SIERRA BLANCA, Texas, April 2, 2013 (GLOBE NEWSWIRE) -- Texas Rare Earth Resources Corp. (OTCQX:TRER) ("Texas Rare Earth"), a heavy rare earths exploration company, is pleased to announce that it has engaged IntelliMet LLC of Missoula Montana to design the refining process for the Round Top project. IntelliMet will conduct bench scale testing of a purification process which removes impurities (particularly uranium, thorium, aluminum and iron) from Round Top leach solutions to acceptable levels for further processing and provide a best estimate for operating costs and specifications for a full scale class and element purification process to produce purified rare earth elements using SPE (Solid Phase Extraction) technology.
Dan Gorski, CEO, commented "We are thrilled to be working with IntelliMet, a cutting-edge firm with impressive research capability. We strongly believe that use of IntelliMet's revolutionary ion-exchange technology has the potential to reduce both the capital and operating cost as well as the complexity of the final stage of separating marketable rare earth products from our concentrate. Based on our current cash balance of $4.68 million and working capital of $4.39 million, this project is well within our budget guidelines for the current fiscal year"
Richard Hammen, CEO of IntelliMet, further stated: "IntelliMet is pleased to initiate this collaboration with TRER. The Round Top ore body has attributes that make this an exciting project for us. We believe that the rapid equilibration kinetics and the ion exchange selectivity of our Solid Phase Extraction columns will be useful for recovering the rare earth elements and developing this resource."
About Texas Rare Earth Resources Corp.
Texas Rare Earth Resources Corp.'s primary focus is exploring and, if warranted, developing its Round Top rare earth minerals project located in Hudspeth County, Texas, 85 miles east of El Paso. The Company's common stock trades on the OTCQX U.S. tier under the symbol "TRER." For more information on Texas Rare Earth Resources Corp., visit its website at www.trer.com.
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, including, but not limited to, statements regarding timing and results of bench scale testing of purification process, provision of estimated operating costs and specifications for a full scale class and element purification process, potential of purification process to reduce capital and operating costs, ability of Solid Phase Extraction to be useful in recovering rare earth elements and developing the Round Top project and other such 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, risks related to changes in future operating costs and working capital balance, risks related to mineralogy processes, risks related to mineral estimates, risks related to the inherently dangerous activity of mining, 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 15, 2012, and other documents filed with the U.S. Securities and Exchange Commission. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements.