THUNDER BAY, ONTARIO--(Marketwire - Oct. 15, 2012) - Rare Earth Metals Inc. ("Rare Earth Metals", "REM" or the "Company") (News - Market indicators) (PINKSHEETS:RAREF)(OTCQX:RAREF) is pleased to announce the formation of the Advisory Board to provide input and advice to Executive Management and the Board on the development of the Company's global rare earth industry vertical integration strategy. Together the four members of the Advisory Board provide a comprehensive suite of knowledge and experience to guide REM's management and Board in areas such as exploration and mining, large scale construction project management, international business development and government relations. The external advisors operate in a fully advisory capacity and are independent of the Board and Management.

Robert W. Schafer

Robert W. Schafer is a Registered Professional Geologist with 32 years international experience. Mr. Schafer joined Hunter Dickinson Inc. in 2004 and is Executive Vice President, Business Development, based in Vancouver, Canada, where he is responsible for identifying, evaluating and structuring transactions for mineral deposits globally. He has led teams discovering of mines with Billiton Metals, Addwest Gold, BHP and Kinross Gold. He has experience working in more than 70 countries, particularly Russia, Australia, China, Afghanistan, India, North America and most countries in Africa and South America. He is currently President-elect for the Canadian Institute for Mining, Metallurgy and Petroleum (C.I.M.). He is also 2^nd Vice President and a member of the Board of Directors for the Prospectors and Developers Association of Canada (PDAC). He is an active member of the Society for Mining, Metallurgy and Exploration (S.M.E.) in the USA, where he sits on the Board of Directors. He is also a member of the Board of Directors for both the Canadian Mining Hall of Fame and National Mining Hall of Fame in the USA. He earned his Bachelor's and Master's degrees in Geology at Miami University (Ohio). He completed course work and carried out research toward a Ph.D. in Geology and completed a second Master's degree in Mineral Economics at the University of Arizona. In 1995 he completed the Executive Business Program at Stanford University. He is a Registered Professional Geologist in the States of Wyoming and Utah. 

Mike Fillipoff

Mike Fillipoff is a Chemical Engineer with over 35 years of senior project management and engineering experience in all key phases of major capital projects, with budgets of $100 million to $1 billion each including refining plants, petrochemicals, oil and gas, mining, and power generation. He has experience in operating plants with responsibility for production, personnel, safety, environment, scheduling and cost management. Mike has held management positions with firms such as Sandwell (now Ausenco), Nova (now Trans Canada), Saudi Aramco, and Celanese. He has over 16 years of international experience, covering projects in 14 countries on three continents, including Malaysia, Mexico, Korea, Russia, Saudi Arabia, USA and China. Mike was CEO and director of a company publicly traded in Canada which provided technology and services to refineries and other plants operating in Canada and USA. He graduated in Chemical Engineering from the University of British Columbia, and completed the Senior Executives Program at the MIT Sloan School of Management as well as the MIT Executive Program in Financial Management. He is a Registered Professional Engineer in British Columbia and Alberta. 

Frank W. Judge

Frank Judge has over 40 years extensive experience as a businessman, advisor and academic with a particular focus on senior executive organization, finance, and marketing and distribution. Amongst many other roles, he was a member of the board of directors of Manpower, a world leader in providing workforce solutions; he was President of Pacific Brewers Distributors, a transportation and logistics business; and he was chairman of a high tech company publicly traded in Canada. He was a senior partner in the international consulting firm, Booz, Allen and Hamilton, a strategy and technology consulting firm, and was its Canadian President. Frank was a Professor of Business Administration at Queen's University for three years and taught the MBA programs at University of Toronto and York University on a part time basis for 20 years. He is a Life Member of the (Canadian) Certified Management Consultants and has an MBA from the Harvard Business School. 

John Treleaven

John Treleaven spent 32 years in the Canadian Foreign Service working abroad and in Ottawa in a variety of positions with a trade and economic focus.  As Trade Commissioner he served the Canadian business community in Sao Paulo, San Juan, London, Puerto Rico, San Jose, Costa Rica, Hong Kong, Tokyo, Manila and Ottawa. In 1997 he was appointed Canada's Ambassador to the Philippines. In Ottawa he served in a variety of senior positions with a focus on Asia, the policy direction of the Trade Commission Service and on assignment to the Privy Council Office - Jobs Strategy Task Force.  In 2000 he left the Foreign Service to join the Saskatchewan Trade and Export Partnership ("STEP") as President and CEO. STEP is a public/private partnership providing international trade services to over 250 Canadian exporting companies. Mr. Treleaven, as President of The Treleaven Consulting Group, based in Sidney BC, continues to deliver international business solutions to a range of private and public sector clients across Canada and abroad. He is a director of a number of internationally focused Canadian organizations including the Forum for International Trade Training, Canadian Council for Africa, The Hong Kong - Canada Business Association, the Saanich Peninsula Chamber of Commerce, and serves in an advisory capacity to a number of organizations including Global Vision/Junior Team Canada. He has received numerous awards including an Honorary doctorate in Humanities from the University of Baguio on the Philippines, The Queen's Jubilee Medal and the Saskatchewan Centennial Medal. 

ABOUT RARE EARTH METALS

Rare Earth Metals has recently entered into a strategic advisory agreement with CEC Rare Earth Corp. ("REC") to assist the Company in developing a vertically integrated business within the global rare earth industry. The relationship with REC provides the Company with access to REC's experienced personnel as well as its business model which includes the full spectrum of the rare earth industry including the designing, building and establishment of operations for rare earth refineries outside of China as well as the ongoing sales and marketing of refined rare earths. In addition to its relationship to REC the Company presently has several rare earth properties exhibiting multi element potential (REEs, Niobium, Beryllium, Zirconium and Iron Ore). 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 web site at www.rareearthmetals.ca.

ON BEHALF OF THE BOARD OF DIRECTORS OF RARE EARTH METALS INC.:

Tracy A. Moore, CEO & President

For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.

Company information distributed through the Market Access Program is based upon information that Standard & Poor's considers to be reliable, but neither Standard & Poor's nor its affiliates warrant its completeness or accuracy, and it should not be relied upon as such. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument.

Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of Rare Earth Metals Inc. ("REM") as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to, the successful and timely completion of its vertical integration strategy including identifying and negotiating with viable, long term sources of rare earths, transitioning rare earth exploration properties into mines, assisting with fund raising to support mining operations, identifying and negotiating with rare earth refineries situated outside of China either to acquire partly or entirely, or commissioning the design, build and operation of a rare earth separation refinery to be situated outside of China, raising sufficient funds to support the construction and operation of the refinery, reliance on third parties to meet projected timelines, entering into long term contracts with international manufacturers on terms acceptable to REM, risks related to the receipt of all required approvals including those relating to the commencement of production at selected mines and a refinery yet to be identified, delays in obtaining permits, licenses and operating authorities, environmental matters, water and land use risks, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve or resource estimates, health and safety risks, uncertainty of estimates and projections of production, costs and expenses, the adequacy of the Company's financial resources and the availability of additional cash from operations or from financing on reasonable terms or at all, political risks wherever REM may conduct business, risks associated with the relationship between REM and/or its business partners and local governments wherever REM conducts business, radioactivity and related issues, dependence on one or a few mineral projects, loss of key personnel, factors discussed in the Company's public disclosure record, and other factors that could cause actions, events or results not to be as anticipated.
In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although REM believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. Except as required by law, REM does not assume any obligation to update forward looking statements as set out in this news release. The forward-looking statements of REM contained in this News Release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement and the risk factors contained in REM's regulatory filings available at www.sedar.com.