Press release from TheNewswire.ca
Canada Rare Earths Completes Hole GO-3 at 525 meters, Ending in Carbonatite
Thursday, October 13, 2011
Canada Rare Earths Completes Hole GO-3 at 525 meters, Ending in Carbonatite05:57 EDT Thursday, October 13, 2011(via Thenewswire.ca) Vancouver, British Columbia - (October 13th, 2011) - Further to the Company's news release of October 12th, 2011, Canada Rare Earths Inc. ("the Company") (TSX-V: CJC) has completed drilling Hole GO-3 at 525 meters. In this hole the Company has successfully intersected carbonatite starting at a depth of 24 meters, to a depth of 386 meters, before encountering a Gabbro Dyke consisting of 10 to 20% carbonate material from 386 meters to 414 meters, after which the Company continued to intersect carbonatite from 414 meters to 525 meters, the hole ending in carbonatite. This carbonatite discovery holds great potential for the Company as worldwide, carbonatite-related deposits are a major host for REE's. The world's most advanced and prolific REE deposits in production or development, Bayan Obo (China), Molycorp's Mountain Pass (USA), Lynas's Mount Weld (Aus), and Rare Earth Element Resource's Bear Lodge project (USA), not to mention Geomega's adjacent Montviel rare earth discovery, are all hosted by carbonatites. The Company is now moving on to location GO-4, spotted another 500 meters step out to the south of GO-3 along strike. The Company is hopeful the first assay results from this drill program will be received within the next 3 to 4 weeks. More information on the Goeland Rare Earth exploration program will be provided when available. 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 verified the geological information disclosed herein. About Canada Rare Earths Canada Rare Earths is a growth company focused on the exploration and development of rare earth elements at its 100% owned Goeland Rare Earths Project within the Montviel carbonatite complex, Montviel Township Quebec, immediately adjacent to Geomega's (TSX-V: GMA) recent rare earth discovery. The Goeland property located 215 km north of Val-d'Or, is road accessible and consists of 47 claims totaling approximately 2,600 hectares. 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. 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 Inc., please visit www.canadarareearths.com or call 604.685.5851. On Behalf of the Board, "Chad McMillan" President & CEO Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's plans for and intentions with respect to exploration of the Goeland Project, constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any required government or other regulatory approvals and any required financing to complete the Company's planned exploration activities, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to Canada Rare Earth's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdowns and bad weather. 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. Readers are cautioned not to place undue reliance on forward-looking statements. Canada Rare Earths does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Copyright (c) 2011 Thenewswire.ca - All rights reserved.