THUNDER BAY, ONTARIO--(Marketwire - Nov 8, 2012) - Rare Earth Metals Inc. ("Rare Earth Metals", "REM" or the "Company") (TSX VENTURE:RA)(OTCQX:RAREF) is pleased to announce the appointment of Mr. Rojer (Qiufeng) Li as Chairman and Director.
Mr. Li has unique and extensive experience in the rare earth industry having worked closely in the complete design and build of rare earth separation facilities, assisting with many others and operating one full spectrum (light and heavy) refinery for over five years. He has personal connections with owners and general managers of more than 20 of China''s major rare earth separation refineries.
While maintaining his business connections in China, Mr. Li co-founded CEC Rare Earth Corporation in February, 2011 with the purpose of internationalizing his Chinese rare earth industry experience and connections.
CEC Rare Earth Corporation is working closely with the Company to develop and execute a vertical integration strategy within the rare earth industry. A cornerstone of the strategy is the design, build and operation of multiple full spectrum (light and heavy) separation facilities to be built outside of China. The Company expects to source concentrate for its refineries from multiple mines as they come on stream and to sell separated, individual rare earth oxides to many of the 200 largest international manufacturing companies which critically incorporate rare earths into their manufacturing processes.
The Company wishes to thank Mr. Steve Stares and Mr. Clint Barr for their many years of service in developing the Company''s business to date. They have resigned as directors and will continue as advisors as the Company becomes a vertically integrated business within the global rare earth industry.
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.