THUNDER BAY, ONTARIO--(Marketwire - Feb. 2, 2010) - Rare Earth Metals Inc. ("Rare Earth Metals" or the "Company") (TSX VENTURE:RA) is pleased to announce that a 10,000 meter drill program has commenced on the Clay-Howells magnetite prospect in northern Ontario and the initial hole has been completed. A preliminary examination of the core indicates the targeted magnetite zone was intersected between 35.5 meters and 178.0 meters and is characterized by alternating bands of massive magnetite and heavily disseminated magnetite. The hole is in the process of being logged and the mineralized section will be split and sent for analysis. Previous analysis of historic drill core from the magnetite zones has shown encouraging results in REE, Niobium and Iron.
The second hole is in progress targeting the zone below this initial intersection. A second rig is being mobilized to the site to ensure the scheduled drilling can be completed in a timely manner before spring breakup conditions set in.
Previous work on the Clay-Howells prospect, by the Company, included a detailed airborne magnetic survey and analysis of old drill core, which has positively enhanced the target as a discrete 1.2 km long magnetic high with significant Rare Earth Element, Niobium and Iron values. Limited analysis from historic drill core have been reported in previous releases (see Rare Earth Metals press release dated Dec. 17, 2009) and includes intersections in historic Hole 23 of 4.71% TREO (Total Rare Earth Oxides) over 4.6 meters and 0.94% Nb2O5 over 12.2 meters.
The current drill program is focused on defining the iron ore resource and establishing the grade of Rare Earth Elements, Niobium and Iron contained in the deposit. A limited amount of drilling will also test satellite magnetic high targets in proximity to the Clay-Howells Prospect. Results will be released periodically as they become available.
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."