Canada Rare Earth Corporation

Rare Earth Metals Inc (“Rare Earth Metals” or the “Company”) (TSX VENTURE:RA) announces the resignation of Mr. Wade Dawe and Mr. Ken Cai as directors of the Company effective April 1, 2010. Both Mr. Dawe and Mr. Cai were instrumental in guiding the Company through the recent amalgamation of East Energy Corp. and Rare Earth Metals Inc. and are leaving the Board to allow more time to concentrate on their other various business interests. Mr. Dawe and Mr. Cai have agreed to remain as Advisors to the Company which will allow the Company to take advantage of their vast knowledge and experience in mineral exploration, development and financing. Management and the Board wish to thank Mr. Dawe and Mr. Cai for their significant contribution to Rare Earth Metals and its predecessor company, East Energy Corp. and wish them success in their future endeavors. The Company also announces the appointment of Mr. William S. Harper (MBA and C.A.) and Mr. Wayne Reid (PGeo) as Directors of the Company. Mr. Harper is a professional chartered accountant with more than 25 years experience in corporate finance and administration with public companies listed in both Canada and the United States, primarily in the mining and high technology industries. Mr. Reid is a Consulting Geologist with 35 years of experience in the mineral exploration business and is currently Vice President, Exploration for Rare Earth Metals Inc.

The Company would also like to give an update on its drill program targeted on the Clay-Howells Iron/REE/Niobium Prospect in northern Ontario. A total of 5432 meters in 18 holes have been drilled since the beginning of the drill program. The drill program has now been completed due to spring breakup and all samples have been sent to Actlabs for analysis. The Company is awaiting assay results from more than 80% of the drill samples which were concentrated in the central part of the Magnetite Zone. These results will be released as they become available over the next two months.

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