CANADA GAS CORPORATION APPOINTS NEW PRESIDENT & CEO
Vancouver, British Columbia, Canada - January 19, 2009 - Canada Gas Corp. ("Canada Gas" or the "Company") (formerly Wyn Developments Inc.) announces that Chad McMillan has been appointed President and Chief Executive Officer. A Simon Fraser University graduate with a Bachelors of Arts degree in Communications and diverse management experience, Mr. McMillan has spent several years consulting junior resource companies. He is intimately familiar with the Company, consulting since 2004, and acting as Vice President Corporate Communications and Director since July 2008.
He comments that "during this period of tremendous economic and philosophical upheaval, it is time to re-invigorate the prospects of this Company. We must tighten up internal processes, collaborate with mutually interested industry participants, and expand our access to new opportunities and capital. We must evaluate our current assets against market conditions and proceed in a fashion that considers tolerable risk versus the opportunity to add per share growth for our stakeholders. We must fight not only for our shareholders and this Company, but for the integrity of an industry that has been pounded in recent months and a financial system that has lost the confidence of many the globe over. Although not an easy task, I am proud of the opportunity to lead Canada Gas, and welcome your contributions to these efforts in the days, weeks, and months ahead."
Dave McMillan will now act as Chairman and Marc Tran remains Chief Financial Officer. Dave McMillan adds that: "These changes will offer a fresh and aggressive approach for Canada Gas, which I believe are necessary. Both Chad McMillan and Marc Tran have the energy and discipline to take the Company to the next level in a challenging business environment. I have every confidence in their abilities to build a strong organization and compete with our peer group in this difficult marketplace."
Further, Pursuant to Section 111 of the Securities Act (British Columbia) and Section 176 of the Securities Act (Alberta), the Company also announces that Dave McMillan, President and Director of the Company, is now the beneficial owner of 10% or more of the outstanding common shares of Canada Gas.
Pursuant to recent public acquisitions including 300,000 common shares acquired at the weighted average cost of $0.026 per share, Mr. McMillan directly and indirectly owns 2,380,600 common shares of the Company. Mr. McMillan's indirect ownership is through Sun Tzu Ventures Inc., a private investment company wholly owned by Mr. McMillan. These shares represent 11.8% of the issued and outstanding common shares of the Company.
The securities were acquired for investment purposes only. It is Mr. McMillan's intention to evaluate the investment and to increase and decrease holdings as circumstances require.
These changes 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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