Kelsey Chin, CFO of Canada Rare Earths
Kelsey Chin, CFO, and a new addition to Canada Rare Earths is positively enthusiastic about the work that she and Canada Rare Earths are doing to provide more sources of rare earth metals to the market. Said Chin, “I've been in this industry for over eight years now. I've learned the industry inside and out, gaining a lot of really valuable experience and knowledge throughout the years. Just recently, in February of this past year, I joined an exceptional team at Canada Rare Earths as their CFO which has proved to be a great move on my part. I really love the volatile nature of the mining industry, and I enjoy being able to use all aspects of my experience and knowledge that I've gained, including financial reporting, corporate governance, investor relations, and M&A.”
Canada Rare Earths has begun drilling on their Goeland Rare Earth property, located in Montviel Quebec. Said Chin, “Our Phase I drill program is ongoing, which commenced in late August. To date, we have completed 10 drill holes (GO-1 through GO-9) of approximately 4,050 meters, with the 11th hole (GO-10) currently being drilled and three additional holes now planned. Nearly 3,400 samples have been shipped to the laboratory for assays. During the course of drilling, we have successfully intersected a combination of several alteration zones, carbonatite, and syenite. In hole GO-4, we have confirmed the presence of rare earth bearing Bastnasite through qualitative analysis by the UQAM laboratory in Montreal, which appears to be widespread throughout all drill holes completed; however the Company is awaiting assay results to confirm the possible extent of this Bastnasite mineralization.
Field observations of the various cores from all the drill holes are indicating “very unusual minerals” and although some can be identified, not all are readily identifiable. The confirmation of Bastnasite is very encouraging; combined with the various altered zones, carbonatite and syenite, we are anxiously awaiting the assay results to determine the true potential of this project”.
Currently, results are being calculated to determine more information about the composition of the site. Said Chin, “We are anxious to receive the assay results, and will report the findings as soon as they are received, but as it stands right now we are looking at about four square kilometers of near surface geology, which is really exciting.” Knowing that there is potential for the area has given Canada Rare Earths a reason to be optimistic. Said Chin, “So, it’s not really a matter of if it is there, it is more a matter of grade, and we'll find that out soon enough.” The Company is currently anticipating that the Phase I drill program will complete 14 drill targets with all core logged, split and sent to the assay lab by December 23, 2011.
As CFO, Chin is carefully watching the effect of the initial assay results on Canada Rare Earths' stock price. Said Chin, “If all goes according to plan, we'll get our assays out and, assuming they are favourable, the market will respond accordingly as well.” Regardless, Canada Rare Earths is in good shape financially. Said Chin, “We have sufficient cash in the bank right now which will enable us to finish up our Phase I program; at which point, after we receive our assays and with the Quebec rebate, we will review the plans and budget for the Phase II drill program.”
Currently, Canada Rare Earths has about 18 million shares outstanding. Chin said, “We are trading at about $0.57 per share right now, after seeing a spike in share price recently, indicating that the market is seeing the promising potential of the Goeland project. We have a really great structure with lots of room to move. We are hopeful that our initial assays will continue to strengthen the share price so we don't dilute it too much if we raise more funds.”
Rare earth metals has just recently become a focus in the mining industry. Said Chin, “The timing is great for us; we got in here just at the right time. As you saw just a few years ago, there were only a few rare earth companies around and now they are popping up everywhere.” This is largely due to the lack of supply. Chin said, “With China holding onto all their supply, everyone is looking for a domestic source for rare earths, so it’s a good place to be right now.” In addition to feeling that they are in the right sector, Canada Rare Earths feels that they are in a prime location. Chin said, “I'm sure you have heard about our neighbor, Geomega Resources, who has just announced a huge discovery. They are right next door to us, so that gives us a lot of hope as well that we are in the right place.
Why would investors be interested in Canada Rare Earths? Chin said, “First off, the location is excellent. Quebec has been voted the top mining jurisdiction in the world during the last two years and on top of that we get $0.40 back for every dollar we put into the property so that is a huge bonus.” Additionally, Chin believes that Canada Rare Earths’ market cap and share structure “is quite low compared to other companies out there in the rare earth sector. With 18 million shares out, it’s really positive for the investors and the risk factor significantly decreased.
Logistics and Infrastructure at Goeland is a huge advantage as well. Our property is close to electrical grids and we have a gravel road right up to the property with year-round access. We don't have any shut-downs or winter breaks so it’s a good place to be.”
Leading the development of Canada Rare Earths is a qualified management team. Said Chin, Benoit Moreau is our VP of Exploration and he used to be the founding and former President of Geomega, so he's intricately familiar with the property and location. He lives up in Quebec so we've got that on our side. Dave McMillan, our Chairman & Director, was formerly Senior VP and Director of Yorkton Securities with over 30 years of experience in the industry, and he brings a wealth of knowledge and experience to the table. Chad McMillan, President & CEO, who is also fluent in French, has nearly a decade of experience as well. He's a really sharp guy and recognizes the right opportunities at the right time. We were lucky enough to get this project at the right time thanks to him and he's been able to get this project going and everything is lining up perfectly. With our diverse backgrounds, we all work extremely well together, and are confident that we can take this project to the next level.”
With a viable project in the mining friendly jurisdiction of Quebec, Canada Rare Earths is ready to maximize their opportunities to develop a long-term business by exploring the options for rare earth metals.
For more information:
http://canadarareearths.com
Canada Rare Earths
1500-1199 West Hastings Street
Vancouver BC, V6E 3T5
+ 1 (604) 685.5851 Telephone
+ 1 (604) 685.7349 Fax