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CANADA RARE EARTHS RECEIVES
GOELAND RARE EARTH PROJECT DRILL PERMITS
Vancouver, British Columbia, Canada - August 03, 2011 - Canada
Rare Earths Inc. ("Canada Rare Earths" or the
"Company") (TSX Venture: V.CJC) is pleased to announce that it has received all requisite drill
permits to commence drilling on its 100% owned Goeland
Rare Earth Exploration Project, located at Montviel,
Quebec. Final road preparations for drill site access are nearly
complete and it is anticipated crews and equipment will mobilize later
this week with drilling set to commence early next week.
The summer diamond drill program has two key objectives: to
confirm and expand historic drilling and test the true dimensions and
rare earth element potential of the PMVT 5 carbonatite
unit. Canada Rare Earth claims at Montviel
neighbor those of Geomega Resources' (tsx.v: GMA) whose recent and ongoing rare earth
discoveries have also been the focus of drilling on the PMTV 5 carbonatite unit. Canada Rare Earths and Geomega's Montviel
holdings currently contain the only two known PMTV 5 carbonatite bodies at Montviel.
Worldwide, carbonatite-related deposits are a
major host for rare earths elements. 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, are all hosted by
carbonatites.
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 reviewed the geological information disclosed herein.
ABOUT CANADA RARE EARTHS INC.
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.
For further information on Canada Rare Earths, please
contact us at our Head Office.
On Behalf of the Board of Canada Rare Earths Inc.
Chad McMillan
President & CEO
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. All of the above is subject to TSX.V and regulatory
acceptance.
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.
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