Texas Rare Earth Resources Supports Congressional Initiatives to Stockpile Critical Rare Earth Minerals
— Company NI 43-101 Compliant Resource Estimates 13.1 million kg of Measured and Indicated (plus 24.5 million kg Inferred) Dysprosium Oxide and 100.6 million kg of Measured and Indicated (plus 188.6 million kg Inferred) Yttrium Oxide
— Additionally, NI 43-101 Compliant Resource Estimates Measured and Indicated Minerals: 13.4 million kg of Erbium Oxide, 3.6 million kg of Lutetium Oxide, 2.9 million kg of Thulium Oxide and 23.1 million kg of Ytterbium Oxide
June 14, 2013 (Source: Globe Newswire) — Texas Rare Earth Resources Corp. (OTCQX:TRER), a heavy rare earths exploration company, in response to proposed legislation by the United States House Armed Services Committee, wishes to express its support for the stockpiling initiatives of rare earth elements (“REE’s”) and in particular dysprosium and yttrium.
There is a legislative proposal before the Armed Services Committee of the U.S. House of Representatives. This initiative by the House will encourage the U.S. Department of Defense to secure high priority strategic rare earth elements including dysprosium and yttrium. Both of these metals have been identified in the Round Top mountain project.
With a poly-metallic long-life resource located in the continental United States approximately 70 miles southeast of El Paso, Texas, TRER is exploring opportunities to supply the vast quantities of critical rare earths necessary to insure the integrity of US national security along with any other industrial uses. In addition to potentially providing the State of Texas with millions of dollars of annual royalty income, the Round Top project could be a significant catalyst in the revitalization of Hudspeth County.
Dan Gorski, CEO, commented: “We are pleased that the House Armed Services Committee is addressing the issue of critical mineral availability in the national security supply chain. In addition to dysprosium and yttrium specifically mentioned, TRER may be able to provide other equally significant critical rare earth minerals such as erbium, lutetium, thulium, and ytterbium and looks forward to working with interested parties in lessening US dependence on foreign sources of these minerals.”
Dan Gorski further commented: “As a result of dramatic advances in our metallurgical studies which have been confirmed by outside independent consultants, we are confident that we will dramatically lower the cost and increase the potential profitability of our Round Top project and look forward to publicly sharing updates on these studies in the near future.”
A copy of the June 2012 NI 43-101 Preliminary Economic Assessment of the Round Top Project, which details the critical mineral resource estimates, may be found on the TRER website at http://trer.com/our-projects-2/round-top/preliminary-economic-assessment/
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.
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 estimates of resources, possibility of supplying Dysprosium, Yttrium and other significant critical rare earth minerals, ongoing technical work to decrease costs and increase profitability, the Company providing updates on its technical studies in the near future 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 and certain estimates are made 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 “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.
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