VANCOUVER, Dec 02, 2002 (Canada NewsWire via COMTEX) --

The Management of Rare Earth Metals Corporation, (REM.V), is pleased to announce that it has entered into a letter of intent with Golden Crown Resources, a private non-arms length B.C. Company. Rare Earth Metals will acquire Golden Crown's option on a 100% interest in the Pinion project held by MinQuest Inc., a Nevada based mineral exploration and property acquisition Company. The Pinon project consists of the Longstreet gold deposit, and several untested gold target zones. The final agreement remains subject to an independent property evaluation.

In addition, the Company has arranged a brokered private placement with Canaccord Capital Corporation amounting to $320,000.00. The private placement consists of one common share at $0.25 and one share purchase warrant entitling the holder to purchase an additional share at $0.30 for a period of two years. The Private placement announced September 18, 2002, has closed, and the amount raised was $73,500.00.

Pinon Project Location: Nevada is the third largest gold producing region in the world. The Pinon project is located in proximity to the 9 million ounce Round Mountain Mine, and is 30 kilometers east of the high-grade Midway gold project currently being explored by Midway Gold Corp. and Newmont Mining Corporation. Access to the project is via paved and gravel roads from Tonopah, Nevada, the closest town. (see location map on website: http://www.RareEarthMetals.net)

Pinon Geology and Mineralization: The project is situated near the eastern edge of the prominent north-west Walker Lane trend, a volcanic hosted gold trend that includes such world-class deposits as the Comstock and Goldfield. Within Walker Lane, there are northwest trending belts of gold occurrences with Round Mountain being the largest discovered to date.

A property valuation and report by an independent qualified person to verify published reserve and resource figures, as per policy 43-101, will begin immediately. Among other things the report will review the summer 2002 vein mapping program findings.

The private placement and acquisition of the option are subject to acceptance by the TSX Venture Exchange.

On behalf of the Board of Directors JOHN ROOZENDAAL B.Sc. (Geol) President and Director
 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy

or accuracy of the contents herein.
 

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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