WYN DEVELOPMENTS INC. SPRING 2007 UPDATE
Vancouver, British Columbia, Canada - April 16, 2007 - Wyn Developments Inc. ("Wyn Developments" or the "Company") is providing an update of recent activities, including the Company's natural gas exploration and development programs.
THE TRUTCH b-A86-A/94-G-15 TRIASSIC HALFWAY DEVELOPMENT WELL
The Company announces the b-A86-A/94-G-15 Triassic Halfway development well has been drilled to target depth. Casing has been run and the rig has been released. By drilling this well, the Company has now earned an additional six sections (6 drill spacing units). On the Bougie Trutch lands, the Company has now earned a total of 18 Halfway focused sections (18 drill spacing units) from the surface to above the Slave Point Formation.
THE PROPHET RIVER NATURAL GAS EXPLORATION AND DEVELOPMENT PROJECT
A thorough review of all known data from the Prophet River Lands, including 2D and 3D seismic and the d-60-E/94-G-15 exploratory well data has continued since the crew left the drill site late January 2007. Upon the Operator's interpretation of pressure, seismic, petrophysical and petrographic data, and confirmation of the results by the British Columbia Oil & Gas Commission, the d-60-E/94-G-15 well has been re-classified as an 'Exploratory Wildcat Well' and new pool discovery.
According to the British Columbia Oil and Gas Handbook, "an Exploratory Wildcat classification is assigned when the proposed well is greater than seven kilometers from a designated oil or gas pool. Exploratory Wildcat well information is held confidential for one year after the rig release date," although this is at the discretion of the Company.
A 'pool', as defined in the Petroleum and Natural Gas Act, "is an underground reservoir containing an accumulation of petroleum or natural gas, or both, separated or apparently separated from another reservoir or accumulation."
According to the British Columbia Oil and Gas Handbook, a 'Discovery' well classification is best described as one in which "geological, geophysical and engineering data and...interpretive analysis, (have) clearly demonstrate(d) that a new pool has been discovered." The Company will benefit from three years of government royalty free production as a result of this discovery well classification, a credit offered as an exploration incentive due to the higher cost and lower success rates of such projects.
Two additional developments have also occurred on the Prophet River project. The Operator, per the option agreement on the property, has elected to convert its 35% working interest to a 12.5% non-convertible gross overriding royalty on Block A of the Prophet River project lands. This election to convert now increases the Company's working interest in the Prophet River Block A lands from 21 2/3% to 33 1/3%. Further, the Company has confirmed its election to drill on the 10 square mile Prophet River option Block B, and has selected the first location. The Company is required to spud a well on the Block B lands by March 31, 2008.
PRIVATE PLACEMENT UP TO CAD $1,000,000
In order to meet current obligations and proceed with adequate working capital for strategic initiatives, the Company is announcing a private placement of up to 4 million units at CAD $0.25 for gross proceeds of up to CAD $1,000,000. Each unit consists of one share and one purchase warrant exercisable at $0.35 for a period of two years from closing.
Thomas W. Bainbridge P.Geol., is the qualified consultant for the Company's natural gas projects 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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