Rare Earth Metals Inc. Announces Commencement Of Trading In The United States On Otcqx And Updates I
- Clay Howells Winter Drilling Completed
- Airborne Survey to Commence on Coldwell
- Drill Contract awarded to Landrill for Red Wine Project
Thunder Bay, ON – Rare Earth Metals Inc. (“Rare Earth Metals”, “RA” or the “Company”) (TSX-V: RA) is pleased to announce that its shares will commence trading in the United States on the OTC market’s prestigious tier, OTCQX on Friday, May 13, 2011. Investors will be able to find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com. RA’s U.S. trading symbol is “RAREF”. Rare Earth Metals’ shares are also listed on Canada’s TSX Venture Exchange under the symbol “RA”. Berenbaum Weinshienk PC will serve as Rare Earth Metals’ Principal American Liaison (“PAL”) on OTCQX, responsible for providing guidance on OTCQX requirements and U.S. securities law.
Rare Earth Metals Inc. is also pleased to announce an update on its 2011 exploration programs.
Clay-Howells: The Clay-Howells Property covers the Clay-Howells Carbonatite Complex located 40 kilometres north-northeast of Kapuskasing, Ontario. The Property is 100%-owned by Rare Earth Metals Inc. and previous drilling in early 2010 resulted in the partial delineation of the Clay-Howells REE/Nb bearing Magnetite Zone. The zone is analogous to the Bayan-Obo Iron/REE/Nb Mines in Mongolia and was discovered as the result of testing an airborne magnetic anomaly. Evaluation work including magnetic separation and mineralogy is continuing on this deposit however in order to start evaluating the remainder of the 110 square kilometre Carbonatite Complex an eight hole diamond drill program was initiated this winter to test other magnetic anomalies. This drill program was concluded on April 7 and approximately 2154 metres of drilling was completed. The drilling was designed to test a number of high priority magnetic zones located outside of the main Clay-Howells Deposit and consists of both discrete magnetic highs and magnetic lows associated with circular features within the Clay-Howells Carbonatite Complex. Portable XRF (X-Ray Fluorescence) readings, along with favourable geology and magnetite mineralization support the presence of REE mineralization in a number of the holes and a total of 235 samples have been submitted to Activation Laboratories for analysis. Preliminary results indicate the presence of narrow zones of REE and Niobium mineralization with final results expected around mid May.
The Clay-Howells Carbonatite is thought to have tremendous potential for new REE discoveries however a fairly continuous 15 to 30 meter thick blanket of clay overburden has hindered the effectiveness of grassroots exploration. The recently completed eight hole diamond drill program was carried out to test some of the higher priority targets and a follow-up reverse circulation (RC) overburden drilling and till sampling program is being contemplated for later this year to better evaluate the entire Complex. The RC program will sample the basal till and bedrock geology for indicator REE mineralization and will help vector in on the areas with the higher concentrations of REEs and Niobium.
Coldwell: The Coldwell property covers the central part of the Coldwell Alkalic Complex (North America’s largest Alkali Complex) located on the north shore of Lake Superior, near Marathon, Ontario. Infrastructure is well established within kilometers of the property with a major highway, railway and port. The Company recently staked approximately 650 claim units (146 sq. km.), and the property hosts a number of untested REE and Nb showings. An airborne radiometric and magnetic survey is scheduled to start in early June.
Red Wine: A 2500 meter drill program is scheduled to begin in June and the contract has been awarded to Landdrill International Inc. based in Moncton, New Brunswick. Initial drilling is planned to further evaluate the Two Tom deposit resulting in the calculation of a 43-101 compliant resource, anticipated to be completed in late 2011. Drilling will also be completed on other REE targets at Dory Pond and Playfair South, where geochemical results from 2010 sampling have returned high grade REE mineralization with high Heavy REO ratios. Field work including prospecting, geological mapping and geochemistry sampling will be carried out in conjunction with the drilling from a central camp on the Orma Lake road.
Wayne Reid, PGeo, is aqualified person as defined in National Instrument 43-101, and has reviewed and approved the technical information forming the basis for release.
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About Rare Earth Metals Inc.
Rare Earth Metals is a well-funded company with a focus on exploring for Rare Earth Element deposits. The Company’s shares are listed on the TSX-V exchange under the symbol RA and the OTCQX exchange under the symbol RAREF. The Company presently has two advanced projects in Ontario and Newfoundland and Labrador, both exhibiting multi element potential (REEs, Niobium, Beryllium, Zirconium and Iron Ore) and proximity to available infrastructure. Its flagship properties are the Clay-Howells Prospect and the Red Wine Project. The Company has recently acquired additional properties in the Coldwell Complex near Marathon, Ontario and the Lavergne-Springer REE Prospect near Sturgeon Falls, Ontario. 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 Rare Earth Metals website at www.rareearthmetals.ca.
ON BEHALF OF THE BOARD OF DIRECTORS OF RARE EARTH METALS INC.:
President and CEO
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company’s filings that are available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rare Earth Metals Inc.
President and CEO
Phone: (807) 623-6840
Fax: (807) 623-9526
Phone: (807) 623-6840
Cell: (604) 741-4150
Fax: (807) 623-9526
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