RARE EARTH METALS CORP.
TSX VENTURE : REM

RARE EARTH METALS CORP.

October 26, 2005 13:33 ET

Rare Earth Metals Corp.: Harvest Gold Acquires Wyatt Gold Claims in Rice Lake Gold Belt, Manitoba

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 26, 2005) - Rare Earth Metals Corp. (TSX VENTURE:REM) (the "Company") announces that Harvest Gold Corporation ("Harvest Gold"), its wholly owned subsidiary, has optioned certain mineral claims (the "Wyatt Claims") from William Kuran. The Wyatt Claims consist of 11 contiguous claims covering an area of approximately 15.5 square km. The property is located in the Garner Lake region in the SE part of the Rice Lake Gold Belt in Manitoba, Canada.

The Rice Lake Belt covers the Western extent of the Uchi geologic terrain. This terrain hosts the giant Red Lake Gold Camp and the Pickle Lake Gold Camp. The main geologic structure at Rice Lake is the Wanipigow fault, a major regional structure that has been traced from the Rice Lake gold camp in the west, through the Red Lake gold camp, to the Pickle Lake gold camp in the east. Rocks in the Rice Lake Gold Belt are similar in age to those at Red Lake and include mafic-ultramafic rocks, basalt, rhyolite, sulphide and oxide iron formation and ankerite alteration. The important geologic similarities between the Rice Lake Belt and the Red Lake Belt make Rice Lake, an ideal location for finding large, high grade gold deposits which are the targets of this project.

Harvest Gold's Wyatt Claims encompass rocks similar in age and composition to those that host the San Antonio Gold mine which has had over 1.4 million ounces of historical production. The San Antonio Mine is currently being rehabilitated and is expected to be back into production in Q4, 2005. A number of other discoveries such as the Central Manitoba, Hope, Oakland-Rockland and Beresford Lake deposits have produced high grade ore. They occur to the north and northwest of the Wyatt Claims, occur in the same geological setting, and are currently undergoing renewed exploration for additional reserves. A number of these deposits are associated with extensive shear zones and zones of silicification.

Harvest Gold has discovered that splays of the regional Wanipigow fault cross the Wyatt property. One of these structures is a 100 m wide shear zone that hosts gold-bearing arsenopyrite mineralization. This newly discovered mineralization on the Wyatt property represents a new type of gold mineralization in a part of the belt that is relatively unexplored.

The claims are contiguous with the western border of Wildcat Exploration Ltd.'s (TSX VENTURE:WEL) Garner Lake Claim block. In August 2005, Wildcat announced the discovery of two gold occurrences during its first mapping program of the Garner Lake block. Highlights include grab samples with 153.2 g/t Au, 40.16 g/t Au, 29.56 g/t Au and 28.4 g/t Au. A second gold showing was discovered by Wildcat in an area that straddles our mutual claim boundary and represents the southward extension of the gold-bearing arsenopyrite mineralization in the shear zone on the Wyatt Claim block. Gold assays of up to 3.8 g/t Au have been announced by Wildcat following three days of exploration in the area adjacent to the Wyatt Claims.

On the Wyatt claims this zone contains abundant arsenopyrite that is distributed widely within a zone of ankerite-chlorite alteration, which extends laterally for over 1 km to the north and has a minimum width of 100m. Several days prospecting across the shear zone revealed a number of arsenopyrite- and pyrite-bearing zones of silicification.

Harvest Gold has initiated a short field program to establish baselines, prospect and systematically sample the shear zone and collect geochemical samples in low lying and swampy areas. This program has located several old trenches that expose a quartz vein with widths up to 60 cm; these occur outside the main shear zone and at the margin of the gabbroic intrusion. Given the initial success of the exploration on this property, Harvest Gold intends to prospect and map the shear zone as long as weather permits.

President John Roozendaal says, "The Wyatt Claims are located in a belt which has produced over 1.7 million ounces of gold. The geologic setting is similar to the San Antonio mine. This area of the belt has newly discovered gold mineralization and is, in our opinion, under-explored. Infrastructure support is excellent as the town of Bisset, home to the San Antonio mine and mill, is less than 40km away. Harvest is very interested in the potential of the Rice Lake Gold Belt."

To earn a 100% interest in the Wyatt Claims, Harvest Gold is required to make payments totaling $60,000 and issue a total of 600,000 shares, staged over the next two years. The Wyatt Claims will be subject to a 3% Net Smelter Royalty (the "NSR"), with Harvest Gold having the option to purchase 2/3 of the NSR from the vendor at a rate of $250,000 per percent.

As detailed in Rare Earth Metals Corp's Information Circular dated September 13, 2005 and filed on SEDAR, the Company is to effect a restructuring (the "Restructuring") whereby Harvest Gold is to be "spun off" as a separate company to be listed on the TSX Venture Exchange (the "Exchange"). This Restructuring was approved by the Company's shareholders on October 7, 2005 and remains subject to Exchange acceptance.

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

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.

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