Texas Rare Earth Resources Announces Exploration Plan Approval by the Texas General Land Office for its Round Top Project
Texas Rare Earth Resources Corp. (OTCQB:TRER), a heavy rare earths
exploration, development and mining company, today announced that the
Texas General Land Office has approved the Company′s exploration plan
for its project at Round Top Mountain. The plan calls for the completion
of approximately 50 drill holes totaling at least 12,000 feet of reverse
circulation drilling, close-spaced aero-magnetic/gamma ray spectrography
and metallurgical testing. The Company expects to begin drilling by
mid-summer as road and site preparation is already in progress. In
addition, Texas Rare Earth has contracted Aeroquest Airborne to conduct
an aerial survey of Round Top Mountain which is scheduled for July 2011.
Drilling on Round Top Mountain is planned to twin certain of the
historic drill holes, infill drill between existing holes and step out
drill beyond the known area to better define the margins of the deposit.
Coverage is planned to be adequate to begin block modeling of the
deposit. The Company is siteing several holes on adjacent Little Round
Top Mountain and several holes are planned to test the deeper potential.
It expects to produce at least 150 tonnes of sample from this drilling,
all of which will be packaged and used for metallurgical testing.
Marc Le Vier, Chief Executive Officer of Texas Rare Earth Resources,
stated, 'The approval of our exploration plan by the Texas General Land
Office is a major step forward in our efforts to prove out, delineate
and ultimately advance to production our very unique heavy rare earth
metals project. This enables us to implement the exploration program of
aerial surveys and drilling at Round Top Mountain. Materials from the
reverse circulation drilling will enhance our knowledge and definition
of the Round Top Project, while providing samples that are required in
order to determine the analytical, mineralogical and metallurgical
characteristics of this rare earth deposit.?
Aeromagnetic surveying is planned to define the form and geometry of the
mineralized rhyolites and to detect the presence of other rhyolite
bodies if they are present. Ultimately, the outcome of the drill program
and testing will be the definition of the resource and its economic
potential.
The Round Top Project was previously drilled in the mid 1980′s, and
Texas Rare Earth is in the process of re-logging and re-analyzing 250 of
1,103 drill samples. The Company previously announced the total rare
earth values, heavy rare earth percentages and material content of nine
historic drill holes that it has prioritized for re-analysis. Results
consistently reconfirm that along with apparent uniform rare earth
grades, Round Top Mountain is a unique heavy rare earth deposit. A study
conducted by the Texas Bureau of Geology, published in the Geological
Society of America, Special Paper 246 in 1990, estimated the size of the
body to be approximately 1.6 billion metric tons.
Forward-Looking Information
This press release may contain forward-looking statements about the
business, financial condition and prospects of the Company.
Forward-looking statements, can be identified by the use of forward
looking terminology such as 'believes,' 'projects,' 'expects,?
'potential,? 'size, grade and elemental make-up,? 'massive tonnage,?
'may,' 'goal,' 'estimates,' 'should,' 'likelihood,' 'plans,' 'targets,'
'intends,' 'could,' or 'anticipates,' or the negative thereof, or other
variations thereon, or comparable terminology, or by discussions of
strategy or objectives. Forward-looking statements relate to anticipated
or expected events, activities, trends or results. Because
forward-looking statements relate to matters that have not yet occurred,
these statements are inherently subject to risks and uncertainties.
These statements are made to provide the public with management's
current assessment of the Company's business. Although the Company
believes that the expectations reflected in forward-looking statements
are reasonable, there can be no assurances that such expectations will
prove to be accurate. Security holders are cautioned that such
forward-looking statements involve risks and uncertainties. The
forward-looking statements contained in this press release speak only as
of the date of this press release and the Company expressly disclaims
any obligation or undertaking to report any updates or revisions to any
such statement to reflect any change in the Company's expectations or
any change in events, conditions or circumstances on which any such
statement is based. Certain factors may cause results to differ
materially from those anticipated by some of the statements made in this
press release.
About Texas Rare Earth
Texas Rare Earth Resources Corp.'s primary focus is developing its Round
Top Mountain rare earth?beryllium-uranium project which also includes
niobium, tantalum and gallium. Round Top is located in Hudspeth County,
Texas, 85 miles east of El Paso. Independently published data indicates
the property may contain more than one billion metric tons of rhyolite
containing rare earths with a 67% ratio of heavy to light rare earths.
Prior exploratory work also indicates what management believes to be a
potentially large high-grade beryllium resource. Uranium is present in
the deposit and preliminary sampling shows grades of over 1% U exposed
in the mine. Texas Rare Earth's common stock trades on the OTCQB Market
tier under the symbol 'TRER.?
For more information on Texas Rare Earth Resources Corp., visit
its website at http://www.texasrareearth.com.
Texas Rare Earth Resources Corp.
Marc LeVier, 303-507-3842
Chief
Executive Officer
mlevier@texasrareearth.com
or
Investor
Relations:
Kei Advisors LLC
Deborah K. Pawlowski,
716-843-3908
dpawlowski@keiadvisors.com