Texas Rare Earth Resources Applauds House Passage of Strategic and Critical Metals Bill
September 20, 2013 (Source: Marketwired) — Texas Rare Earth Resources Corp. (OTCQX: TRER), a heavy rare earths exploration company, welcomes the U.S. House of Representatives’ passage of H.R. 761, the National Strategic and Critical Minerals Production Act of 2013, sponsored by Cong. Mark Amodei (R-NV). The bill passed by a margin of 246-178, with 15 Democrats joining all 231 Republicans voting in favor.
Texas Rare Earth Chairman Anthony Marchese stated, “We welcome the House’s action. In the current partisan climate, the fact that the bill drew 15 Democrats is a solid sign of a growing consensus on the importance of strategic and critical metals.”
“I am sorry to see some of the news reports stating that now the Amodei bill ‘goes to die in the Senate,'” Mr. Marchese continued. “For rare earths and other strategic metals — including beryllium, lithium and uranium — that’s a dangerous view to take. Now that the House has recognized the need to develop domestic resources, it is critical to have serious discussion in the Senate on this bill — and on strategic metals policy more broadly.”
TRER’s Round Top project demonstrates strong showings of the heavy and critical rare earth elements most often cited as being essential to Department of Defense programs and weapons platforms, as well as being key components of alternative energy technologies as identified by the Department of Energy. According to the Company’s June 2012 NI 43-101 Preliminary Economic Assessment, Round Top contains a measured and indicated mineral resource of approximately 229.5 million kg’s rare earth oxide and an inferred mineral resource of 430.5 million kg’s rare earth oxide, with approximately 70% of those rare earth oxides classified as heavy rare earths.
About Texas Rare Earth Resources Corp.
Texas Rare Earth Resources Corp.’s primary focus is exploring and, if warranted, developing its Round Top rare earth minerals project located in Hudspeth County, Texas, 85 miles east of El Paso. The Company’s common stock trades on the OTCQX U.S. tier under the symbol “TRER.” For more information on Texas Rare Earth Resources Corp., visit its website at www.trer.com.
Get our daily investorintel update
This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding the Company’s estimated mineral resources and potential development of its Round Top project and other such similar statements. When used in this press release, the words “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if, “anticipate,” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, risks related to changes in future operating costs and working capital balance, risks related to mineral estimates, risks related to mining results not matching preliminary tests and risks related to the ability of the company to successfully monetize its non-rare earth resources, as well as those factors discussed under the heading “Risk Factors” in the Company’s latest annual report on Form 10-K, as filed on November 15, 2012, and other documents filed with the U.S. Securities and Exchange Commission. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements.
Cautionary Note to Investors Regarding Mineral Estimates
The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. This press release uses terms that comply with reporting standards in Canada in accordance with Canadian National Instrument NI 43-101 (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosures an issuer makes of scientific and technical information concerning mineral projects. This press release uses the terms “resource”, “measured and indicated mineral resources” and “inferred mineral resources.” We advise U.S. investors that while these terms are recognized by Canadian regulations, the terms are not recognized under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Mineral resources in these categories have a great amount of uncertainty as to their economic and legal feasibility. “Inferred resources” have a great amount of uncertainty as to their existence and, under Canadian regulations, cannot form the basis of a pre-feasibility or feasibility study, except in limited circumstance. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves. U.S. investors are urged to consider closely the disclosure in our latest reports and registration statements filed with the SEC. You can review and obtain copies of these filings at http://www.sec.gov/edgar.shtml.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>