Canada Rare Earth Completes Purchase and Sale of 90 Metric Tons of Concentrate; on Schedule for Completion of additional 380 Metric Tons in June 2017
TSX VENTURE: LL
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 17, 2017) - Canada Rare Earth Corp. (TSX VENTURE:LL) ("Canada Rare Earth" or the "Company") is pleased to announce continuing and increasing momentum in its rare earth concentrate trading business.
Tracy A. Moore, Chief Executive Officer of Canada Rare Earth, explained, "We are extremely pleased with the acceleration of our rare earth concentrate trading business. We have now completed the purchase and sale of 301 metric tons ("MTs") of concentrate with increasing momentum: 6 MTs in the December 31, 2016 quarter; 25 MTs in the March 31, 2017 quarter; and so far 270 MTs in the quarter to end June 30, 2017."
The Company yesterday completed the purchase and sale of 90 MTs that are related to but separate from the purchase and sale of 180 MTs that alone generated proceeds of $386,000 as announced on May 2, 2017.
A further 375 MTs of concentrate is on schedule for purchase and sale next month that, if completed, would result in 645 MTs of concentrate transacted in the June 30, 2017 quarter.
Peter Shearing, Chief Operating Officer of Canada Rare Earth reiterated, "We have developed a very solid working relationship and system with the supplier announced in September 2016 with an understanding of transacting 16,500 MTs over a 36 month period. Additionally, we are in discussions with a number of prospective suppliers to augment the supply required to meet the demands of our customer base."
Financial amounts in this news release are stated in Canadian dollars.