DENVER & SIERRA BLANCA, Texas--(BUSINESS WIRE)--Texas Rare Earth Resources Corp. (the Company) (OTCQX: TRER), a mineral exploration and development company, today provided an update on its flagship Round Top heavy rare earths project in Texas.
Marc LeVier, Chief Executive Officer and President of the Company commented, “We have reached a significant milestone at our Round Top project with the release this morning of the results of our Preliminary Economic Assessment study. Additionally, we wanted to announce that we have now completed planned reverse circulation drilling as well as core drilling for this phase of the Round Top project. To date we have drilled a total of 88 holes for approximately 38,990 feet of reverse circulation material. Additionally we were able to retrieve 1,294 feet of core from two holes. The core drilling was very difficult in that the rock is so highly fractured and we had to bring in a number of drilling engineers and support experts to accomplish the task. We did however achieve our objectives with the core drilling and are processing the last of our samples. All of our drilling crews are now off of the project site, our contract core lab has finished their work and the samples are being shipped for testing to ALS and Hazen Research. The data collected from these samples will be used to advance our Pre-Feasibility Study (PFS).”
The Company also announced today that initial metallurgical testing with Mountain State R & D in Tucson, AZ has been completed and a contract has been signed with Hazen Research, Inc. of Golden, Colorado to continue metallurgical testing for the PFS. The scope of the testing at Hazen will include comminution (grinding study), flotation, mineralogical characterization, whole-ore leaching and TREO bulk concentrate leaching.
Mr. LeVier noted, “We would like to thank Dr. Bhappu and his team for their expertise for the complex initial metallurgical testing that they have completed, and we will retain Dr. Bhappu as a consultant to advise us on our hydro-metallurgical testing and process design.”
About Texas Rare Earth Resources
Texas Rare Earth Resources Corp.'s primary focus is exploring and developing its Round Top rare earth minerals project. The Round Top project is located in Hudspeth County, Texas, 85 miles east of El Paso, Texas. The Company’s common stock trades on the OTCQX U.S. Premier tier under the symbol “TRER.”
For more information on Texas Rare Earth Resources Corp., visit its website at trer.com.
Forward-Looking Statement
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. The completion and results of processing of core drill samples, use of results of core drilling samples in PFS, and the scope of continued metallurgical testing are forward-looking statements. When used in this report, 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 and uncertainty regarding the completion and results of processing of core drill samples, risks regarding the use of the results of core drilling samples, risks related to the scope and results of metallurgical testing, and risks related to the timing and completion of a PFS, as well as those factors discussed under the heading “Risk Factors” in the Company’s quarterly report on Form 10-Q as filed on April 16, 2012 and the Company’s latest annual report on Form 10K as filed on November 22, 2011 and other documents filed with the U.S. Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, the Company assumes no obligation to publicly update any forward- looking statements, whether as a result of new information, future events, or otherwise.