News-Release

Rare Earth Metals Hires Wardrop Engineering For 3d Geologic Model, Extends Deal For Longstreet Au-Ag Project, Nevada

02/22/2005


February 22, 2005 (REM – TSX.V) Rare Earth Metals Corp. (the “Company”) reports that Wardrop Engineering has been contracted to construct a three dimensional geologic model for the Longstreet “Main” mineralized zone at the 100% owned Longstreet gold/silver property near Tonopah, Nevada, USA.

Gold-Silver mineralization was discovered in the area in 1903 and exploration and development of underground workings took place on the property in the 1920’s. Work ceased in 1930 and the property remained dormant until the 1980’s. During the period 1984 – 1988, the Longstreet Deposit was tested by about 350 reverse-circulation drill-holes of which about 220 were vertical, and the balance inclined at –60 degrees. A measured gold-silver resource was calculated on the basis of this data. In a 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

Due to constraints imposed by NI 43-101, these historical figures can no longer be considered as resources for reporting purposes. Further, discrepancies in gold grade of up to 20% were found to exist between the vertical and angle holes. These differences were attributed to the relatively inferior sampling of the steeply-dipping gold-bearing quartz veins that was obtained by the vertical drill holes.

During 2003 and 2004, the Company drilled 23 holes angled to -45 degrees which, in combination with surface and underground mapping by Richard Kern M.Sc. (Q.P.), led to the recognition of three sets of gold-bearing quartz veins of varying orientations, instead of a single set of veins as previously thought. Drilling to date may not have adequately tested the full potential of these three vein sets and a 3-dimensional computer model of the zone will further the company’s understanding of the geometry of the gold-bearing quartz veins, and could form the basis for a re-estimation of the mineral resource/reserve if warranted.

Wardrop will undertake the construction of a computer assisted geologic model of the Longstreet Deposit using both recent and, historical drill data. The modeling work will be undertaken by Greg Mosher, P.Geo., Senior Geologist with Wardrop Engineering. The results of the study will determine whether the company will go ahead with a proposed scoping study to update the 1988 pre-feasibility report to current cost parameters.

The Company has also negotiated new terms for the extension of the current property agreement with Minquest Incorporated., of Reno, Nevada. The new deal distributes the remaining obligations of the agreement which earns a 100% interest in the property, over the next 5 years. Both parties recognize that various factors beyond their control slowed the development of the project over the past two years and are excited about the additional exploration focus provided by the first deeper high grade holes discovered in the system. ( http://www.remcorp.info/gold-project-nevada.html , February 15, 2005).

Richard Kern of Minquest states “We believe in the potential of this multi-target land package. While the small mine potential of the Longstreet deposit has been our initial focus, we have always planned to explore deeper as part of the much bigger model we are chasing, a Round Mountain style system.”

The property is located 55 km (34 miles) NE of Tonopah, Nevada and there are 8 known areas of gold-silver mineralization at surface on the property, only one of which, the Longstreet “Main” zone, has undergone extensive drilling. The giant Round Mountain Au-Ag Mine (Barrick/Kinross) is located 47 km (29 mi) NW of Longstreet. It continues to operate and has so far produced over 8 million ounces of gold. Future work on the property will address the potential for a much larger Round Mountain type mineralizing system while continuing evaluation for open pit, heap leach amenable mineralization on the property.

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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