Texas Rare Earth Resources Provides Fiscal Year 2012 Second Quarter Project and Financial Update

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 and a review
of its financial statements for the second quarter of fiscal year 2012,
ended February 29, 2012.

Marc LeVier, Chief Executive Officer and President of the Company,
commented, 'I am very pleased with the progress we have made and
continue to make as we approach an important milestone in our business.
We have drilled 71 holes at our Round Top project as of April 10, 2012,
for approximately 31,800 linear feet of rhyolite. The assay results
continue to demonstrate a consistency in distribution of critical heavy
rare earth elements throughout the mineral deposit. We are defining an
intrusive body that potentially composes the bulk of Round Top Mountain.
The drill data to date confirms that the rhyolite intrusion is composed
of five different rhyolite lithologies and is dominated by three major
lithologies consisting of red, pink, and gray rhyolite.? Mr. LeVier
continued, 'Our project team has completed the geologic and resource
models from the drill and assay data and the data is now being used by
Gustavson Associates to complete the PEA.?

Core Drilling Commences for Pre-Feasibility Study ('PFS?)

Drilling on the project is now focused on advancing the PFS, with one
reverse circulation drill as well as a core rig drilling on site. Our
current plan is to twin four reverse circulation holes with core holes.
'We anticipate the core will help confirm the accuracy of the assays and
logs from the twinned reverse circulation holes. In addition,
engineering data consisting of densities and fracture information will
be collected from the core and will be used for resource evaluation and
our future mine design,? Mr. LeVier added.

Metallurgical Process Advancing

Mountain States R & D International, Inc. ('Mountain States?) is
continuing to develop the metallurgical process for the recovery of the
rare earth elements ('REEs?) at our Round Top project. Initial flotation
tests reveal that a selective separation is possible in producing a rare
earth mineral concentrate. It is anticipated that this concentrate will
be treated with acids to extract the REEs and that fundamental
hydrometallurgical processes will be used to upgrade solutions and
recover the REEs into saleable products. Proprietary flotation reagents
used in the evaluation yielded good selectivity with average recoveries
of the REEs ranging from 75% to 83% for the rougher concentrate.
Additionally, diagnostic leach tests were conducted on whole rock
samples. Mr. LeVier commented, 'Remarkably, the leach tests demonstrated
a high overall REE extraction of 70% to 75% for the reverse circulation
rock samples (uncrushed, -1/2'). The tests confirmed a favorable
mineralogy with low acid consumption.?

'Unlocking the metallurgy is critical to the success of any rare earth
project. We are highly encouraged, and we believe that we will be able
to concentrate and extract the REEs at our Round Top project by proven,
conventional technology. We believe that the specialists we have engaged
combined with the expertise of Dr. Roshan Bhappu of Mountain States
comprise one of the finest teams in the industry and are defining the
most cost-effective recovery and extraction methods of REEs at our
project.?

Financial Review ? Fiscal 2012 Second Quarter and Six Months
(Quarter Ended February 29, 2012)

• 
  During the fiscal 2012 second quarter, exploration and development
  expenses for the Round Top project were $2.14 million compared with
  $72,000 in the prior year′s quarter and $3.75 million versus
  approximately $119,000 for the six months ended February 29, 2012 and
  February 28, 2011, respectively. The increase in expenses was
  primarily related to costs incurred for metallurgy, drilling, and
  associated services.
  
• 
  General and administrative expenses in the second quarter were $1.93
  million as compared with approximately $398,000 for the prior year′s
  quarter and $3.15 million versus $1.42 million for the six months
  ended February 29, 2012 and February 28, 2011, respectively. Costs for
  the second quarter and six months ended February 29, 2012 included
  $1.34 million and $2.06 million in non-cash stock based compensation
  to directors and officers. Other expenses were primarily related to
  costs associated with salaries & benefits and legal & professional
  fees.
  
• 
  Net loss for the second quarter was $4.06 million, or $0.11 per share,
  including $1.34 in non-cash stock based compensation to directors and
  officers. Net loss for the six months ended February 29, 2012, was
  $6.89 million, or $0.19 per share, including $2.06 million in non-cash
  stock based compensation to directors and officers.
  
• 
  Cash and cash equivalents at February 29, 2012, were $12.7 million. As
  of April 10, 2012, the Company had $11.5 million in cash and cash
  equivalents. The Company continues to believe it has sufficient
  working capital to execute its operational plans through calendar year
  2012.
  

Outlook and Strategy

The Company′s near-term objective for its Round Top project is to
complete the PEA study within the next four weeks. Longer term, a PFS is
targeted for completion in the spring of 2013, and if the results of the
PFS warrant, a Feasibility Study will be targeted for completion in late
summer 2014 and, if a production decision is made, production will be
projected for late calendar 2016 to early calendar 2017.

Mr. LeVier concluded, 'We believe we have made considerable progress in
the first half of fiscal 2012 to de-risk our Round Top project. A major
milestone for the Company is obviously the completion of the PEA. We
have made significant strides in determining the metallurgical process
and are fine tuning our economic model for the PEA. Most importantly, we
continue to receive strong support from officials in Texas and the
Sierra Blanca community to advance this project. We continue to believe
that we are well-positioned to become a competitive and secure
U.S.-based source of critical heavy rare earth elements.?

Mr. Anthony Garcia, The Company′s Senior Vice President of Project
Development and Engineering and a qualified person (as defined in
Canadian National Instrument 43-101) approved the scientific and
technical disclosure contained in this press release.

Teleconference and Webcast

The Company is hosting a conference call and webcast today at 4:00 p.m.
EDT. 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 toll-free
1-877-407-0789, or toll/international 1-201-689-8562. The live webcast
can be monitored at trer.com,
where it will be archived afterward.

To listen to the conference replay, dial toll-free 1-877-870-5176 or
toll/international 1-858-384-5517, and enter replay pin number 392291.
The replay will be available from 7:30 p.m. EDT the day of the
teleconference until 11:59 p.m. EDT, April 23, 2012. A transcript will
be posted, 48 hours after the call ends.

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.

Cautionary Note to 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 Canadian National Instrument 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 project currently does not contain any known proven or
probable ore reserves under SEC reporting standards. 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, and forward-looking
information under Canadian securities laws. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things as
the potential development of the Round Top project, possible low costs
of production, advancement of exploration and resource definition,
future mineralogical and metallurgical analysis, timing for and
completion of the pre-feasibility study, the preliminary economic
assessment, and the feasibility study timing for core hole drilling,
expected core hole drilling results confirming the accuracy of assays
and logs, expected results of future metallurgical testing, including
the ability of such processing to produce a saleable product and the
ability to concentrate and extract the rare earth elements by proven,
conventional technologies, the anticipated cost effective recovery and
extraction methods, the Company becoming a competitive and secure source
of heavy rare earth elements, and the timing and feasibility of future
production decisions 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 the Company 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 and mineral resource 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 the Company′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 the Company′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 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.

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 April 16, 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 February 29, 2012, including our management′s
discussion and analysis, visit either of the following websites: sec.gov
or trer.com.

Texas Rare Earth Resources Corp.

Nadine Wakely, Director, Investor
Relations, 303-597-8737

nwakely@trer.com