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Press release from TheNewswire.ca

CANADA RARE EARTHS ENGAGES OCEANPOINT ADVISORS INC. FOR IR

Thursday, June 02, 2011

CANADA RARE EARTHS ENGAGES OCEANPOINT ADVISORS INC. FOR IR21:31 EDT Thursday, June 02, 2011(via Thenewswire.ca) Vancouver, British Columbia, Canada - June 2, 2011 - Canada Rare Earths Inc. (TSX.V: CJC; FSE: YXEN; OTC-BB: CJCFF) ("Canada Rare Earths" or the "Company") is pleased to announce that it has entered into an investor relations agreement (the "Agreement") with OceanPoint Advisors Inc. ("OceanPoint") pursuant to which OceanPoint will provide investor relations services to the Company. The Agreement is for a term of one year, during which time OceanPoint will effect communications between the Company, its shareholders and prospective investors, and develop an investor relations program designed to raise awareness of the Company's business among prospective investors and the investment community. Under the terms of the Agreement, the Company will compensate OceanPoint $10,000 per month for the one year term of the Agreement but has the right to cancel the Agreement after the first 6 months of service, and/or extend it past the initial term. Pursuant to the Agreement, the Company has agreed to grant OceanPoint incentive stock options to purchase up to 175,000 common shares of the Company at a price of $0.45 per share, exercisable until May 31, 2012. The options are subject to vesting provisions pursuant to which 25% of the options granted will vest in each quarter. The Company also announces that options to purchase up to 100,000 common shares of the company previously granted to insiders of the Company on April 19, 2011 have been cancelled with the consent of the option holders. The cancelled options were exercisable at $0.66 per share and had an expiry date of April 19, 2016. New options granted to these option holders at an exercise price lower than $0.66 during the next 12 months will be subject to disinterested shareholder approval. About Canada Rare Earths Canada Rare Earths is a growth company focused on the exploration and development of its 100% owned Goeland Rare Earth Project located 215 km north of Val d'Or in the Abitibi region of Quebec, straddling Geomega's (TSX-V: GMA) Montviel property on the east and west. The Company has identified two high priority sectors and has initiated an exploration program with diamond drilling expecting to commence in July 2011. Since the acquisition of the Goeland Project, the Company, in a short period of time, has successfully established itself in one of the largest Carbonatite complexes in North America. For more information on Canada Rare Earths, please visit www.canadarareearths.com or call 604.685.5851. On Behalf of the Board, CANADA RARE EARTHS INC. "Chad McMillan" President & CEO 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. All of the above is subject to TSX.V and regulatory acceptance. Cautionary Note Regarding Forward-Looking Statements: This release may contain forward-looking statements. Actual results could differ materially from those described in this news release as a result of various factors, including, but not limited to the timing of and ability to obtain regulatory approvals. The Company cautions that these and similar statements involve risk and uncertainties and are qualified by important factors, including the risk that the Company will not obtain required approvals, which could cause actual results to differ materially from those in the forward looking statements. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law. Copyright (c) 2011 Thenewswire.ca - All rights reserved.