Ok, it failed on the second loop.
I'll shutdown and try reseating the RAM.
FWIW, here's Rember report (and then the kernel panic report):
Memtest version 4.22 (64-bit)
Copyright (C) 2004 Charles Cazabon
Copyright (C) 2004-2008 Tony Scaminaci (Macintosh port)
Licensed under the GNU General Public License version 2 only
Mac OS X 10.7.2 (11C74) running in multiuser mode
Memory Page Size: 4096
System has 4 Intel core(s) with SSE
Requested memory: 14559MB (15267082240 bytes)
Available memory: 14559MB (15267082240 bytes)
Allocated memory: 14559MB (15267082240 bytes) at local address 0x0000000101000000
Attempting memory lock... locked successfully
Partitioning memory into 2 comparison buffers...
Buffer A: 7279MB (7633541120 bytes) starts at local address 0x0000000101000000
Buffer B: 7279MB (7633541120 bytes) starts at local address 0x00000002c7fe9800
Running 5 test sequences... (CTRL-C to quit)
Test sequence 1 of 5:
Running tests on full 14559MB region...
Stuck Address : setting 1 of 16 ok
Linear PRN : setting 1 of 16 ok
Running comparison tests using 7279MB buffers...
Random Value : ok
Compare XOR : ok
Compare SUB : ok
Compare MUL : ok
Compare DIV : ok
Compare OR : ok
Compare AND : ok
Sequential Increment: ok
Solid Bits : setting 1 of 64 ok
Block Sequential : setting 1 of 256 ok
Checkerboard : setting 1 of 64 ok
Bit Spread : setting 1 of 128 ok
Bit Flip : setting 1 of 512 ok
Walking Ones : setting 1 of 128 ok
Walking Zeroes : setting 1 of 128 ok
Test sequence 2 of 5:
Running tests on full 14559MB region...
Stuck Address : setting 1 of 16 ok
Linear PRN : setting 1 of 16 ok
Running comparison tests using 7279MB buffers...
Random Value : \
FAILURE! Data mismatch at local BUFA address 0x0000000178af5400, BUFB address 0x000000033fadec00
BUFA Data: 0xf8ffcd227ffd5d06, BUFB Data: 0xf8ffcc227ffd5d06
Kernel panic:
Interval Since Last Panic Report: 30710 sec
Panics Since Last Report: 1
Anonymous UUID:
Fri Jan 6 15:14:41 2012
panic(cpu 1 caller 0xffffff80002c266d): Kernel trap at 0xffffff8000559052, type 14=page fault, registers:
CR0: 0x000000008001003b, CR2: 0x0000000000022987, CR3: 0x0000000000100000, CR4: 0x00000000000606e0
RAX: 0x0000000000000001, RBX: 0xffffff802552a300, RCX: 0x0000000000022987, RDX: 0x0000000000000145
RSP: 0xffffff81d34a3f40, RBP: 0xffffff81d34a3f70, RSI: 0x0000000000000000, RDI: 0x0000000000000146
R8: 0x000000000002259c, R9: 0x0000000000000000, R10: 0x8000000000100000, R11: 0xffffff80002d8200
R12: 0xffffff8000558f40, R13: 0xffffff802552a300, R14: 0xffffff802552a300, R15: 0x0000000000000000
RFL: 0x0000000000010202, RIP: 0xffffff8000559052, CS: 0x0000000000000008, SS: 0x0000000000000010
CR2: 0x0000000000022987, Error code: 0x0000000000000002, Faulting CPU: 0x1
Backtrace (CPU 1), Frame : Return Address
0xffffff81d34a3c00 : 0xffffff8000220702
0xffffff81d34a3c80
Model: Macmini5,2, BootROM MM51.0077.B0F, 2 processors, Intel Core i7, 2.7 GHz, 16 GB, SMC 1.75f0
Graphics: AMD Radeon HD 6630M, AMD Radeon HD 6630M, PCIe, 256 MB
Memory Module: BANK 0/DIMM0, 8 GB, DDR3, 1333 MHz, 0x029E, 0x434D534F384758334D314131333333433920
Memory Module: BANK 1/DIMM0, 8 GB, DDR3, 1333 MHz, 0x029E, 0x434D534F384758334D314131333333433920
AirPort: spairport_wireless_card_type_airport_extreme (0x14E4, 0xE4), Broadcom BCM43xx 1.0 (5.100.98.75.18)
Bluetooth: Version 4.0.1f4, 2 service, 18 devices, 1 incoming serial ports
Network Service: Wi-Fi, AirPort, en1
PCI Card: pci105a,8760, sppci_raid, Thunderbolt@106,0,0
Serial ATA Device: APPLE HDD HTS727575A9E362, 750.16 GB
USB Device: hub_device, 0x0424 (SMSC), 0x2513, 0xfa100000 / 2
USB Device: Keyboard Hub, apple_vendor_id, 0x1006, 0xfa120000 / 5
USB Device: Apple Keyboard, apple_vendor_id, 0x0250, 0xfa122000 / 6
USB Device: Apple Optical USB Mouse, apple_vendor_id, 0x0304, 0xfa130000 / 4
USB Device: BRCM20702 Hub, 0x0a5c (Broadcom Corp.), 0x4500, 0xfa110000 / 3
USB Device: Bluetooth USB Host Controller, apple_vendor_id, 0x8281, 0xfa113000 / 8
USB Device: hub_device, 0x0424 (SMSC), 0x2513, 0xfd100000 / 2
USB Device: IR Receiver, apple_vendor_id, 0x8242, 0xfd110000 / 3