WYN DEVELOPMENTS INC. WELCOMES SUTHERLAND AND FAGAN TO THE BOARD OF DIRECTORS AND MACRAE AND BAINBRIDGE AS OIL AND GAS ADVISORS
Vancouver, British Columbia, Canada - June 21, 2006 - Wyn Developments Inc. ("Wyn Developments" or the "Company") welcomes several individuals joining the Company. These include Angus Sutherland C.A., B.Comm, as an Independent Director and Chairman of the Audit Committee, Brian Fagan as Independent Director and Member of the Audit Committee, as well as John MacRae B.Sc., M.Sc., P.Geol. and Thom Bainbridge B.App. Sc., P.Geol. as advisors to the Board.
Angus Sutherland C.A. B.Comm, is a Chartered Accountant and President of Silvercreek Development Corporation. Silvercreek Development Corporation specializes in the development of mid to large size residential subdivisions in Alberta and British Columbia. As a Chartered Accountant, Mr. Sutherland has worked with Thorne, Riddell & Co., Eaton's Canada, and Canada Post Corporation and has developed single and multi family development projects for twelve (12) years with A.D. Sutherland and Associates Ltd. The Company looks forward to Mr. Sutherland lending his accounting and multi-million dollar project management expertise to the continuing evolution of the Company.
Brian Fagan is another exceptional addition to the Company's Board of Directors. Mr. Fagan has over thirty (30) years experience in the formation, financing, and day-to-day management of publicly traded junior mineral exploration companies. Previously as President, CEO, and COO of several mineral exploration companies, he has conceptualized and managed exploration programs in Canada, the United States, Mexico, and Argentina. For the ten year period ended December 31, 2004, as editor of The Fagan Report, a mining stock advisory newsletter, he was a frequent TV, radio, newspaper, and media commentator on the subject of Gold and Gold mining stocks, as well as a speaker at many related conferences. Mr. Fagan has recently returned to North America from an 18 month engagement managing a mineral exploration company in Northwest Argentina, and the Company looks forward to his contributions.
John MacRae, M.Sc., B.Sc., P.Geol. is another highly accomplished individual joining the Company. Mr. MacRae spent sixteen (16) years with the Province of British Columbia Ministry of Energy & Mines, serving as Reservoir Geologist (1982-1986), Section Head Reservoir Geology (1986-1988), and Director of Petroleum Geology (1988-1998). Through his private consulting company, Hummingbird Energy, MacRae is currently an advisor to a major Canadian gas producing company among others. Mr. MacRae has a current and comprehensive knowledge of, and experience with, the geology and undiscovered petroleum and natural gas potential of the Western Canada Sedimentary Basin, as well as all British Columbia onshore and offshore sedimentary basins. He is also a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta, the Canadian Society of Petroleum Geologists, and past President of the Geological Association of Canada, Pacific Section.
Another key advisor joining the Company is oil and gas consultant Thom Bainbridge B.App. Sc., P.Geol. Mr. Bainbridge is currently President and Owner of Wakanda Resources Limited, a private Alberta company incorporated in 1981 which has historically been engaged in several aspects of the oil and gas and mineral exploration industries. He is very familiar with the inner working of the oil & gas industry, has undertaken geological studies throughout Canada, the United States, Australia and France, and worked as a consultant to numerous oil companies in Canada, with particular emphasis in the northeastern British Columbia gas producing region. Mr. Bainbridge is also a member of the Association of Professional Engineers, Geologists, and Geophysicists of Alberta (APEGGA) and the Canadian Society of Petroleum Geologists (CSPG).
As compensation for their services, the Company is granting 700,000 2 year options at a price of CDN $0.39; 300,000 to Angus Sutherland, 200,000 to Brian Fagan, 100,000 to John MacRae, and 100,000 to Thom Bainbridge, subject to Toronto Venture Exchange approval.
These additions will strengthen the Company's ability to acquire and perform on high potential exploration and development projects in natural gas, base and precious metals projects and the Company is excited to welcome each of these individuals to the Wyn Developments team.
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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