• Montag, 23 Dezember 2024
  • 06:30 Uhr Frankfurt
  • 05:30 Uhr London
  • 00:30 Uhr New York
  • 00:30 Uhr Toronto
  • 21:30 Uhr Vancouver
  • 16:30 Uhr Sydney

Texas Rare Earth Resources Provides Fiscal Year 2012 First Quarter Project Review

17.01.2012  |  Business Wire
  • Drilling activity progressing with two rigs in operation;
    Contracting for core drill rig
  • Metallurgical characterization advancing
  • Preliminary Economic Assessment completion targeted for early Q2
    2012


Texas Rare Earth Resources Corp. (the 'Company?) (OTCQB: TRER), a
mineral exploration and development company, today provided an update on
its heavy rare earth project at Round Top Mountain in Texas and a review
of its financial statements for the first quarter of fiscal year 2012,
ended November 30, 2011.


Marc LeVier, Chief Executive Officer of Texas Rare Earth Resources,
commented, 'We continue to make considerable progress in advancing the
exploration and resource definition efforts at our flagship, heavy rare
earth Round Top Project. Round Top Mountain is a multi-metal deposit,
unique in its geologic setting, and a massive host of heavy rare earth
elements. Our drilling activity is progressing well and we recently
awarded a contract for a core rig, which we expect to be on site in
February. In anticipation of the core drilling, we have also established
a core lab on site to support the geologic characterization analysis and
documentation required for a Technical Report/Preliminary Economic
Assessment (PEA).?


The Company has completed 61 reverse circulation drill holes for a total
footage of approximately 24,000 feet. Drilling data continues to be
incorporated into the geologic model that also contains approximately 82
thousand feet of historical drill data from the mid-1980′s. There are
currently two drill rigs in operation. In February, it is expected that
a third drill rig will be added to the project to drill four 5  ? inch
(PQ) diameter core holes. An additional 36 drill holes are planned for
2012, including a minimum of four PQ core holes and 32 reverse
circulation holes.


Assays have been completed for 27 drill holes and continue to confirm
the consistent and finely disseminated nature of the rare earth elements
grades. The Company anticipates completing a Technical Report/PEA early
in the second quarter.

Metallurgical Testing


The recently completed Phase I of the metallurgical test program
confirmed the simple mineralogy and uniformity of rare earth elements
throughout the Rhyolite host rock, which supports the Company′s
expectation of low cost production.


Mr. LeVier noted, 'In Phase II of our testing we evaluated a number of
pre-concentration methods and determined, because of the finely
disseminated nature of the rare earth elements throughout the deposit,
these would not be effective. As a result, we believe that froth
flotation will be the process of choice and are encouraged by
preliminary testing, though we have several variations yet to evaluate.
We are in the preliminary evaluation phase of the flotation testing but
encouraging early results have allowed us to narrow our focus. This has
allowed us to advance the testing and we are optimistic that this phase
of the testing can be completed in the next month. We continue to strive
for simplicity in the reagent scheme being developed, while selectivity
appears to be better than expected. A simpler flotation scheme will
obviously provide TRER with a significant competitive cost advantage.?


Future testing will focus on refinement of the concentrate grade and
recovery, while optimizing several operating parameters. The next stage
of process development will focus on the extraction (hydrometallurgical)
aspects of the process. Successful leaching tests can demonstrate
further potential for favorable low cost production of the heavy rare
earth elements.

Financial Review ? Fiscal 2012 First Quarter (Quarter Ended
November 30, 2011)


  • During the fiscal 2012 first quarter, exploration and development
    expenses for the Round Top project were approximately $1.62 million,
    compared with approximately $39,000 in the prior year′s quarter. These
    expenses were primarily related to costs incurred for our Phase I
    drilling program and associated support services.

  • General and Administrative expenses in the first quarter were
    approximately $1.22 million. This included approximately $604,000 in
    non-cash stock based compensation to Directors and Officers. General
    and Administrative expenses for the prior year quarter were
    approximately $1.03 million, which included approximately $970,000 in
    non-cash stock based compensation to consultants.

  • Net loss for the first quarter was approximately $2.83 million, or
    $0.08 per share, including approximately $604,000 in non-cash stock
    based compensation to Directors and Officers. Net loss for the prior
    year quarter was approximately $1.070 million, or $0.04 per share.

