(State or Other Jurisdiction of Incorporation)
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0-53482
(Commission File Number)
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87-0294969
(IRS Employer Identification No.)
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304 Inverness Way South, Suite 365
Englewood, CO 80112
(Address of principal executive offices)
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80112
(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit
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Description
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99.1
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Press Release dated August 23, 2011
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TEXAS RARE EARTH RESOURCES CORP.
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DATE: August 24, 2011
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By:
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/s/ Wm. Chris Mathers
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Wm. Chris Mathers
Chief Financial Officer
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Exhibit
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Description
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99.1
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Press Release dated August 23, 2011
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NEWS RELEASE |
For more information contact:
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Company:
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Investor Relations:
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K Marc LeVier, President & CEO
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Deborah K. Pawlowski, Kei Advisors LLC
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Phone: 303.597.8737
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Phone: 716.843.3908
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Email: mlevier@texasrareearth.com
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Email: dpawlowski@keiadvisors.com
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·
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Board approves increasing exploration budget to $8.8 million following successful financing in June
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Positive aeromagnetic survey extends drilling program into apparent expanse of rhyolite structure previously unidentified
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On July 11, 2011, the Company initiated an exploratory drilling program at its Round Top project that initially consisted of approximately 12,000 feet of reverse circulation drilling. This drilling was planned to twin certain historic drill holes, infill drill between existing holes, and step out to define the margins of the potential deposit. To date, 18 holes have been completed with the 19th presently at 480 feet, for a total of 7,321 feet drilled. Approximately 16 tons of rhyolite have been recovered and the material is being prepared for chemical analysis at a commercial analytical laboratory. There are approximately 27 additional drill holes sited for this phase of drilling. Average depth of these holes and the volume of metallurgical sample are expected to increase as drilling progresses to higher elevations on Round Top Mountain. The Company estimates that the original 12,000 feet of planned drilling will be increased during this phase. Round Top Mountain was originally drilled in the mid 1980’s, and the Company has been re-logging and re-analyzing 82,000 feet of historical drilling.
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●
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In July, Aeroquest Airborne completed approximately 600 kilometers of Tri-Axial Magnetic Gradiometer airborne survey over Round Top Mountain and the surrounding area. Preliminary results announced on August 16, 2011 indicated greater expanse of rhyolite in the subsurface than originally expected. A strong northwest-southeast trending magnetic anomaly is present below Round Top Mountain and extends under alluvium to the northwest and to the southeast extends under the gravel covered valley. This data exceeds the Company’s initial expectations for the rare earth mineralization potential of the Round Top
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project area. The data defines at least four additional drill targets to the east and to the northwest of Round Top Mountain.
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The Company has commissioned a detailed gravimetric survey of the Round Top project area and it is expected that the combination of the gravimetric survey with the aerometric survey will better define drill targets both for additional masses of mineralized rhyolite and for possible limestone-fluorite-rare earth minerals replacement mineralization in the favorable limestone at depth.
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A supplementary operating plan is being prepared to extend the drilling program to test these magnetic features and to better define the volume of mineralized rhyolite at the Round Top project. The supplementary plan will be submitted to the Texas General Land Office for approval. The Company intends to be able to begin to model the Round Top project.
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In August, Texas Rare Earth Resources added Anthony Garcia as Senior Vice President of Project Development, to oversee the Company’s efforts at the Round Top project. Mr. Garcia, who has more than 20 years of project/engineering management, design, and field experience in the mining and metals industry, was most recently a Value Assurance Senior Director for Newmont Mining (NYSE: NEM), where he oversaw the review of 35 projects in Newmont’s pipeline.
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