October 14, 2005 10:10 ET

Rare Earth Metals Corp. Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 14, 2005) -

Rare Earth Metals Corp., (TSX VENTURE:REM), (the "Company")

Further to its new releases of August 22, 2005 and October 6, 2005, the Company is pleased to announce that its unit private placement (the "Private Placement") was oversubscribed for and has now closed with the issuance of 7,293,166 units at $0.12 a unit, for gross proceeds of $875,179.92. Of the total number of units issued, 5,211,000 were placed on a brokered basis by Bolder Investment Partners Ltd. ("Bolder"). In connection with this portion of the Private Placement, the Company issued 100,000 units to Bolder as a corporate finance fee and paid commissions of $49,065.60 and 521,100 brokers' warrants.

Proceeds of the Private Placement will be applied to fund exploration of the Company's Eden Lake property, to the costs of the proposed reorganization and for general working capital.

On behalf of the Board of Directors,

John Roozendaal B.Sc

President, CEO & Director

Rare Earth Metals Corp.

For more information about Rare Earth Metals Corp. please review the company's website www.RareEarthMetals.net or speak with a Company representative toll free 866 816 0118 or by emailing info@rareearthmetals.net.

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

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