VANCOUVER, Feb 28, 2003 (Canada NewsWire via COMTEX) --

RARE EARTH METALS CORP. (TSX Venture: REM), (the 'Company'), announces that further to its news release of February 17, 2003, it has received regulatory acceptance to the two property option agreements, each dated January 22, 2003, between the Company and Strider Resources Limited ('Strider') pursuant to which the Company has acquired the exclusive right and option to acquire a 100% interest in and to both the Wood and the Row/Lass claim blocks (collectively, the 'Properties'). The aggregate consideration to be paid by the Company consists of 445,000 common shares, $650,000 in cash and $1,250,000 in property expenditures, all of which will be paid over five years. Commitments in the first year consist of 225,000 common shares, $45,000 in cash and $75,000 in property expenditures. In the event that commercial production is commenced on the Wood claim block, the Company has agreed to issue a further 100,000 common shares to Strider. In the event that commercial production is commenced on the Row/Lass claim block, the Company has agreed to issue a further 250,000 common shares to Strider. Strider will retain a 3% NSR on both Properties and the Company may buy back 1.5% NSR for $1,500,000.

The Company has also received regulatory acceptance to the grant of incentive stock options to purchase up to 70,000 common shares of the Company at a price of $0.35 per share exercisable until February 17, 2008. The shares are subject to a 12 month hold period pursuant to the policies of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

'Andrew Cook'

Andrew Cook, Chairman &CEO RARE EARTH METALS CORP.

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

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

responsibility for the adequacy or accuracy of this release