WYN DEVELOPMENTS INCREASES OWNERSHIP IN CORE ASSET
Vancouver, British Columbia, Canada - February 05, 2008 - Wyn Developments Inc ("Wyn" or the "Company") announces that Wyn Developments Inc., Flying A Petroleum Ltd. and Bighorn Petroleum Ltd. have funded their respective shares of the balance of the purchase price for a 12.5% non convertible gross overriding royalty on the Prophet River 'A' lands and remaining 35% gross working interest in the Prophet River 'B' lands. On January 24, 2008 the Company announced its intention to proceed with this purchase and the transaction has closed. As a result the Company now owns a 33 1/3% gross working interest in the Prophet River 'A' and Prophet River 'B' lands subject to a 2.5% overriding and government royalties. This purchase has also eliminated an original farm-in requirement to spud a Prophet River B lands well by March 31st, 2008.
Also in the Prophet River area, Petro Canada has exercised a right of first refusal on two sections adjoining the Company's lands to the southeast of the Company's d-60-E Mississippian discovery well. Accordingly the Prophet River land holding interests have been reduced to approximately nineteen square miles from twenty-one. Petro Canada Ltd. has increased their activity in the region in the past year, in, around, and between the Prophet River and Trutch properties.
THE a-38-A/94-G-15 TRIASSIC HALFWAY DEVELOPMENT WELL
The Company has contributed its share of the costs to complete the production tie-in of the recently drilled a-38-A Triassic Halfway development well. The well will be tied in to the Trutch jointly owned production infrastructure and is expected to commence production in mid to late February 2008. The Company has a 9% gross working interest in this well and a 15% interest in the project's pipeline infrastructure.
CANADA GAS CORP.
Further to the Company's release dated September 18, 2007, Wyn, Flying A Petroleum Ltd., Bighorn Petroleum Ltd., and Tenaka Drilling Consortium Ltd. affirm their continuing commitment to their aforementioned amalgamation, where the respective shareholders meetings to approve the transaction and other matters are anticipated to be called in the near term.
PRIVATE PLACEMENT
The Company is re-pricing the private placement offering announced January 24, 2008. The Company will now issue up to 22 million units at the price of $.05 per unit for gross proceeds of up to CAD $1.1 million. Each unit will consist of one share and one share purchase warrant exercisable at $0.10 for a period of two years from the closing date. A member of company management and a significant shareholder have agreed to increase their participation in this private placement. Finders fees may be payable on this financing.
Thom Bainbridge, P.Geol is the company's qualified person in accordance with regulatory standards. He has reviewed and verified the technical contents of this release.
The financing and amalgamation are subject to TSX Venture Exchange approval.
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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