News Release -

RARE EARTH METALS REPORTS GOLD AND NICKEL DRILL TARGETS IDENTIFIED AT ASSEAN LAKE EXTENSION CLAIMS, MANITOBA
March 3, 2005

March, 3 2005 (REM – TSX.V) … Rare Earth Metals Corp. (the “Company”) has received the final report for its Induced Polarization survey conducted by Matrix Geotechnical Services of Toronto, Canada under the supervision of Genc Kallfa B.Sc. P.Geo. The survey was conducted over portions of the Company’s Assean Lake extension claims in Manitoba, Canada. The priority
targets identified in the various surveys, will be drilled following the end of the drill program now underway on the company’s Assean Lake Joint Venture property (Hunt Zone).

The extension claims cover the east and west strike directions of the Assean Lake Shear Zone (ALSZ), the major controlling structure for gold mineralization in the belt. The Hunt property which lies between the extension claims is a 60/40 JV partnership between Rare Earth Metals Corp and property operator, Canadian Gold Hunter (CGH-T). The Row/Lass claim block to the NE and the Wood claim block to the SW are optioned 100% by Rare Earth Metals Corp. The total property package covers over 40 km of the ASLZ.

The Assean Lake project is an advanced exploration play with over 3.0 million dollars invested in exploration activity to date. The prime 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 very similar geology to the Thompson area and is considered to be within the Thompson Nickel Belt.

The location of the IP geophysics grid on the Wood claims overlays a Ni-Cu-Co-Pd Mobile Metal Ion (MMI) geochemistry anomaly. The MMI anomaly was discovered in September 2004 in a survey completed under the direction of Dr. Mark Fedikow P.Eng., P.Geo. The survey recognizes an E-W trending, multi-element copper-nickel-cobalt-palladium anomaly and is the most significant geochemical feature on the sample grid area. The Matrix report identifies several first order targets interpreted in the IP data. The IP grid over Target 1 is characterized by very high chargeabilities, characteristic of highly mineralized environments, though caution is advised as Iron Formation, Magnetite and/or Graphite may produce a similar signature. Both the geophysical and geochemical anomalies remain open and will require drill testing to confirm their nature. Drilling of the target is expected to begin around mid-march following completion of the ongoing drilling on the nearby Hunt gold zone. To view link go to (http://www.remcorp.info/gold-project-assean1.html)

A second priority target, the “lost trench zone”, is located on the Row/Lass claims in the Assean River area NE and contiguous with the Hunt property. The IP survey was designed to test for a mineralized gold bearing quartz vein reported in government archives to have been discovered and trenched in the 1930’s. The trench was believed to be located near the shore of Assean Lake, but beneath current water levels. The IP survey reports that the grid over the prospective area of the trench has produced an anomaly with a moderate to weak IP signature with high resistivity, which is characteristic of disseminated mineralization along quartz/carbonate alteration or a diabase dyke. The report states that “drilling is strongly recommended for this target” and the Company is planning to begin drilling upon completion of the drilling on the Hunt gold zone.

The Hunt gold zone, located on our JV property, is the most significant gold occurrence in the Assean Lake area and was discovered by Rare Earth Metals and Canadian Gold Hunter in 2001. The Hunt Zone has been drilled to a depth of 300 metres in previous programs and traced for 600 metres along strike, including a 100-metre long high-grade, westerly plunging shoot with intervals up to 27.2 g/t gold over 4.27m. The Hunt Zone is offset by a fault at a depth of about 250 metres. In the drill program now underway, three holes will be drilled below the fault at a depth of 350 to 400 metres to test for the continuation of the Hunt Zone at depth. In addition, several shallower holes are planned to test the westerly strike extent of the Hunt Zone

Rare Earth Metals Corporation has four significant projects in mining-friendly Manitoba, Canada exploring for gold, nickel and specialty metals and one advanced gold-silver property in Nevada, U.S.A. To manage this array of distinct opportunities, REM has assembled an experienced team of successful exploration geologists. REM has traded publicly since June 17, 2002

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

 
The TSX Venture Exchange has not reviewed this press release and does not accept

responsibility for the adequacy or accuracy of this release.