Canada Rare Earth Enters into MOU to Acquire Mineral Rights
May 5, 2021
Canada Rare Earth Enters into MOU to Acquire Mineral Rights
Canada Rare Earth Corp. (“CREC” or the “Company”) (TSX.V: LL) is pleased to announce entering into a Memorandum of Understanding (the “MOU”) to acquire mineral rights in South America (the “Mineral Rights”) containing heavy mineral sands.
The Mineral Rights, from which over 1,000 samples have been taken, have been studied for a number of years including studies led by Dr. Dorival Carvalho, Head of Capital Projects for CREC in South America. The Mineral Rights are situated within approximately 650 hectares in close proximity to applicable infrastructure. Sampling has confirmed that the heavy mineral sand material contains multiple commercially saleable minerals and elements including rare earths, zircon and ilmenite. Dr. Carvalho has extensive experience establishing and running operations for the processing of heavy mineral sands from sources closely similar to the Bom Futuro stockpile (referred to in Company news releases dated February 12, 2019, December 19, 2019 and January 22, 2020) in which the Company has a 20% interest.
The MOU allows the Company 12 months to conduct further studies and the right of first refusal to acquire the mineral rights.
Tracy A. Moore, CEO of Canada Rare Earth explained, “we are moving to increase our proprietary portfolio of rare earths properties as we simultaneously increase our independent supply arrangements. We are seeking properties that can be in operation within 18 months of acquisition and that contain multiple saleable elements such as cassiterite, zircon and ilmenite to defray operating costs and maximize profitability.”
We caution that testing and sampling has not necessarily been conducted to 43-101 standards and that there can be no assurance that our studies will lead us to acquire or operate the subject property or that operations will be profitable. The Company will provide progress reports as milestones are accomplished.
About Canada Rare Earth Corp.
Canada Rare Earth is developing an international supply network based on proprietary, affiliated and third-party mineral sources and existing, developing and planned processing facilities. We are generating revenues and gross profits from the sale of rare earths and connected mineral products.
Canada Rare Earth recently relocated its head office to Suite 2110, 650 West Georgia Street, Vancouver BC Canada.
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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