Texas Rare Earth Resources Purchases Surface Lease to Round Top Project
March 14, 2013 (Source: Globe Newswire) — Landmark Agreement Paves Way for Unrestricted Access and Establishes Conservation Group as a Major Shareholder
Texas Rare Earth Resources Corp. (OTC QB:TRER) (“Texas Rare Earth”), a heavy rare earths exploration company, today announced that on March 8, 2013 the Company completed its purchase of the surface lease at the Round Top project, known as the West Lease, from the Southwest Wildlife and Range Foundation (SWWRF) for $500,000 cash and 1,063,830 shares of restricted TRER common stock. TRER has also agreed to support the SWWRF through an annual payment of $45,000 for ten years to support conservation efforts within the Rio Grande Basin and in particular engaging in stewardship of Lake Amistad, a large and well-known fishing lake near Del Rio, Texas.
The West Lease comprises approximately 54,990 acres and is fully paid until 2028, thereby having a lease value of approximately $293,000. Most importantly, purchase of the surface lease gives TRER unrestricted surface access for the potential development and mining of its Round Top project.
Dan Gorski, Chief Executive Officer, stated, “We are pleased to welcome the Southwest Wildlife and Range Foundation to the Texas Rare Earth team as shareholders and supporters of our project. Having complete and unfettered access to the deposit and to the adjacent lands necessary for all mine infrastructure is an important milestone in the development of this deposit and underscores the confidence we have in the economic viability of our Round Top project. Funding for this lease purchase is within our current budgetary guidelines and we believe adds significant long-term value.”
Susan Potts, Director and Secretary of the Southwest Wildlife and Range Foundation, stated “TRER is a good neighbor and steward of the natural resources in Sierra Blanca, and Southwest Range and Wildlife Foundation is pleased to be a part of the company going forward. We look forward to a long relationship with TRER in their continued efforts in total resource management of one of Texas’ crown jewel ranches and mineral deposits.”
About Texas Rare Earth Resources Corp.
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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.
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 future operating and development plans and the future use of payments made by TRER to the SWWRF. 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, 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.
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