company to be listed on the TSX Venture Exchange (the “Exchange”). This Restructuring was approved by the Company’s shareholders on October 7, 2005 and remains subject to Exchange acceptance.

The technical information in this release has been reviewed by Dr George Gale P.Eng Qualified Person

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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