SIERRA BLANCA, Texas, June 5, 2013 (GLOBE NEWSWIRE) -- Texas Rare Earth Resources Corp. (OTCQX:TRER) ("Texas Rare Earth"), a heavy rare earths exploration company, today announced the appointment of Mr. Anthony Marchese as Non-Executive Chairman of the Board after having served as a director of the Company and Chairman of the Audit Committee since December 2009. Mr. Marchese replaces Mr. John Tumazos, who has resigned from the board. The Company has also appointed Ms. Laura Lynch to the Board of Directors.
Mr. Marchese, newly appointed Non-Executive Chairman of the Board, commented, "I am looking forward to serving as Chairman of the Board for Texas Rare Earth and wish to thank Mr. John Tumazos for his dedicated service. We believe the company is now entering into a dynamic phase of development. The Company is finalizing its metallurgical research work to prove out alternative production methodologies from that described in its Preliminary Economic Assessment of June 2012. The Board is confident that this research will result in an economically viable mine plan better suited to the existing rare earth economy and the existing capital markets. I can assure our shareholders that we will take all the necessary steps and weigh all the options available to us to increase shareholder value. We have and will entertain any and all options including but not limited to sale of the company, merger, joint venture or strategic alliances."
Anthony Marchese continued, "I would like to welcome Laura to our Board. She has been a supporter of our Company for a long time and as a local resident has close knit relationships within the area and industry. She will be an important asset to our team as we look to establish our Round Top Project as a world class heavy rare earth deposit within the mining-friendly state of Texas."
Laura Lynch, 54 years old and graduate of the University of Texas at Austin is a lifelong resident of Hudspeth County, site of the Round Top project. She is currently a Partner at the CL Ranch, a ranching/farming/mining operation in Hudspeth County. CL ranch is active in the mining and distribution of gypsum. Laura has deep ties to the El Paso, Ft. Worth and Austin business communities and currently works as a consultant to TRER in community relations and land acquisition.
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 ongoing technical work to prove out alternative production methodologies, finalizing these methodologies in a cost efficient manner and simultaneously pursuing alternative strategic arrangements, including selling the company, entertaining all serious strategic partners, including potential buyers and other such similar 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 mineral estimates, risks related to mining results not matching preliminary tests and risks related to the ability of the company to successfully monetize its non-rare earth resources, 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.