October 06, 2005 11:09 ET

Rare Earth Metals Announces October 11, 2005 as the Harvest Gold Share Distribution Record Date; Financing Oversubscribed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 6, 2005) - Rare Earth Metals Corp., (TSX VENTURE:REM), October 6, 2005, (the "Company") announces that, following on the disclosure in the Company's information circular (the "Information Circular") dated September 13, 2005 with respect to its October 7, 2005 Annual and Special Meeting (as filed on SEDAR), the Company wishes to confirm that the record date for determining shareholders entitled to participate in the proposed restructuring of the Company (the "Restructuring") has been set at October 11, 2005. Shareholders of record as at the close of business on that date will be entitled to receive one share of Harvest Gold Corporation ("Harvest Gold") for every three shares of the Company held by them.

As detailed in the Information Circular, it is proposed by way of the Restructuring that Harvest Gold will be "spun off" as a separate company holding the gold properties of the Company and that Harvest Gold will be listed on the TSX Venture Exchange (the "Exchange"). Completion of the Restructuring remains subject to shareholder approval and the acceptance of the Exchange.

Further, the Company wishes to announce that its private placement of 6,000,000 units at $0.12 per Unit as previously disclosed by way of news release dated August 22, 2005, is oversubscribed for and the Company now anticipates that it will close on approximately 7,000,000 units so as to raise approximately $840,000. The Company expects to close the private placement on October 6, 2005.

On behalf of the Board of Directors,

John Roozendaal, B.Sc, President, CEO & Director

Rare Earth Metals Corp.

The TSX Venture Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information