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RARE EARTH METALS REPORTS AIRBORNE SURVEY COMPLETED AT LYNN GABBROS NICKEL
PROPERTY
August 16, 2005
(REM - TSX.V) Rare Earth Metals Corp. (the "Company") reports
that an airborne geophysical survey has now been completed over the Company's
Lynn Gabbros Nickel Properties. The project is being operated by North American
Palladium Ltd. (PDL.TSX) under the terms of an Option/JV agreement signed
between the companies July 12, 2005.
As reported by North American Palladium in a press release August 9, 2005 (North
American Palladium Announces 2nd Quarter 2005 Financial Results) ". the Company
recently completed a detailed airborne survey over their Lynn Lake Properties,
located within the historic Lynn Lake Mining camp in northern Manitoba. A field
crew will be mobilized to start ground truthing selected targets once the
results from the airborne survey have been analyzed."
The terms of the Option/JV agreement require completion of an aggregate of $1.4
Million CDN in exploration activity and payments of $550,000 CND over a 4 year
period for North American Palladium to earn 50%. A further 15% may be earned
following completion of an industry standard feasibility study. .
Historically, Lynn Lake is the third largest nickel producing region in Canada.
Sherritt Gordon Mines Ltd. mined the Lynn Lake nickel-copper deposits from
1953-1976. These 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 the 24 year period. The five
optioned claim blocks cover the known extent of five separate mafic-ultramafic
bodies which have noted similarities to the two mined intrusions.
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.
President, CEO & Director
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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