Canada Rare Earth Corp. Identifies Rare Earth Refinery Development Site in the United States

Canada Rare Earth Corp. ("CREC" or the "Company") (TSX VENTURE:LL) is pleased to
announce that it has entered into a letter of intent ("LOI") for the acquisition
of its initial site for a rare earth refinery in the Pacific Northwest region of
the United States. A location in North America is viewed by CREC as critical to
providing stable supply of rare earths to businesses and industries in the
United States, Canada, and Mexico. The site is comprised of approximately 100
acres and has excellent infrastructure with readily available power, water, and
robust transportation infrastructure. The LOI also includes a right of first
refusal to acquire two adjacent land parcels, which are each subject to separate
option agreements. The site is zoned for heavy industrial use and is associated
with some existing permits for heavy industrial use that will likely need some
adaptation. Our preliminary assessment of the location is that it is ideally
suited for a rare earth refinery and provides flexibility due to its size,
location and characteristics.


Our corporate strategy is to establish a vertically integrated rare earth
business with multiple refineries in strategic locations. We envision full
spectrum (light and heavy) rare earth refineries in as many as five separate
countries with combined annual capacity of 15,000 metric tons of separated rare
earth oxides. Locations under consideration include North America, four
countries in Southeast Asia, two countries in the Caribbean, several in the
middle east, and eastern Europe.


Our due diligence on the proposed refinery site in the Pacific Northwest will
include investigating and assessing: the availability of suitable domestically
sourced rare earth concentrate; anticipated operation costs; suitable financing
arrangements for the contemplated capital expenditures and operations;
environmental claims, issues and remediation; regulatory and permitting issues;
and local, state and federal community involvement and support. Although we
believe that the selected site will meet the necessary requirements for building
a refinery there can be no assurance that results of our due diligence will
result in findings suitable to the Company.


CREC recently appointed Nick Vermeulen to spearhead this initiative. Nick will
be supported by CREC management and advisors and our strategic partner, CEC Rare
Earth Corporation ("REC").


As stated by Tracy A. Moore, CEO of CREC, "Nick's initial focus will be on
community and government relations, permitting and seeking concessions from
utilities. Our partner, REC, will investigate sources of rare earth concentrates
with a view to aligning those to customer needs (particularly North American
domestic customers), preliminary scoping of the refinery, financial modeling and
cost analysis. After we are successful in permitting, negotiating pro-forma
contracts and proving our business case, we will move then to detailed design
and construction."


The purchase price for the site is US$50,000 per acre subject to negotiation. A
first refundable deposit of US$50,000 is to be provided upon signing the LOI.
Within 60 days CREC is to ratify its intention to proceed and confirm the exact
purchase price at which time a second refundable deposit of US$50,000 is to be
provided. CREC will continue with due diligence for another 120 days at which
time a further deposit of US$100,000 will be required. CREC may at that time
either remove subjects and the deposits of $200,000 will become non-refundable
or may continue due diligence procedures for up to another 180 days with no
additional deposits required but US$50,000 will become non-refundable. Closing
of the acquisition is to occur no later than 180 days after CREC completes due
diligence to its satisfaction.


ABOUT CANADA RARE EARTH CORPORATION

Canada Rare Earth Corp. is developing a vertically integrated business within
the global rare earth industry in conjunction with CEC Rare Earth Corporation
("REC"). The relationship with REC provides the Company with access to REC's
experienced personnel as well as its business model which includes a full
spectrum of the rare earth industry including the designing, building and
establishment of operations for rare earth refineries outside of China as well
as the ongoing sales and marketing of refined rare earths. In addition to its
relationship to REC, the Company presently has several rare earth properties
exhibiting multi element potential (rare earths, niobium, beryllium, zirconium
and iron ore). Additional information concerning the Company is contained in
documents filed by the Company with securities regulators, available under the
Company's profile at www.sedar.com. For more information, please visit the
Canada Rare Earth Corp. web site at www.canadarareearth.com.


ON BEHALF OF THE BOARD OF DIRECTORS OF CANADA RARE EARTH CORP: 

Tracy A. Moore, CEO & President

For more information on the Company, Investors should review the Company's
filings that are available at www.sedar.com. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canada Rare Earth Corp.
Tracy A. Moore
CEO & President
(604) 638-8886
tmoore@canadarareearth.com


Canada Rare Earth Corp.
Michael Stares
Director
(807) 623-6840
mstares@canadarareearth.com
www.canadarareearth.com
Canada Rare Earth (TSXV:LL)
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