CREC Advances Prospective Joint Venture to Mine and Process Rare Earths as Announced on Oct. 17 2017
Canada Rare Earth Advances the Prospective Joint Venture to Mine and Process Rare Earths as Announced on October 17, 2017
December 4, 2017
Canada Rare Earth Corp. (“Canada Rare Earth“ or the “Company”)(TSX.V:LL) is pleased to announce that it has established an experienced team of technical and practical experts who are conducting analysis and testing to optimize the processing of material from the Property (as defined below). The experts are confident that an existing, proprietary processing technology and system can be applied to the material and implemented in a cost effective manner.
Final selection and implementation is subject to the results of bulk tests at existing commercial facilities that operate with similar processing systems and is also subject to agreement by the Company’s joint venture partner.
The joint venture partner is presently arranging for a 50 ton bulk sample to be delivered to the testing facilities. Concurrently, the joint venture partner is also proceeding with the preparation of permit application(s) to allow mining and delivery of ore derived from the Property.
The advanced, prospective rare earth property situated in South America (the “Property”) is owned outright by the joint venture partner.
Tracy A. Moore, Chief Executive Officer of Canada Rare Earth, explained, “our selection process included meetings, references and discussions regarding previously provided and analyzed samples of material gathered from the Property and of directly related experience of the selected experts. We are pleased that we were able to accomplish the identification and selection of what we believe is a unique, proprietary system suitable for the project at hand.”
The Company also announces that, subject to regulatory approval, as partial recognition of certain services and accomplishments 2,280,000 common shares are to be issued to members of management at a deemed value of $0.05 per share. The Company also announces the issuance of 7,975,000 stock options to directors, officers, consultants and advisory board members exercisable at $0.05 per share for five years.
On behalf of the Board
Tracy A. Moore, CEO and Peter Shearing, COO
ABOUT CANADA RARE EARTH CORP.
Canada Rare Earth is developing an international integrated business within the global rare earth industry. Our immediate key focus is to generate revenues and positive cash flow from a variety of profit centres in the rare earth production and sales chain by sourcing, adding value and selling rare earths in all stages and forms. We are in the process of establishing our own mining, concentrating and refinery capabilities in addition to working with affiliated and third party organization
"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." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections. No assurance that the funding to purchase the Purchase Shares will be raised on reasonable terms or at all and there is no assurance that the permits will be issued in a timely manner or at all.”
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
Tel: (604) 638-8886