  • Cash and cash equivalents at November 30, 2011, were approximately
    $14.9 million, with a working capital surplus of approximately $14.1
    million. As of January 9, 2012, the Company had approximately $14.65
    million in cash and cash equivalents. The Company believes it has
    sufficient working capital to execute its operational plans through
    calendar year 2012.

  • Subsequent to the end of fiscal 2012 first quarter, certain investors
    from our 2009 ? 2010 Private Placement exercised warrants into
    1,746,875 shares of our common stock. Proceeds from the exercise of
    these warrants totaled approximately $1.013 million.

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 PEA 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 believe essential applications for rare earth
elements will continue to be identified, and that demand for clean
energy and digital devices will continue to increase. Key to the
successful development of projects such as Round Top will be to identify
those deposits that can be recovered at the lowest cost possible. We
remain on track to prove out the potential at Round Top, and have
ambitious plans for de-risking and advancing this project. We have set
forth an aggressive timeline for the Company, bolstered by a
pro-resource regulatory environment, excellent infrastructure and
favorable climate conditions. We believe that our strategic focus on the
most critical and highest value heavy rare earth elements will position
us to become a highly competitive and secure US- based source of heavy
rare earths.?

Teleconference and Webcast


Texas Rare Earth Resources Corp. is hosting a conference call and
webcast today at 4:30 p.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 dialing (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 386425. The replay will be available from 7:30 p.m. ET the
day of the teleconference until 11:59 p.m. ET Tuesday, January 24, 2012.

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
over 1.0 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
unaudited quarterly financial statements as filed with the SEC with the
Company′s quarterly report on Form 10-Q on January 17, 2012.
You
should review the financial statements in conjunction with footnotes
notes and management′s discussion and analysis as provided in the
Company′s quarterly report on Form 10-Q. To review TRER′s quarterly
report on Form 10-Q for the quarter ended November 30, 2011, including
our management′s discussion and analysis, visit any of the following
websites:
www.sec.gov
or trer.com.

Texas Rare Earths Resources Corp.
Statements of Operations

 ?

 ?
Three Months Ended November 30,

 ?
2011
 ?
2010

(As Restated)
OPERATING EXPENSES

Exploration costs

$

1,615,619

$

38,600

General & administrative expenses

 ?

1,222,646

 ?

1,031,130

 ?

Total operating expenses

 ?

2,838,265

 ?

1,069,730

 ?
LOSS FROM OPERATIONS
 ?

(2,838,265)

 ?

(1,069,730)

 ?
OTHER (INCOME) EXPENSE

Interest and other income

(10,027)

(777)

Interest expense

 ?

-

 ?

735

Total other (income) expense

 ?

(10,027)

 ?

(42)

 ?
NET LOSS
$

(2,828,238)

$

(1,069,688)

 ?

Net loss per share:

Basic and diluted net loss per share

$

(0.08)

$

(0.04)

 ?

Weighted average shares outstanding:

Basic and diluted

 ?

34,625,220

 ?

21,192,403

 ?

The accompanying notes are an integral part of these financial
statements.
Texas Rare Earths Resources Corp.
Balance Sheet

 ?

 ?

November 30, 2011

August 31, 2011

(Unaudited)

 ?

 ?

ASSETS

CURRENT ASSETS

Cash & cash equivalents

$

14,901,507

$

16,886,066

Prepaid expenses and other current assets

 ?

60,038

 ?

37,579

Total current assets

14,961,545

16,923,645

 ?

Property and equipment, net

252,702

217,519

Mineral properties

378,556

143,356

Deposits

 ?

16,180

 ?

16,525

 ?
TOTAL ASSETS
$

15,608,983

$

17,301,045

 ?

LIABILITIES AND SHAREHOLDERS' EQUITY


 ?
CURRENT LIABILITIES

Accounts payable and accrued liabilities

$

859,510

$

579,807

Total current liabilities and total liabilities

859,510

579,807

 ?
COMMITMENTS AND CONTINGENCIES

 ?
SHAREHOLDERS' EQUITY

Preferred stock, par value $0.001; 10,000,000 shares authorized,

no shares issued and outstanding as of November 30, 2011

and August 31, 2011

-

-

Common stock, par value $0.01; 100,000,000 shares authorized,

34,763,134 and 34,596,260 shares issued and outstanding

as of November 30 and August 31, 2011, respectively

347,632

345,964

Additional paid-in capital

25,672,827

24,818,022

Accumulated deficit

 ?

