WYN DEVELOPMENTS INC. UPDATES ON NATURAL GAS PROJECTS
Vancouver, British Columbia, Canada - August 23, 2006 - Wyn Developments Inc. ("Wyn Developments" or the "Company") Prophet River Slave Point exploratory well, winter development plans for the Bougie Trutch natural gas development project, and negotiations to acquire an interest in a new prospective natural gas land package.
THE PROPHET RIVER NATURAL GAS EXPLORATION PROJECT
Further to the June 23rd, 2006 news release, the Company announces that the Prophet River Slave Point exploratory well is progressing as anticipated, both on time and on budget. This well is expected to reach total depth in early September, at which time the Company will decide whether testing and completion of the well is warranted. This testing and completion would take approximately 20 days and provide a commercial evaluation of the well's potential.
THE BOUGIE TRUTCH NATURAL GAS DEVELOPMENT PROJECT
As previously reported, the two "Halfway" wells drilled in December 2005 and January 2006 at Bougie Trutch were successful, as the Operator tested and set production casing on both wells. The BC Oil and Gas Commission also confirmed that the c-36-A well proved the existence of a new gas pool. In the upcoming 2006/2007 winter season, the Company will be building upon this success by drilling two additional "Halfway" formation delineation wells near the original C-36-A well. If successful, these three wells should be tied-in for production by March 2007.
THE TRUTCH EAST NEGOTIATIONS
The Company is also currently in negotiations to acquire an interest in a rolling option for up to 15 square miles of prospective natural gas leases adjoining the South and Southeast portions of the Company's Bougie Trutch development project. 2D and 3D seismic has been completed on the property and further details will be provided upon successful completion of the negotiations.
About Canada Rare Earths
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. Worldwide, carbonatite-related deposits are a major host for rare earths elements ("REE"). 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.
For more information on Canada Rare Earths, please contact 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.
FORWARD LOOKING STATEMENTS
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's Pre-Development Agreement and the exploration of the Goeland Project, constitute "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 obligations pursuant to the Pre-Development Agreement and 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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