Mr. Peter Shearing reports

CANADA RARE EARTH ANNOUNCES CORPORATE UPDATE

Mark Peters has resigned as a director and chair of the audit committee of Canada Rare Earth Corp., and Michael Lee has resigned as chief financial officer.

Mr. Lee will continue to provide financial and accounting support to the company in a consulting capacity. The company thanks both Mr. Peters and Mr. Lee for their contributions and service.

Business update

Canada Rare Earth continues to develop its critical mineral trading and consulting businesses. The company is also evaluating opportunities to co-operate with several groups on strategies to advance and commercialize critical mineral mining projects in South America.

The company continues to work with the TSX Venture Exchange toward the resumption of trading in its shares.

About Canada Rare Earth Corp.

Canada Rare Earth is focused on developing business opportunities in the global critical mineral sector, including mineral trading, consulting and the commercialization of mineral resources.

We seek Safe Harbor.