(11,270,986)

 ?

(8,442,748)

Total shareholders' equity

 ?

14,749,473

 ?

16,721,238

 ?
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$

15,608,983

$

17,301,045

 ?

The accompanying notes are an integral part of these financial
statements.
Texas Rare Earths Resources Corp.
Statement of Cash Flows

 ?

 ?
Three Months Ended November 30,

 ?
2011
 ?
2010

(As Restated)

 ?
CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(2,828,238)

$

(1,069,688)

Adjustment to reconcile net loss to net cash

used in operating activities:

Depreciation expense

17,224

1,233

Stock issued for services

19,200

969,600

Stock based compensation

719,774

-

Changes in current assets and liabilities:

Prepaid expenses and other assets

(22,114)

-

Accounts payable and accrued expenses

 ?

279,702

 ?

(8,169)

Net cash used in operating activities

 ?

(1,814,452)

 ?

(107,024)

 ?
CASH FLOWS FROM INVESTING ACTIVITIES

Investment in mineral properties

(235,201)

(10,536)

Purchase of fixed assets

 ?

(52,405)

 ?

-

Net cash used in investing activities

 ?

(287,606)

 ?

(10,536)

 ?
CASH FLOWS FROM FINANCING ACTIVITIES

Net proceeds from sale of common stock

-

453,000

Proceeds from exercise of common stock warrants

90,156

328,125

Proceeds from exercise of common stock warrants issued in subsequent
period

 ?

27,343

 ?

-

Net cash provided by financing activities

 ?

117,499

 ?

781,125
NET CHANGE IN CASH
(1,984,559)

663,565
CASH, BEGINNING OF PERIOD
 ?

16,886,066

 ?

74,434
CASH, END OF PERIOD
$

14,901,507

$

737,999

 ?
SUPPLEMENTAL INFORMATION

Interest paid

$

-

$

662

Taxes paid

$

-

$

-

Issuance of 75,000 shares of common stock for cash previously
received

$

-

$

750

Issuance of 61,000 shares of common stock for services previously
recorded

$

-

$

610

Issuance of 300,000 shares of common stock for director compensation
previously recorded

$

-

$

3,000

 ?

The accompanying notes are an integral part of these financial
statements.


Texas Rare Earth Resources Corp.

Nadine Wakely, 303-597-8737

Director,
Investor Relations

nwakely@trer.com



Bewerten 
A A A
PDF Versenden Drucken

Für den Inhalt des Beitrages ist allein der Autor verantwortlich bzw. die aufgeführte Quelle. Bild- oder Filmrechte liegen beim Autor/Quelle bzw. bei der vom ihm benannten Quelle. Bei Übersetzungen können Fehler nicht ausgeschlossen werden. Der vertretene Standpunkt eines Autors spiegelt generell nicht die Meinung des Webseiten-Betreibers wieder. Mittels der Veröffentlichung will dieser lediglich ein pluralistisches Meinungsbild darstellen. Direkte oder indirekte Aussagen in einem Beitrag stellen keinerlei Aufforderung zum Kauf-/Verkauf von Wertpapieren dar. Wir wehren uns gegen jede Form von Hass, Diskriminierung und Verletzung der Menschenwürde. Beachten Sie bitte auch unsere AGB/Disclaimer!



Mineninfo
Texas Mineral Resources Corp.
Bergbau
A2AF84
US88256L1098
Copyright © Minenportal.de 2006-2024 | MinenPortal.de ist eine Marke von GoldSeiten.de und Mitglied der GoldSeiten Mediengruppe
Alle Angaben ohne Gewähr! Es wird keinerlei Haftung für die Richtigkeit der Angaben und der Kurse übernommen!
Informationen zur Zeitverzögerung der Kursdaten und Börsenbedingungen. Kursdaten: Data Supplied by BSB-Software.