Texas Rare Earth Resources Announces Changes to Board of Directors
Texas Rare Earth Resources Corp. (the 'Company?) (OTCQX: TRER), a rare
earths mineral exploration and development company, announced today that
effective June 7, 2012, Mr. Anthony Marchese has stepped down as the
non-executive Chairman of the Board of Texas Rare Earth Resources Corp.
(the 'Company?). As the Company is moving towards an operational focus
on its Round Top Mountain project with the anticipated release of a
Preliminary Economic Assessment on the project later this month, Mr.
Marchese and the Board of Directors of the Company (the 'Board?) agreed
that the non-executive Chairman of the Board should have experience in
mineral project operations. Mr. Marchese continues to serve as a
director of the Company.
Effective June 8, 2012, the Board has appointed Mr. James Graham, an
independent director of the Board, as interim non-executive Chairman of
the Board, to run Board operations while the Board searches for a
permanent non-executive Chairman of the Board. James Graham was
appointed as a director in April 2011.
Mr. Graham currently serves as the chief executive officer of Nuclear
Fuel Cycle Consulting providing services for the front end of the
nuclear fuel cycle. He has an extensive career in the minerals and
mining industry including mining in potash, coal, gold, and uranium. Mr.
Graham′s experience covers evaluation, acquisition, design and
construction, operation, management, and trouble-shooting for various
types of properties and facilities. He served as president and chief
executive officer of ConverDyn, a partnership between Honeywell
International and General Atomics, and was a senior vice president of
General Atomics and responsible for the company′s nuclear fuel cycle
activities. He also served as chief executive officer and President of
Total S.A.′s North American mining entities which included coal
operations plus uranium operations and gold activities. Mr. Graham
received his bachelor′s degree in metallurgical engineering in 1970 from
Michigan Technological University.
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.
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. The implementation of the
recommendations of independent counsel, the potential of reporting back
to the SEC regarding such implementation of recommendations, the
potential for other actions to be taken to address the potential
violations of federal securities laws and the anticipated release of the
PEA are forward-looking statements. When used in this report, 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 in relation to the developing nature
of the Internal Review and the Company′s discussions with the SEC,
uncertainty regarding the Company′s work towards implementing the
recommendations of independent counsel and taking other actions to
address any potential violations, risks and uncertainty regarding the
completion and release of the PEA and the contents of the PEA, as well
as those factors discussed under the heading 'Risk Factors? in the
Company′s quarterly report on Form 10-Q as filed on April 16, 2012 and
the Company′s latest annual report on Form 10K 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.
Texas Rare Earth Resources Corp.
Nadine Wakely, Director
Investor
Relations
303-597-8737
nwakely@trer.com
