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RARE EARTH METALS CORP. CONFIRMS OPTION ON REED LAKE PROPERTY
10/12/06
Vancouver , British Columbia , Canada . October 12, 2006 . Rare Earth Metals
Corp. (REM - TSX -V) (the “Company”) is pleased to announce that it has
finalized its property option agreement dated August 1, 2006 with W. Bruce
Dunlop Limited (“BDL”) to acquire 50% of BDL’s right, title and interest in and
to the Reed Lake mining claims located in Snow Lake, Manitoba with a further
option of 30% interest for a total 80% interest in the property. The transaction
was originally announced in a release dated May 10, 2005 wherein the Company had
disclosed it had entered into a letter of intent with BDL to acquire the option.
Pursuant to the terms and conditions set forth in the property option agreement,
the Company will pay the aggregate sum of $35,000, make expenditures of an
aggregate of $100,000 and issue 50,000 common shares in the capital stock of the
Company to BDL over a three year period. The Company shall have the option to
acquire a further 15% interest by making further expenditures of $300,000 and
earn the remaining 15% interest by delivering to BDL a bankable feasibility
study.
ON BEHALF OF THE BOARD OF DIRECTORS,
John Roozendaal
President, Director
For further information, please contact:
John Roozendaal at (604) 986 2020 or Toll Free 866 816 0118
or visit our website www.RareEarthMetals.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this news release.
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