Press release from TheNewswire.ca
CANADA RARE EARTHS APPOINTS VICE PRESIDENT OF EXPLORATION AND COMMENCES WORK PROGRAM ON ITS 100% OWNED GOELAND RARE EARTH PROJECT, MONTVIEL TOWNSHIP, QUEBEC
Wednesday, April 20, 2011
Vancouver, British Columbia, Canada - April 20th, 2011 - Canada Rare Earths Inc. (TSX.V: CJC; FSE: YXEN; OTC-BB: CJCFF) ("Canada Rare Earths" or the "Company") is pleased to announce the appointment of Mr. Benoit Moreau P.Geo P.Eng as Vice President of Exploration. The Company also announces plans for the spring-summer exploration program on its Rare Earth Elements ("REE") Goéland Property within the Montviel Carbonatite complex. The property consists of 47 claims within the East and West blocks combined, totalling approximately 2,600 hectares, immediately adjacent to the Montviel Carbonatite target currently being explored by Geomega Resources Inc. approximately 200 km north of Val d'Or, Québec.
Mr. Benoit Moreau has over 25 years experience in the mining industry as a geologist (University of Montreal, 1982) and a mining engineer (Polytechnique of Montreal, 1985). He has been a member of the Ordre des Ingenieurs du Québec since 1985. He also holds an MBA (University of Quebec in Montreal, 2000) and has been the Vice President of Exploration and a Director of Otish Energy (TSX.V: OEI) since February 2008. Mr. Benoit is the former President of Geomega Resources Inc. and is intricately familiar with the Montviel Carbonatite complex.
Canada Rare Earths initial exploration program will include a complete review of all historic information, an examination of previously drilled core, a remote sensing study, and a complete airborne geophysical survey to establish the general structural framework of the Montviel Carbonatite Complex within our West and East lands.
The Company will then commence a diamond drill program during late spring early summer to identify drill targets within the PMTV 5 Carbonatite geological unit on the West claims. The drill program will initially focus on confirming and expanding the historic drilling on the West block, conducted during the early 1990's, which identified in two locations 1.5 kilometres apart over 70 meters of Carbonatite in each hole within the Company's West Block. Both holes ended in Carbonatite and are open at depth.
Carbonatite-related deposits are a major host for REE's worldwide and have been proven to produce saleable REE concentrates and oxides. Three of the most advanced REE projects currently in development, Molycorp's Mountain Pass deposit, Lynas' Mount Weld deposit and Rare Earth Element Resource's Bear Lodge deposit, are all hosted by Carbonatites.
Chad McMillan, President and CEO of Canada Rare Earths comments that "we are extremely proud to announce the beginning of our Goéland work program with the appointment of someone of Mr. Moreau's calibre as the combination of his experience in the field and at Montviel ensures that this program will be very well executed for our shareholders."
The Company also announces that it is granting 350,000 incentive stock options to directors, officers, consultants and advisors of the Company exercisable at a price of $0.66 for a period of 5 years.
Mr. Benoit Moreau, Geo and P. Eng., Vice President of Exploration for the company is a Qualified Person for the purpose of NI 43-101 and has reviewed and approved the geological information disclosed herein
About Canada Rare Earths:
Canada Rare Earths is a growth company focused on the exploration and development of its 100% owned Goéland Rare Earth Project located 215 km north of Val d'Or in the Abitibi region of Québec, immediately adjacent to Geomega's (TSX-V: GMA) Montviel property to the East and West and easily accessible via a network of logging roads. The Company's experienced Board of Directors and Management Team have identified two high priority sectors for diamond drilling, and have commenced the initial exploration program intended to be completed in the fall of 2011. Since the acquisition of the Goéland Project, the Company, in a short period of time, has successfully established itself in one of the largest Carbonatite complexes in North America.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information on Canada Rare Earths, please visit www.canadarareearths.com or call 604.685.5851.
All of the above is subject to TSX.V and regulatory acceptance.
On Behalf of the Board,
CANADA RARE EARTHS INC.
President & CEO
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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