NMI.V · 2017-05-03 12:00:00

Closes Private Placement

Financings

Press Release

Namibia Rare Earths Inc.

Halifax, Nova Scotia May 3, 2017 – Namibia Rare Earths Inc. (“Namibia Rare Earths” or

the “Company”) (TSX:NRE) is pleased to announce it has closed its non -brokered private

placement announced on April 7, 2017. The private placement financing resulted in the

issuance of 5,875,000 common shares at a price of $0.07 per share for gross proceeds of

$411,250 (“Private Placement”). Net proceeds of the Private Placement will be used for

general working capital purposes. All securities issued pursuant to the Private Placement are

subject to a four-month hold period from the closing date.

About Namibia Rare Earths Inc.

Namibia Rare Earths Inc. is focused on the accelerated development of the Lofdal Rare

Earths Project. The common shares of Namibia Rare Earths Inc. trade on the Toronto St ock

Exchange under the symbol “NRE”.

For more information please contact -

Namibia Rare Earths Inc.

Don Burton, President

Tel: +01 (902) 835-8760

Fax: +01 (902) 835-8761

Web site: www.NamibiaRareEarths.com

No regulatory authority had approved or disapproved the adequacy or accuracy of this release. The foregoing information may contain

forward-looking information relating to the future performance of Namibia Rare Earths Inc. Forward -looking information, specifically, that

concerning future performance, is subject to certain risks and uncertainties, and actual results may differ materially. These risks and

uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.

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