Texas Rare Earth Provides Financial Update and 2013 Outlook

Texas Rare Earth Resources Corp. (OTCQX:TRER) provided a financial update and outlook for 2013.

As quoted in the press release:

Balance Sheet and Cash Flow Highlights:

• Management believes it has sufficient cash to operate through December 2014;
• As of November 7^th, Texas Rare Earth had approximately $6 million in cash and cash equivalents or $0.16/share based on 36.6 million shares outstanding as of November 7^th;
• As of the fiscal year ending August 31, 2012, the Company had a working capital surplus of $6.1 million and no debt.

Texas Rare Earth’s CEO, Dan Gorski, said:

For a company of our size and current explorative state, we believe our strong balance sheet positions our company to prosper as we head into 2013. Currently we have $6 million or $0.16 per share in cash and cash equivalents which we believe is sufficient to provide us at least two years of access to capital to continue conducting research and analyzing our asset base while exploring monetizing options.

To view the whole press release, click here.