Texas Rare Earth Resources Provides Project and Corporate Update and Fiscal Year End 2011 Review

Texas Rare Earth Resources Corp. (the 'Company?) (OTCQB: TRER), a heavy
rare earths exploration and development company, today provided an
update on its heavy rare earth project at Round Top Mountain in South
Texas and a review of its financial statements for its fiscal year ended
August 31, 2011.

Marc Levier, President and Chief Executive Officer of Texas Rare Earth
Resources, commented, 'I am very pleased with the progress we have made
since I joined the Company in May of this year. We have completed an
aeromagnetic survey with highly encouraging results. To date, we have
drilled 50 holes totaling approximately 18,990 feet. We completed Phase
I of the metallurgical test program that confirmed the simple mineralogy
and uniformity of rare earth elements throughout the Rhyolite host rock,
which helps to support our expectation of low cost production.
Importantly, we have hired a team of dedicated, experienced
professionals whose skills and talents are advancing our exploration and
resource definition efforts at the Round Top Project. We have also
contracted the experts needed for our mineralogical and metallurgical
analysis, environmental studies, geologic modeling and our Preliminary
Economic Assessment (PEA).?

He added, 'We have accomplished much in this short time frame and our
plans for advancing the project remain aggressive. We now have a second
drill rig on site, recently received approval for our second phase of
drilling, and instituted a drill strategy that we expect to accelerate
resource definition. Our goal is to have the PEA completed in the second
quarter of calendar year 2012.?

Round Top Project

Located 85 miles east of El Paso, TX, the Round Top project was
previously drilled in the mid-1980′s and independently published data
indicated Round Top Mountain may contain approximately 1.6 billion
metric tons of Rhyolite host rock containing rare earth minerals with
potentially a 70% ratio of heavy to total rare earth minerals.

• 
  Historic samples, aeromagnetic and gravimetric survey and drilling
  program:
  
  
  • 
    The Company has re-logged historic drill holes and re-assayed 535
    drill samples pulled from historic drilling activity on the site
    in the mid-1980′s. The results consistently confirmed the uniform
    presence and distribution of heavy rare earth elements.
    
  • 
    The aeromagnetic and gravimetric surveys of approximately 600
    kilometers successfully mapped the Rhyolite dome complexes
    containing the rare earth elements while also identifying a
    broader area of Rhyolite structure.
    
  • 
    As of November 21, 2011, the Company has drilled 50 holes for a
    total of 18,990 drill feet, and received approval from the Texas
    General Land Office in early November for the expansion of its
    exploration activities. The expanded plan calls for an additional
    40 drill holes and four diamond core holes for an estimated
    planned drill footage of 20,000 feet. The core hole drill rig is
    expected to be on site in the first calendar quarter of 2012.
    
• 
  Mineralogy and metallurgical testing:
  
  
  • 
    Phase I of the metallurgical testing and characterization was
    completed in October 2011. Laboratory analysis and testing was
    done by Mountain States R&D, International, Inc. under the
    direction of Dr. Roshan Bhappu, world-renowned expert in
    metallurgical process development engineering.
    
  • 
    Phase I results confirmed earlier expectations of ore
    characterization that indicates simplistic rare earth element
    associations that suggest favorable metallurgical processing
    options. According to the test results, the rare earth elements
    are finely disseminated throughout the Rhyolite host rock.
    
  • 
    Phase II testing has begun and is focused on gravity and flotation
    concentration testing, as well as diagnostic leaching testing.
    

Financial Review

• 
  During the fiscal year ended August 31, 2011, exploration and
  development expenses for the Round Top project were approximately $1.3
  million compared with $127,000 spent on exploration in the prior year.
  These expenses were primarily related to costs incurred for our Phase
  I drilling program and associated support services.
  
• 
  General and Administrative expenses in fiscal 2011 were approximately
  $5.8 million. This included approximately $4.6 million in non-cash
  stock based compensation to Directors, Officers and consultants.
  
• 
  Net loss for the fiscal year ended August 31, 2011 was approximately
  $7.0 million, or $0.25 per share, which includes approximately $4.6
  million in non-cash stock based compensation to Directors, Officers
  and consultants. Net loss for the prior year was approximately
  $558,000, or $0.02 per share.
  
• 
  Cash and cash equivalents at August 31, 2011, were approximately $16.9
  million, with a working capital surplus of approximately $16.3
  million. As of November 15, 2011, the Company had approximately $15.3
  million in cash and cash equivalents. The Company believes it has
  sufficient working capital to execute its operational plans through
  calendar year 2012.
  

Outlook and Strategy

Texas Rare Earth Resources′ near-term objectives for its Round Top
project are to advance the resource exploration and metallurgical
process testing sufficiently to support a Preliminary Economic
Assessment study to be completed in early 2012. A Pre-Feasibility Study
is targeted for completion in early 2013, with production projected for
late 2015 to early 2016, depending on the results and timing of a
Feasibility Study.

