Canada Rare Earth - In the Business of Rare Earths - May 2019 Corporate Update
May 30, 2019
Canada Rare Earth – In the Business of Rare Earths - May 2019 Corporate Update
Vancouver, British Columbia: Canada Rare Earth Corp. (“Canada Rare Earth” or the “Company”) (TSX.V: LL) is developing an international supply chain business based on our commodity-trading platform and existing, developing and planned processing facilities.
The Company is pleased to announce that it is in the formative stage of planning the development of both a concentrate processing plant and a rare earth separation plant to be situated in South America. The objective is to leverage the sources of minerals into a secure stream of high quality rare earth products outside of Asia. At this time the Company is evaluating three potential locations and local partners for the contemplated project.
Tracy A. Moore, Chief Executive Officer of Canada Rare Earth explained, “We are encouraged by recent interest in the rare earth sector and the market’s recognition of the need for an independent source of rare earth oxides and metals as an augmenting or alternative to Chinese supplies. The project we are initiating in South America is a key component of Canada Rare Earth’s vertical integration strategy.”
Peter Shearing, Chief Operating Officer of Canada Rare Earth continued, “Our supply chain continues to grow, and we are in the process of adding other sources to fill the growing demand from our customers. We are working with suppliers to assist in the optimization of their processing to allow the Company to source higher quality material and larger volumes”.
Amongst other activities the two projects we announced in February continue to progress positively:
- The Rare Earth Mine and Processing Opportunity discussed in the February and April updates is progressing with 50 metric tons of bulk material set for shipment to laboratories in the next few weeks. The property has been extensively studied for rare earths and the major issue is determining the optimal processing methodology.
- The Property Purchase Opportunity discussed in the April update continues to progress with due diligence procedures nearly complete.
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. We are in the process of invoicing $300,000 for the most recent product sales; related costs of sales are approximately $240,000 resulting in a gross profit of 20% of sales.
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:
Tracy A. Moore
Chief Executive Officer
Chief Operating Officer
Telephone: (604) 638-8886