March, 21 2005 (REM – TSX.V) … Rare Earth Metals Corp. (the “Company”) has begun drilling targets identified in the recent Induced Polarization survey conducted by Matrix Geotechnical Services of Toronto, Canada. The two separate targets being drilled are located on the Company’s Row/Lass claims and its Wood claims. The Company’s extension claims cover the east and west strike directions of the Assean Lake Shear Zone (ALSZ), which runs through the Hunt Property. The ALSZ is the major controlling structure for gold mineralization in the belt.

The Wood claims’ target will be drilled beneath a coincident Ni-Cu-Co-Pd MMI soil geochemistry anomaly. This anomaly has high charge abilities indicating the potential for sulphide mineralization in the subsequent Induced Polarization geophysical survey. Approximately 300 metres of drilling is planned for the target.

The Row/Lass claims’ target was identified in the area of an historic trench where gold mineralization was reported in government archives. This “lost trench zone” is located in the Assean River area NE and contiguous with the Hunt property. The IP survey conducted over the area located an anomaly with a moderate to weak chargeability and a high resistivity signature, which is characteristic of disseminated mineralization along a quartz/carbonate alteration or a diabase dyke. Approximately 300 meters of drilling is planned for the target.

The Assean Lake project is an advanced exploration play with over 3.0 million dollars (CDN) invested in exploration activity to date. The primary exploration target at Assean Lake is shear-hosted gold, the typical mineralization style for gold deposits on the Canadian Shield. A secondary target in the Assean Lake area is that of the Thompson style Nickel-Copper deposit. The property hosts similar geology to the Thompson area and has historically been thought of as being in the Thompson Nickel Belt. The property is located approximately 100 km NE of the city of Thompson, Manitoba. Thompson is the location of a fully integrated nickel mining, milling, smelting and refining complex operated by INCO Ltd., (TSX: N).

The Assean Lake extension claims consist of two separate claim blocks, the Row/Lass claim block to the NE and the Wood claim block to the SW. The Company holds an option to earn 100% in both claim blocks. The Hunt property, which lies between the Extension claims, is a 40/60 JV partnership between Rare Earth Metals Corp and property operator, the Lundin Group company, Canadian Gold Hunter (TSX: CGH). REM’s total property package covers over 40 km of the ASLZ.

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

ON BEHALF OF THE BOARD

John Roozendaal
President & C.E.O.

For further information, please contact:
Rick Mark V.P. Corporate Development (604) 986 2020 or Toll Free 866 816 0118
Or visit our website www.RareEarthMetals.net

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.