November 02, 2005 15:27 ET

Rare Earth Metals Corp.: Harvest Gold Announces Drilling at the Longstreet Gold-Silver Mine Project Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2005) - Rare Earth Metals Corp. (TSX VENTURE:REM) (the "Company") announces that Harvest Gold Corporation ("Harvest Gold"), its wholly owned subsidiary, will soon begin drilling on its Longstreet Gold-Silver Mine Project, in Nye County, Nevada. The property is located 55 km (30 miles) NE of Tonopah, Nevada. The Company has an option to acquire a 100% interest in the property.

The program will consist of up to 7 holes and total up to 1150 meters of drilling. The purpose of the program is to test the down dip extension of the higher grade gold-silver mineralization associated with the Adit Fault vein.

President John Roozendaal states, "we are interested in determining the potential of the Adit Vein to host mineralization of a grade and width found in underground mining operations in Nevada. Our most recent program produced our highest grade gold-silver intervals and they were in the deepest holes which penetrated the Adit Vein (PR-17, PR-18, and PR 21)."

The upcoming drill program will continue testing the vein down dip of these intercepts looking for high grade mineralization as the system deepens.

Drill T. Inter- (60:1
Hole Depth Dip From To val Au Ag Ag:Au
Number (meters) Angle (meters) (meters) (meters) g/t g/t Ratio)
PR17(i) 91.44 -45 67.06 70.10 3.05 2.39 518.0 11.02
Including 67.06 68.58 1.52 4.45 998.0 21.08
PR17(i) 91.44 -45 76.20 77.70 1.52 0.60 77.9 1.90
PR18(i) 106.68 -45 85.34 88.39 3.05 4.59 53.25 5.48
Including 85.34 86.86 1.52 8.38 77.5 9.67
PR22(i) 121.92 -45 105.16 106.68 1.52 0.29 60.4 1.30
PR22(i) 121.92 -45 114.30 118.87 4.57 0.65 318.7 5.96

Note (i) indicates previously released results. Richard Kern (P.Geo) of Reno, Nevada, is the qualified person as required under NI 43-101 and, has reviewed the technical information contained in this press release.

In the "Technical Report On Longstreet Property Nye County, Nevada" by Greg Z Moser P.Geo Senior Geologist, Wardrop Engineering, the author states that at a cut-off grade of 0.25 g/t gold, the Longstreet Deposit contains an indicated resource of 4.7 million tonnes at an average grade of 0.63 g/t gold and 15.51 g/t silver. This report is available on the SEDAR website. The giant Round Mountain Au-Ag Mine (Barrick/Kinross) is located 47 km (29 mi) NW of Longstreet and as of year end 2004, reported reserves of 80 million tonnes at an average grade of 0.56 g/t gold.

The Longstreet Mine property hosts 7 separate gold-silver targets. Four of the prospective zones including the Longstreet Main Zone are heap-leach, open-pit targets with sulphide mineralization potential at depth. The remaining three zones are deeper, "bonanza" style high-grade gold-silver targets. Richard Kern of Minquest states, "We believe in the potential of this multi-target land package. While the small mine potential of the Longstreet deposit has been our initial focus, we have always planned to explore deeper as part of the much bigger model we are chasing, a Round Mountain style system." For more information about the Longstreet Mine gold-silver Project link to our website at www.rareearthmetals.net/gold-project-nevada.html.

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.

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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