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Rare Earth Begins Drilling Nickel Discovery at South Bay,
Manitoba
February 5, 2004
REM: TSX-Venture
Management is pleased to announce that initial drilling is scheduled to commence
at the South Bay Ni-Cu-Co PGE Project, Manitoba on February 10th, 2004. The
program is designed for up to 3000m of drilling and targets mineralization
discovered in a road-cut announced in September, 2003. The average grade of
eleven semi-massive to near massive sulphide boulders recovered from blast
rubble in the road cut exposure is 2.42 % Ni, 0.78 % Cu, 697 ppm Co and 1.32 g/t
PGE.
The mineralization: Nickel mineralization discovered at South Bay is comparable
to that found in magmatic-sulphide hosted nickel deposits, and is comprised of
pyrrhotite, pentlandite, millerite, chalcopyrite, pyrite and other sulphide
minerals. The metaliferous zone is exposed within a 2 meter to 7 meter wide
biotite schist thought to be associated with mafic intrusions. Regional host
rocks comprise a sequence of sulphidic metasedimentary rocks.
Drill Program: This initial drill program will test the mineralization at depth
and along strike. It will also target prominent geophysical anomalies adjacent
to and striking in the same direction as the surface mineralization. Finally, by
drilling a series of stratigraphic holes across the anomalies, a geologic
section will be obtained, which will advance our understanding of the
exploration model for nickel mineralization at South Bay. This information will
be critical in the development of a second phase of exploration drilling
contemplated for summer, 2004.
Field Program: The 2004 winter field program began in mid-January with
line-cutting extending the existing 1 km by 2 km grid an additional kilometer to
the East and West. The grid lines, which are being cut on 50m spacing, will
allow for ground Magnetic and EM geophysics to follow shortly. Surface
geophysics completed in the fall of 2003 identified several prominent
geophysical anomalies trending parallel to the known surface nickel
mineralization. These anomalies span the entire 2 km length of the existing grid
area and remain open. The grid extension follows the trend of these geophysical
anomalies. In addition, the company's land position has grown significantly.
With new claims staked, the claim group now covers a contiguous area in excess
of 200 square kilometers.
Website: http://www.remcorp.info/gold-project-southbay.html
Infrastructure: This discovery straddles the provincial road connecting the
communities of Leaf Rapids and South Indian Lake, Manitoba. It is an area with
favorable infrastructure including all season road access, hydroelectric power,
existing mining communities and the projects location approximately 300 km by
road from INCO's fully integrated nickel mining and smelting complex at
Thompson, Manitoba.
The TSX Venture exchange does not accept responsibility for the adequacy or
accuracy of this release.
On behalf of the Board of Directors,
John Roozendaal B.Sc. (Geol)
President
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
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