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Canada Rare Earths Inc (CJC:CA)

 
  • 14 million shares outstanding
  • Vancouver, British Columbia, Canada -January 06, 2011 -Canada Gas Corp. ("Canada Gas" or the "Company") has signed a letter of intent whereby Zimtu Capital Corp. (TSX.V: ZC) and Glenn Griesbach, (collectively the "Vendors") will provide the Company an option to purchase a 100% interest in and to the 2,585 hectare Goéland Property located 215 km north of Val d'Or in the Abitibi region of Québec.
  • A new RARE EARTH project in Québec.
  • One of the largest Carbonatite complexes in North America.
  • Québec is the best jurisdiction for mineral exploration in the world.
  • Excellent logistics. Road accessible.
  • Geomega (TSX.V: GMA) is currently drilling 10,000m on one of two Pmtv5 Carbonatite targets in the intrusive structure.
  • Geologically mapped, airborne geophysics have been completed, historical non-compliant drill holes exist on the adjacent Pmtv5 target.
  • Canada Gas has acquired a 100% interest in roughly 2500 hectares that straddles Geomega on the east and west.
  • The west claims cover the second Pmtv5 carbonatite target originating from the same intrusive complex.
  • The Goeland claims have not yet been drilled.
  • For more information contact: Chad McMillan at 604.685.5851 or email chad@canadagas.ca.

The Goéland Property consists of 47 mining claims within and adjacent to the Montviel Carbonatite Complex. Historic exploration at Montviel has revealed strong potential for rare earth element ("REE"), niobium and phosphate mineralization. The Montviel Carbonatite Complex encompasses 6 main geological units: Pmtv1 through 6. To date, almost all of the anomalous REE, niobium and phosphate values have been encountered within Pmtv5, which is composed of ferrocarbonatite, apatite-bearing ferrocarbonatite, silicocarbonatite, and pyrrhotite-bearing calciocarbonatite.

The Goéland Property consists of 2 claim groups; 1 on the west side of the complex and 1 on the east side. The western group consists of 23 claims (1,265 hectares) and covers 1 of the 2 main areas within the complex underlain by unit Pmtv5. Geomega Resources Inc. (TSX.V: GMA) recently announced a 10,000 metre drill program to test mineralization associated with Pmtv5 within the central part of the complex along with other satellite targets. The eastern claim group consists of 22 claims (1,210 hectares) and is covered with thick overburden. The Goéland Property is easily accessible via a network of logging roads. The principal exploration target for the property is carbonatite hosted REE mineralization, similar to Commerce Resources' (TSX.V: CCE) Ashram REE Zone at the Eldor Property, northern Québec or the ST1 REE Zone at Hudson Resources' (TSX.V: HUD) Sarfartoq Property in Greenland.

Carbonatite-related deposits are a major host for REEs worldwide and have been proven to produce saleable rare earth concentrates and oxides. 3 of the most advanced rare earth projects currently under development: Molycorp's (NYSE: MCP) Mountain Pass Deposit, Lynas's (ASX: LYC) Mt. Weld Deposit and Rare Earth Element Resources' (TSX.V: RES) (AMEX: REE) Bear Lodge Deposit; all are hosted by carbonatites. To acquire a 100% interest in the property, Canada Gas has agreed to pay the Vendors $25,000 on signing, and:

  1. 1,000,000 common shares of the Company upon TSX Venture Exchange ("TSX.V") acceptance.
  2. 500,000 common shares of the Company on the 12 month anniversary of TSX.V acceptance.
  3. 500,000 common shares of the Company on the 24 month anniversary of TSX.V acceptance.
  4. 500,000 common shares of the Company on the 36 month anniversary of TSX.V acceptance.

The Vendors will retain a 2% Net Smelter Return Royalty on the property. In conjunction with the completion of the transaction, a finder's fee will be payable in accordance with the policies of the TSX.V. As a condition of the option, the Vendors require Canada Gas to complete a non-brokered private placement for total gross proceeds of $250,000. Canada Gas thereby also announces a private placement financing, issuing 1,666,667 million units for gross proceeds of $250,000. Each unit is priced at $0.15 and will include 1 share and 1 share purchase warrant exercisable at $0.25 for a period of 2 years. Additionally, pursuant to the terms of a loan agreement dated April 30, 2010, Sun Tzu Ventures Inc., a company wholly owned by a director of the Company (the "Lender"), has elected to convert the outstanding principal of a loan advanced to the Company by the Lender into units of the Company (the "Units") at a conversion price of $0.15 per unit. Each Unit will be comprised of 1 common share of the Company and 1 share purchase warrant entitling the Lender to purchase 1 additional common share of the Company at a price of $0.30 for a period of 3 years from the date of issuance of the warrant. At the $0.15 conversion rate the Company will be required to issue 666,667 Units to the Lender.

The Company also announces that it is granting 950,000 incentive stock options to directors, officers, consultants and advisors of the Company exercisable at a price of $0.16 for a period of 5 years.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Jody Dahrouge, P.Geo., of Dahrouge Geological Consulting, a qualified person. All of the above is subject to TSX Venture Exchange and regulatory acceptance. 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. For more information on Canada Gas Corp., please visit www.canadagas.ca.

On Behalf of the Board,
Chad McMillan President & CEO

CURRENT GMA(14m os) PRICE:

CURRENT CJC(13m os) PRICE: 

 

This press release may contain forward-looking statements including expectations of future production. More particularly, this press release contains statements concerning the Partners future production estimates, expansion of oil and gas property interests, exploration and development drilling, regulatory applications, payout estimates, capital expenditures, and drilling locations to be drilled in 2007/2008. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect the Partners operations or financial results are included in the Partners reports on file with Canadian securities regulatory authorities. The forward-looking statements or information contained in this news release are made as of the date hereof and the Partners undertake no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Oil and Gas Advisory. This press release may contain disclosure expressed as "boe". All oil and natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Links

1. CORPORATE PRESENTATION

www.vantagewire.com/_resources/company_profile/cjc/Canada%20Gas%20Corporate%20Presentation%20-%20Feb%202011.pdf

2. FACT SHEET

www.canadagas.ca/media/Canada-Gas-Fact-Sheet.pdf

3. GOELAND RARE EARTHS PROJECT

www.canadagas.ca/projects-goeland-rare-earths.php

 

 

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