Canada Rare Earth Corp. announced obtaining the right to increase its ownership in the Bom Futuro tailings property in the state of Rondonia, Brazil to a controlling 52% and to become the operator of the project. Certain highlights of the Bom Futuro property include: Permit issued for extraction activities; 70 million tons of tailings accumulated from 25 years of tin mining by the Paranapanema Company and artisanal operators; The tailings contain multiple essential, critical and commercially saleable minerals including tin/cassiterite, ilmenite, zircon and rare earths; The tailings are situated on 590 hectares of 9,960 hectares of leased property; The tailings derived from any current and future mining operations over the 26 year lease term are also included; Information regarding the tailings is available in a 43-101 report and has been augmented through internal work and other 43-101 non-compliant sources; and Right of first refusal to purchase the mineral rights underlying the 9,960 hectares.

The Company is well advanced in the process development and based on the expected operational and commercial projections, the three owners of Bom Futuro unanimously agreed that Canada Rare Earth may increase its equity position to 52% from the current 20% by arranging financing for development and becoming the operator for the project. The Company is working closely with its investment banking partners to raise funds to bring the property into operations.