Canada Rare Earth Corporation announced that it has entered into a letter of intent for the acquisition of its initial site for a rare earth refinery in the Pacific Northwest region of the United States. A location in North America is viewed by CREC as critical to providing stable supply of rare earths to businesses and industries in the United States, Canada, and Mexico. The site is comprised of approximately 100 acres and has excellent infrastructure with readily available power, water, and robust transportation infrastructure. The LOI also includes a right of first refusal to acquire two adjacent land parcels, which are each subject to separate option agreements. The site is zoned for heavy industrial use and is associated with some existing permits for heavy industrial use that will likely need some adaptation. The preliminary assessment of the location is that it is ideally suited for a rare earth refinery and provides flexibility due to its size, location and characteristics.

Canada Rare Earth Corp. announced the appointment of Mr. Nick Vermeulen to head Canada Rare Earth's initiative to find and secure a suitable site in the United States that can be fully permitted for the construction and operation of a full spectrum (lights and heavies) rare earth refinery. In this role, Mr. Vermeulen will liaise with the local community officials, regulators and applicable government departments to ensure full support for the refinery development. CEC Rare Earth Corporation and its team will be responsible for raising finances as well as the design, construction and operation of the refinery. Mr. Nick Vermeulen has over 27 years of business development, sales and marketing and real estate development experience. For the past five years, Nick has devoted the majority of his time to the rare earth industry working with clients in the exploration phases with the goal of developing an entry point into the rare earth supply chain and in attracting customers for rare earths.

Rare Earth Metals Inc. changed its name to Canada Rare Earth Corporation.