Rare Earth Metals Inc. Reports Drilling Underway At Red Wine And Springer Projects
Thunder Bay, ON – Rare Earth Metals Inc. (“Rare Earth Metals”, “RA” or the “Company”) (TSX-V: RA; OTCQX: RAREF, PINK SHEETS: RAREF) is pleased to report that drilling is underway at the Red Wine Project in Newfoundland and Labrador and at the Springer Project in Ontario.
Red Wine Project
A 2500 meter drill program has begun on the Two Tom prospect located in the Red Wine area of west central Labrador. The drilling contract has been awarded to Landdrill International Ltd. of Moncton, N.B. The 2011 drilling will focus on fill-in and expansion drill testing of the Two Tom deposit where a 43-101 compliant resource is anticipated to be completed in late 2011. In 2010 the Two Tom prospect was drill tested and trenched over a strike length of 1100 meters. A total of 11 holes were completed and the main section of the Two Tom mineralization has been defined as a lens averaging 75 – 80 meters in thickness and completely open in all directions. The best result assayed 1.45% TREO, 0.14% Nb2O5 and 0.14% BeO over 83.25 meters within a larger zone of mineralization which assayed 1.03% TREO, 0.10% Nb2O5 and 0.11% BeO over 168.5 meters. Drilling is also scheduled to be completed on other REE targets in the Dory Pond area, a 2010 discovery where REE mineralization exhibiting strong Heavy REO ratios are reported. Previously reported prospect samples from this zone ranged up to 6.72% TREO (see press release dated Oct 19, 2010) with very significant Heavy Rare Earth content that varied from 2.5% to 64% HREO (see press release dated Nov 22, 2010). Field work including prospecting, geological mapping and geochemistry sampling is being carried out in conjunction with the drilling from a central camp on the Orma Lake Road.
Springer Project
A 1200 meter drill program has also begun on the Lavergne property located in Springer Township, located immediately north of the Town of Sturgeon Falls and 80 km east of Sudbury, Ontario. The drilling contract has been awarded to Cartwright Drilling based in Goose Bay, NL. Assays from the drilling will be released as they become available. The drilling program is designed to further test two areas of significant rare earth element mineralization 400 meters apart on the Lavergne patent optioned claim (see previous press release dated June 7, 2011). The first zone to be tested is the West Lavergne REE Zone located within a zone of heavily carbonatized, hematized, and brecciated intrusive rock with pyrite and fluorite mineralization. Drill holes previously drilled in 1969 by Geophysical Engineering and Surveys Ltd. of North Bay, Ontario reported 0.98% Rare Earth Oxide (REO) over 112.7 meters which included a higher grade section of 1.22% REO over 63.3 meters (DDH-L-69-1). True thicknesses of the mineralized intervals have yet to be determined. A second drill hole (DDH-L-69-4) completed 180 meters to the north along strike from DDH-L-69-1 intersected two separate mineralized zones which included 1.33% REO across 19.8 meters and 1.36% REO across 27.4 meters. The REE bearing zone was extended to the south for approximately 600 meters with additional pitting and trenching in 1969. Drill testing is also scheduled to test the East Lavergne REE Zone where a drill hole previously drilled in 1969 by Geophysical Engineering and Surveys Ltd. of North Bay, Ontario reported highly anomalous REE bearing minerals as well.
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’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
Consultant:
Nick Vermeulen
Phone: (807) 623-6840
Cell: (604) 741-4150
Fax: (807) 623-9526
Email: nick@rareearthmetals.ca
Standard and Poor’s Customer Contact:
Richard Albanese
(212) 438-3647
Email: richard_albanese@standardandpoors.com
Standard and Poor’s Media Relations Contact:
Michael Privitera
(212) 438-6679
Email: michael_privitera@standardandpoors.com
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