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.
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.