THUNDER BAY, ONTARIO--(Marketwire - March 5, 2010) - Rare Earth Metals Inc ("Rare Earth Metals" or the "Company") (TSX VENTURE:RA) is pleased to announce the resumption of drilling on the Clay-Howells project in northern Ontario. The drill program had been delayed in order to carry out discussions with a First Nations group and the provincial government. These discussions were successful in resolving the outstanding issues and drilling resumed on March 3rd. Prior to the suspension of the drilling the initial drill rig had completed two holes and the third was in progress. This third hole has now been completed. A second drill rig has been mobilized to the property and should also be operating by March 8th. Results from the ongoing drilling will be released as they become available.
The current drill program is focused on re-defining the historic Clay-Howells Magnetite Deposit and establishing the grade of Rare Earth Elements, Niobium and Iron in the deposit. The deposit was previously drilled in 1958 when an iron ore resource was outlined, however, no systematic work was done for Rare Earth Elements or Niobium. Sampling of historic drill core by the Company in July, 2009, had resulted in values up to 4.71% TREO (Total Rare Earth Oxides) over 4.6 m and 0.94% Nb2O5 over 12.2 meters (see previous press release by the Company dated January 6, 2010).
Wayne Reid, PGeo, is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the technical information forming the basis for release.
About Rare Earth Metals Inc.
Rare Earth Metals is a well funded company with a focus on exploring for Rare Earth Element deposits. The company presently has three advanced projects in Ontario and Newfoundland and Labrador, all exhibiting multi element potential (REEs, Niobium, Beryllium and Iron Ore) and proximity to available infrastructure. Its flagship property is the Clay-Howells which is presently the focus of a 10,000 meter drill program. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under the company's profile at www.sedar.com.
Investors are invited to visit the Rare Earth Metals web site at www.rareearthmetals.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF RARE EARTH METALS INC.:
Michael Stares, President and CEO
This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."