Mr. LeVier concluded, 'We remain on track to prove out the heavy rare
earth element potential at our Round Top Project. We have an $8.8
million exploration program planned for fiscal 2012 that includes
extensive drilling, metallurgical testing, baseline environmental
studies, and geological modeling, as well as a Preliminary Economic
Analysis. We believe that focusing on the most critical and highest
value heavy rare earth elements and defining a low cost production model
can provide us with a significant advantage for end-user demand.
Additionally, given that our project is located in Texas, with a
favorable, pro-resource regulatory environment and excellent
infrastructure and climate conditions, we believe we can achieve our
aggressive timeline.?

Teleconference and Webcast

Texas Rare Earth Resources Corp. is hosting a conference call and
webcast today at 11:00 a.m. ET. During the call, management will provide
an update on TRER′s strategies, progress, and outlook in advancing its
Round Top rare earth minerals project. A question-and-answer session
will follow.

The TRER conference call can be accessed by dialling (201) 689-8562. The
live webcast can be monitored at www.trer.com,
where it will be archived afterwards. A transcript will also be posted,
once available.

To listen to the archived call, dial (858) 384-5517, and enter replay
pin number 383005. The replay will be available from 2:00 p.m. ET the
day of the teleconference until 11:59 p.m. ET Tuesday, November 29, 2011.

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. Independently published data indicates the property may contain
approximately 1.6 billion metric tons of Rhyolite host rock containing
rare earth minerals with potentially a 70% ratio of heavy to total rare
earth minerals. Prior exploratory work also indicates what the Company
believes to be a potentially large, high-grade beryllium mineralization.
Uranium mineralization is also present in the deposit. The Company′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.

Cautionary Note to U.S. Investors

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 the term 'resource?. We advise U.S. investors that while
this term is defined in accordance with 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?), such term
is not recognized by the SEC and is normally not permitted to be used in
reports and registration statements filed with the SEC. U.S. Investors
are cautioned not to assume that any defined resource would ever be
converted into SEC compliant reserves. Our Round Top rare
earth-beryllium-uranium project currently does not contain any known
proven or probable ore reserves under SEC reporting standards and our
reference above to the metric tons of rhyolite contained at the project
is a reference only to estimated in-place tonnage. 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.

Forward-Looking Statements

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. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that Texas Rare Earth
Resources expects or anticipates will or may occur in the future,
including such things as the potential development of the Round Top rare
earth project, estimates of mineralized material, the potential ratio of
heavy to total rare earth minerals present at the Round Top project, the
number of metric tons of rhyolite contained at the Round Top project,
possible low costs of production, advancement of exploration and
resource definition, future mineralogical and metallurgical analysis,
future baseline environmental studies, future geological modeling and
test table construction, timing for completion of the pre-feasibility
study, the preliminary economic assessment, the feasibility study,
potential land and permitting efforts, timing for core hole drilling,
expected results of Phase II metallurgical testing, the Company′s focus
on Europium, Terbium, Dysprosium, Yttrium and Neodymium, future
production decisions and timing for anticipated production and other
such similar matters are forward-looking 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 Texas Rare Earth Resources to be materially different from any future
results, performance or achievements expressed or implied by such
statements. Such factors include, among others, uncertainty of
mineralized material estimates, risks relating to completing drilling
and metallurgical testing at the Round Top project, risks related to
project development determinations, risks related to fluctuations in the
price of rare earth minerals, the inherently hazardous nature of
mining-related activities, potential effects on Texas Rare Earth
Resource′s operations of environmental regulations, risks due to legal
proceedings, risks related to uncertainty of being able to raise capital
on favorable terms or at all, as well as those factors discussed under
the heading 'Risk Factors? in Texas Rare Earth Resource′s latest annual
report on Form 10-K as filed on November 22, 2011 and other documents
filed with the U.S. Securities and Exchange Commission. Although Texas
Rare Earth Resources 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, Texas Rare Earth Resources assumes no obligation to
publicly update any forward-looking statements, whether as a result of
new information, future events or otherwise.

FINANCIAL TABLES FOLLOW.

The following financial tables are extracted from the Company′s
audited annual financial statements as filed with the SEC with the
Company′s annual report on Form 10-K on November 22, 2011.You
should review the full audited annual financial statements and the notes
thereto together with management′s discussion and analysis appearing in
the annual report on Form 10-K. To review TRER′s annual report on Form
10-K for the fiscal year ended August 31, 2011, including our
management′s discussion and analysis, visit any of the following
websites: www.sec.gov
or trer.com.

Texas Rare Earth Resources Corp.

Nadine Wakely, 303-597-8737

Director,
Investor Relations

nwakely@trer.com