Texas Rare Earths Signs Option to Purchase 5,670 Acres of Surface Rights

Texas Rare Earth Resources Corp. (OTCMKTS:TRER) has executed agreements with the Texas general land office to purchase surface rights covering the area for its potential Round Top project. The company also signed a ground water lease for necessary for operations.

As quoted in the press release:

he option to purchase the surface rights covers approximately 5,670 acres over the mining lease and the additional acreage adequate to site all potential heap leaching and processing operations as currently anticipated by the Company. TRER may exercise the option for all or part of the option acreage at any time during the sixteen year primary term of the mineral lease. The option can be kept current by an annual payment of $10,000. The purchase price will be the appraised value of the surface at the time of exercising the option.

Click here to read the Texas Rare Earth Resources Corp. (OTCMKTS:TRER) press release