Texas Mineral Resources Signs $6 Million Financing Memorandum of Understanding for the Round Top Heavy Rare Earth Project in Texas

SIERRA BLANCA, TX--(Marketwired - Nov 17, 2017) -  Texas Mineral Resources Corp. (OTCQX: TMRC)

• Mining industry investor group would own 49% of a newly formed Round Top Minerals Ltd. Entity
  
  
• Financing is estimated to provide Round Top Project funding through full bankable feasibility study
  
  
• American Mineral Reclamation subsidiary ownership remains 100% owned by TMRC and is unaffected by the MOU

Texas Mineral Resources Corp. (TMRC), an exploration company targeting the heavy rare earths and a variety of other high-value elements and industrial minerals, is pleased to announce the Company has signed a memorandum of understanding ("MOU") with an investor group led by several mining industry executives for a $6 million equity funding of a newly formed Round Top Minerals entity.

Under the terms of the MOU, the investor group is granted up to a 180 day due diligence period in order to complete the financing. The investor group would own 49% of the Round Top Minerals entity with TMRC shareholders owning 51%. The investor group would be entitled to two board seats on the newly formed entity. TMRC would also be entitled to two board seats with a fifth to be jointly determined. It is anticipated that the proposed funding would be used to fund a full bankable feasibility study for the Round Top Project.

Of note, TMRC's American Mineral Reclamation subsidiary is not affected by this transaction and remains 100% owned by TMRC. Ongoing work such as the recent DOE grant relating to the rare earth from coal initiative or projects relating to reclamation of strategic metals from wastewater and scrap material are part of the American Mineral Reclamation subsidiary. TMRC is seeing multiple potentially lucrative project opportunities in this subsidiary.

Dan Gorski, CEO, commented, "We believe this MOU offers TMRC the opportunity to bring this project to feasibility under favorable terms, without suffering dilution to our shareholders."

Anthony Marchese, chairman, further commented, "The Round Top Heavy Rare Earth Project represents an unusually rich, long-lived multi-metal deposit -- whether the target is the critical Rare Earths, lithium, uranium or beryllium. We are gratified by such significant investor interest, and a recognition of the commitment required to bring us through to bankable feasibility. Round Top can be a part of the American renaissance in resource development, from manufacturing and the tech sector to national security applications."