Canada Rare Earth Enters into a Letter of Interest to Acquire Permitted Mineral Rights
August 1, 2019
Canada Rare Earth Enters into a Letter of Interest to Acquire Permitted Mineral Rights
Canada Rare Earth Corp. (“Canada Rare Earth” or the “Company”) (TSX.V: LL) is pleased to announce entering into a letter of interest to acquire the mineral rights and permits and licenses to a property in South America.
The 7,000+ hectare property is being actively mined, is in close proximity to power, water and roads, is permitted for unrestricted mining operations and further exploration, and is known to contain multiple minerals including rare earths.
Tracy A. Moore, CEO of Canada Rare Earth noted, “The size, nature and location of the property is of significant interest to us as we develop a portfolio of properties and operations.”
Peter Shearing, COO of Canada Rare Earth added, “We are immediately embarking on an extensive due diligence program. If the results of the due diligence are positive, then we will move to finalize terms and conditions including price and prepare a definitive agreement.”
The outcome of this arrangement is subject to due diligence and arranging sufficient funding which will be substantially if not entirely raised at the subsidiary company level so as to not dilute our existing shareholders. Further details will be provided as and when available and confirmed.
ABOUT CANADA RARE EARTH CORP.
Canada Rare Earth is generating revenues and gross profits as we develop our integrated supply chain business based on the rare earth industry and with increasing attention directed to valuable by-products. Our business involves sourcing, adding value and selling rare earths and other mineral products in all stages and forms utilizing proprietary, affiliated and third-party sources and facilities.
On behalf of the Board
Tracy A. Moore, CEO and Peter Shearing, COO
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. Forward-looking statements in this release are made pursuant to the ‘safe harbour’ provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
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Tracy A. Moore Chief Executive Officer |
Peter Shearing Chief Operating Officer |
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Telephone: (604) 638-8886 Website: www.canadarareearth.com |
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