Company Name Change

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 7, 2013) - Canada Rare Earth Corp. ("Canada Rare Earth" or the "Company") (TSX VENTURE:LL) is pleased to announce a change in name from Rare Earth Metals Inc. to Canada Rare Earth Corp. effective immediately.

ABOUT CANADA RARE EARTH CORP.

Canada Rare Earth Corp. is developing a vertically integrated business within the global rare earth industry in conjunction with CEC Rare Earth Corporation. ("REC"). The relationship with REC provides the Company with access to REC's experienced personnel as well as its business model which includes a full spectrum of the rare earth industry including the designing, building and establishment of operations for rare earth refineries outside of China as well as the ongoing sales and marketing of refined rare earths. In addition to its relationship to REC, the Company presently has several rare earth properties exhibiting multi element potential (rare earths, Niobium, Beryllium, Zirconium and Iron Ore). 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 Canada Rare Earth Corp. web site at www.canadarareearth.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF CANADA RARE EARTH CORP.:

Tracy A. Moore, CEO & President

For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.