May 19, 2006 14:32 ET

Rare Earth Metals Announces Eden Lake Drill Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 19, 2006) - Rare Earth Metals Corp. (TSX VENTURE:REM) (the "Company") reports the results of the winter drill program at its Rare Earth Elements property at Eden Lake, Manitoba. Six holes totaling 765 meters were drilled into the northeastern half of an 8 square km zone of intensely altered rocks.

Carbonatite veins and lenses with rare earth-bearing apatite were intersected in four of the holes. Multiple veins of apatite-bearing carbonatite occur with a zone of carbonate altered rocks that is in excess of 50 m of core length in hole EL-06-03. These drill holes are interpreted to have intersected the uppermost portion or the margin of a carbonatite body. Although no economic grades of mineralization were intersected, the 2006 drill program confirms that carbonatite is more common in the topographically low areas of the property and contains rare earth-bearing apatite. Five of the holes intersected altered (fenitized) rock, which is a common alteration at the edges of carbonatite masses.

This drill program was able to test 5 of the 10 anomalies identified from the exploration work done to date. The drill results provide a framework for further evaluation of the vegetation, soil and rock data collected over the property. This review will help in the planning the next phase of exploration.

The drill results establish that the carbonatite magma intruded late in the history of the Eden Lake igneous complex. The mineralization discovered to date, represents the upper portions of a carbonatite magmatic system. Dr. George Gale VP Exploration states, "Evidence that the mineralization is late in the geological history of the area is encouraging as an early carbonatite intrusion is more likely to have been replaced by later phases of the complex whereas a later intrusion is more likely to be intact. Future exploration for large carbonatite bodies in this area will be focused beneath and around the apatite-bearing carbonatite veins discovered in DH-EL-03 and DH-EL-04. The southwestern portions of the property are largely hidden beneath widespread clay overburden. This area of the property is of particular interest as large carbonatite bodies may sub-crop beneath this cover."

The company wishes to emphasize that this is the first drill program on a very large property and it has provided important and valuable information that will be used to further evaluate the property and guide additional exploration. Further, it is important to note that the Eden Lake property is considered by its consultants to represent the carbonatite end member of the 'Iron Oxide Copper Gold' type of deposit. These deposits are typically large magma-related hydrothermal systems. The large aerial extent of the hydrothermal alteration in the Eden Lake area suggests that there may be a large body associated with this alteration system.

The technical information in this release has been reviewed by Dr. George Gale, P Eng. Qualified Person.

On behalf of the Board of Directors,

John Roozendaal B.Sc., President, Director

Rare Earth Metals Corp.

The TSX Venture exchange does not accept responsibility for the adequacy or accuracy of this release.

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