Canada Rare Earth Continues With the 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, pursuant to the letter of intent announced on May 6, 2013 ( the
"LOI"), it has confirmed its intention to purchase the property in the Pacific
Northwest of the United States and has accordingly provided a second refundable
deposit in the amount of US$50,000. 


Tracy A. Moore, CEO of CREC commented, "We have met with 10 special interest
groups in the region and have received the written support of the Board of
County Commissioners of the county where the property is situated. Community and
government relations and permitting are of particular importance to this
initiative. Meanwhile, our partner, CEC Rare Earth Corporation, is investigating
sources of rare earth concentrates with a view to aligning those to customer
needs (particularly North American domestic customers). After we are successful
in permitting, negotiating pro-forma contracts and proving our business case, we
intend to move to detailed design and construction of a refinery."


The LOI provides for the acquisition of a prospective rare earth refinery site
in the Pacific Northwest region of the United States. A location in North
America is viewed by CREC as critical to providing a 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. 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, the Caribbean, several countries in the Middle East
and eastern Europe.


Our due diligence on the proposed refinery site in the Pacific Northwest
includes 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.


The purchase price for the site is US$50,000 per acre. A first refundable
deposit of US$50,000 was provided upon signing the LOI. The second refundable
deposit was provided by CREC with a view of providing confirmation of the
intention to proceed and confirmation of the purchase price. CREC will continue
with due diligence for another 90 days at which time a further deposit of
US$100,000 will be required if CREC intends to continue with the transaction.
CREC may at that time either remove subjects and the deposits of $200,000 will
become non-refundable or CREC 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

"Neither the 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."


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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