Major Airborne Survey And Channel Sampling Underway At Rare Earth Metals Red Wine/Letitia Lake Prope
Thunder Bay, ON – Rare Earth Metals Inc (“Rare Earth Metals”, “RA” or the “Company”) (TSX VENTURE:RA) is pleased to announce that Aeroquest Limited of Mississauga, Ontario has begun an airborne magnetic and radiometric survey on its Letitia Lake/Red Wine property in west-central Labrador. The Company now controls a total of 1295 claim units totaling 323 square kilometers in the emerging Red Wine Rare Metal Belt. The 4000 line kilometer survey will cover an area of approximately 350 square kilometers and includes licences held 100% by RA and recently optioned claims. Included in the RA properties are joint venture claims recently optioned from Playfair Mining Ltd. (TSX-PLY) and Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS: CTNXF). The terms of these two agreements were outlined in a previous press release dated Feb. 16, 2010. Also included in the survey area is the RWM Property, a 32 unit claim licence owned by Silver Spruce Resources Inc. (TSXV: SSE). RA has recently signed a Confidentiality Agreement with Silver Spruce Resources for due diligence and possible option on two separate Labrador Properties which include the RWM rare earth element (REE) property, located in the Red Wine district and the 62 claim unit Pope’s Hill property, located 100 km west of Happy-Valley-Goose Bay. The airborne survey is expected to be completed in early July.
A twelve man camp has been established on the Orma Road, with good access to Churchill Falls located 80 kilometers by road to the southwest. The centre of the property is approximately 35 km from the main camp and RA crews have begun trenching activities, including channel sampling, on the Mann #1 Be-REE-Nb Deposit, the Michelin radiometric anomalies and the Red Wine #2 showings. The Mann #1 syenite contains the best known of the Be-Nb showings in the Letitia Lake area. It occurs as an elongate body 2.3 by 0.7 km in dimension. The Mann #1 was worked by Rio Tinto from 1959 to 1961 who outlined a Beryllium resource from trenching over 4 zones along a one kilometer strike length and limited follow-up drilling, however, the mineralization was never assayed for Total Rare Earth Oxides (TREO). In 2009 Rare Earth Metals took 16 grab samples from a number of the old blast trenches and obtained Beryllium values ranging from 0.08% to 0.97% BeO, Niobium ranging from 0.11% to 2.35% Nb2O5 and REEs ranging from 0.47% to 4.99% TREO. The TREO were made up of 97% Light REOs and 3% Heavy REOs, with the most abundant being Ce2O3 (48% of the TREO), La2O3 (27% of the TREO) and Nd2O3 (15% of the TREO). The Michelin Showing, situated approximately 2 kilometers to the north of Mann #1, appears to be similar in style to the Mann #1 and is described as a 1000 meter by 75 meter radioactive mineralized zone (Open File 13L/63 by Randy Miller).
In addition to the Mann #1/Michelin style of mineralization, the property also hosts the North Red Wine #2 (Eudialyte) Showing which has a much larger proportion of Heavy REOs. The Company took seven grab samples from different parts of the zone resulting in Zirconium assays ranging from 1.28% to 4.93% ZrO and REEs ranging from 0.31% to 1.04% TREO. The TREO were made up of 47% Light REOs and 53% Heavy REOs, with the most abundant being Y2O3 representing 35% of the Total.
Wayne Reid, PGeo, is aqualified 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’s shares are listed on the TSX-V exchange under the symbol RA and the OTCQX exchange under the symbol RAREF. The Company presently has two advanced projects in Ontario and Newfoundland and Labrador, both exhibiting multi element potential (REEs, Niobium, Beryllium, Zirconium and Iron Ore) and proximity to available infrastructure. Its flagship properties are the Clay-Howells Prospect and the Red Wine Project. The Company has recently acquired additional properties in the Coldwell Complex near Marathon, Ontario and the Lavergne-Springer REE Prospect near Sturgeon Falls, Ontario. Additional information concerning the Company is contained in documents filed by the Company with securities regulators, available under the Company’s profile at www.sedar.com. For more information please visit the Rare Earth Metals website at www.rareearthmetals.ca.
ON BEHALF OF THE BOARD OF DIRECTORS OF RARE EARTH METALS INC.:
“Michael Stares”
President and CEO
“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.”
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rare Earth Metals Inc.
Michael Stares
President and CEO
Phone: (807) 623-6840
Fax: (807) 623-9526
www.RareEarthMetals.ca