VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/23/17 -- Canada Rare Earth Corp. (TSX VENTURE: LL) ("Canada Rare Earth" or the "Company") is pleased to announce increasing momentum in its concentrate trading business.
The Company has entered into the next set of hedged contracts to purchase and sell 310 metric tons of rare earth concentrate with locked in gross profits. This volume of concentrate is twelve times the amount currently in international waters and scheduled to arrive at our customer's selected port in early April, 2017.
Peter Shearing, Chief Operating Officer of Canada Rare Earth explained, "we are confident of the ongoing buying we have arranged and we are driving to secure immediate, dependable supply meeting the specified criteria (price, quantities and array of rare earths) in the order of 300 metric tons to 500 metric tons per month on an ongoing multi-year basis."
Canada Rare Earth is also developing sources to supply medium and longer-term needs such as providing feedstock to the Company's prospective proprietary rare earth processing plants. These facilities are designed to produce and supply high quality and high purity rare earth products such as individual oxides, metals and custom products especially to the non-China market.
Peter Shearing continued, "regarding the second set of contracts, 272 metric tons of concentrate are scheduled to leave the mine sites within seven days, be loaded on a vessel on April 7, 2017 and arrive at the ultimate buyer's selected port in mid-May 2017. The balance of 38 metric tons is being completed and will be shipped near the end of April 2017 along with product for a third set of transactions we are negotiating with the same supplier."
Tracy A. Moore, Chief Executive Officer of Canada Rare Earth remarked, " we are thrilled with the trading momentum we have established so far and are building on it to establish a robust and consistent supply to our customer. The current set of orders will generate over $500,000 of revenues with determined gross profits and cash flow for our Company."
On behalf of the Board
Tracy A. Moore, CEO and Peter Shearing, COO
ABOUT CANADA RARE EARTH CORP.
Canada Rare Earth is developing an international integrated business within the global rare earth industry. Our key focus is to generate revenues and positive cash flow from a variety of profit centres in the rare earth production and sales chain by sourcing, adding value and selling rare earths in all stages and forms. We are in the process of establishing our own mining, concentrating and refinery capabilities in addition to working with affiliated and third party organizations.
"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." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections."
For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.