Trading Symbol: RTX - (TSX.V)
VANCOUVER, Jan. 10, 2013 /CNW/ - Rara Terra Minerals Corp. ("Rara Terra" or the "Company"), is pleased to announce that it has drilled, logged and cased the Lynd 36-1 well announced on November 16, 2012 as a potentially economic oil well. Completion of the Lynd 36-1 well is underway and results of the completion will be reported in due course.
The Company also reports that it intends to start drilling a second well (Lynd 36-2) on the land associated with the working interest purchased in the first transaction before February 1, 2013.
The Company also reports that Fraser Atkinson has resigned from Rara Terra's Board of Directors effective immediately to pursue other business opportunities. The Board of Directors thanks Mr. Atkinson for his contribution and service to the Company and wishes him well in future endeavours.
The Company also announces a non-brokered private placement of up to 5 million common shares at a price of 15 cents per share. There will be no warrants associated with this private placement. Finders' fees may be payable on a portion of the private placement, in accordance with the policies of the TSX Venture Exchange.
All securities issued in the private placement will have a hold period in Canada of four months from the closing of the private placement.
Proceeds of the private placement will be allocated for general working capital purposes.
About Rara Terra Minerals Corp.
Rara Terra is a Canadian mineral exploration and development company focussed on Rare Earth Elements (REEs). Rara Terra is seeking to identify and develop REE deposits characterized by less common mineralization. These unique deposits will bear those specific REEs that are widely agreed to have the strongest mid to long term technological relevance and sustainable economic value.
Due to significant challenges in the REE arena, Rara Terra is also assessing other opportunities to create shareholder value. With that said, Rara Terra remains optimistic that REE deposits with high grades of heavy rare earths or unusual distributions of rare earth will have continued value for the foreseeable future.
ON BEHALF OF THE BOARD
RARA TERRA MINERALS CORP.
Per: "Alexander Helmel"
CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding Rara Terra Minerals Corp. Forward-looking statements consist of statements that are not purely historical, including but not limited to, any statements regarding beliefs, plans, expectations concerning timing and success of exploration activities generally, government regulation of exploration and mining operations, indications and benefits of exploration, drilling test work and engineering assessments, environmental risks, title disputes or claims, the Company's intention to raise additional capital and financing, and expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.
SOURCE: Rara Terra Minerals Corp.
For further information:
Rara Terra Minerals Corp.
Phone: (604) 562-6915