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RARE EARTH METALS ANNOUNCES ACQUISITION OF THE LYNN GABBRO NICKEL-COPPER
PROPERTIES LYNN LAKE, MANITOBA
5/30/2004 3:15:29 PM ET
Rare Earth Metals Corp. ("the Company") has entered into an Option Agreement
with Strider Resources Limited to acquire a 100% interest in the 2,796 hectare
Lynn Gabbro nickel-copper properties in Manitoba, Canada. To complete the Option
Agreement, the Company has to issue 250,000 common shares, make property
payments totaling $250,000 and conduct exploration expenditures totaling
$750,000 over a five year period. The Agreement is subject to a 3% NSR held by
the property vendor.
The five Lynn Gabbro properties are all within 3 km of road access to the
infrastructure provided by the mining community of Lynn Lake, Manitoba. The
properties are approximately 300 km from the city of Thompson, Manitoba.
Thompson is the location of the fully integrated nickel mining, milling and
smelting complex operated by INCO.
Sherritt Gordon Mines Ltd. mined the Lynn Lake nickel-copper deposits from
1953-1976. The mined deposits were discovered in two mafic-ultramafic intrusive
bodies, known as the "Main" and the "El" gabbroic plugs. The Main and El
gabbroic plugs produced 20,151,146 tonnes of ore at an average grade of 1.023%
Ni and 0.535% Cu from three mines over a 24 year period (1953-1976). Some of the
ore bodies were high grade, such as the EL-U deposit which produced 1,034,170
tons of 3.25% Ni, and 1.09 % Cu. The claims now under option by the Company do
not cover the past producing nickel mines or any underground workings.
The five optioned five claim blocks cover the known extent of five separate
mafic-ultramafic bodies which have noted similarities to the two mined
intrusions. Each of the five gabbroic plug claims will be explored for the same
styles of Nickel-Copper mineralization as discovered in the two successfully
mined intrusions and using modern geophysical and geochemical exploration
techniques.
The geometry, styles of mineralization and other important geologic features of
the mined deposits are well documented and are described in detail in the
Manitoba Department of Energy and Mines Economic Geology Report ER79-3 by R.H.
Pinsent This information is valuable to the Company and provides our geologic
team with an advanced exploration model to begin our prospecting activity in the
area.
To contact the Company, please call at 1-866- 816-0118 or 604-986-2020, e-mail
at info@rareearthmetals.net or visit the web site at www.rareearthmetals.net
On behalf of the board;
John Roozendaal B.Sc. (Geol)
President, CEO and Director
The TSX Venture exchange does not accept responsibility for the adequacy or
accuracy of this release.
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