WYN DEVELOPMENTS INC. RELEASES DRILLING RESULTS OF WINTER 2005/2006 NATURAL GAS EXPLORATION PROGRAM
Vancouver, British Columbia, Canada - October 20, 2006 - Wyn Developments Inc. ("Wyn Developments" or the "Company") announces the release of drilling results for the FET et al c-36-A/94-G-15 and a-13-B/94-G-15 wells drilled during the winter 2005/2006 drill season. Wyn also announces shareholders will be notified once testing and completion is underway on the Prophet River (d-60-E/94-G-15) Slave Point Exploratory well.
FET et al Tommy c-36-A/94-G-15
The FET et al Tommy c-36-A well was spudded on December 12, 2005 and reached a Total Depth of 1275 meters on December 19, 2005 within the Triassic Montney Formation. Schlumberger well logs have indicated a (25.7 meter gross) Triassic Halfway Formation sandstone reservoir. This well was perforated over a six meter interval and after a 4 day flow test the well was shut-in (January 9, 2006) with a final rate of 46.73 E3M3/d (1.65 Million Cubic Feet per day) on a 38.1mm choke. The British Columbia Oil & Gas Commission has confirmed this is a New Pool Discovery. Two offsetting wells have been licensed by the Operator, Focus Energy Trust, for the upcoming 2006/2007 winter drill season, and if successful, these offset wells and c-36-A will be tied-in for production late 1st Quarter 2007.
FET et al Trutch a-13-B/94-G-15/
The FET et al Trutch a-13-B well was spudded on January 20, 2006 and reached a Total Depth of 1223 meters on January 25, 2006 within the Triassic Doig Formation. Schlumberger well logs have indicated a (24 meter gross) Triassic Halfway Formation sandstone reservoir. This well was perforated and completed by the Operator in the Triassic Halfway Formation and after a 5 day flow test the well was shut-in (February 16, 2006) with a final rate of 23.32 E3M3/d (827.8 Thousand Cubic Feet per day) on a 38.1mm choke. In addition, 18 meters of Triassic Charlie Lake Formation was present and log analysis suggests gas saturation during this interval, although this formation has not yet been perforated or stimulated for testing. This well is not producing at present. The a-13-B well is located 5.5 kilometers west-southwest of c-36-A and both are now confirmed Triassic Halfway Formation sandstone reservoirs.
Bougie Trutch Interest
Wyn Developments has earned a total of twenty-six (26) square miles from the Slave Point formation to the basement, and twelve (12) square miles (two (2) earning blocks) from the surface to all zones above the Slave Point. The Company also has a working interest in all other sections within the 26 sections (26 square miles) Bougie Trutch land package.
Trutch East
Wyn is very encouraged by the aforementioned results and as such is currently negotiating a rolling interest in 15 square miles adjoining the eastern boundary of the Bougie Trutch property. This land package, coined Trutch East, lies between the prolific Tommy Lake Field (approximately 157 BCF produced to date and estimates of 400 BCF reserves) and the c-36-A well (1.65 MMCF). Both 2D and 3D seismic have been completed on the property and further details will be provided upon completion of the negotiations.
Thomas W. Bainbridge P.Geol., is the qualified person for this project and has reviewed and verified the contents of this news release.
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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