Rare Earth Announces Drilling Commences at Assean Lake Gold


Project; Private Placement Arranged

Rare Earth Metals Corp. proposes to enter into a non-brokered private placement of its securities consisting of 520,000 units at $0.25 for total proceeds of $130,000. Each unit will consist of one common share and one share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of 24 months at a price of $0.30 per share.

The proceeds will be used to fund the Company's portion of the current drill program underway at Assean Lake, Manitoba, and to fund a trenching and sampling program at the 100% optioned Eden Lake, Specialty Metals Project, Manitoba, Canada.

International Curator Resources, project operator of the Assean Lake gold property has informed the company that a 1500 meter drill program has commenced as of September 23, 2002. It is anticipated that the program will be completed within one month.

Completion of the private placement remains subject to regulatory acceptance.

For more information about Rare Earth Metals Corp. please review the company’s website or speak with a Company representative toll free 866 816 0118 or by emailing

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