US rare earths has exercised an option to buy 80 per cent of Round Top

Rare Earth and Texas Minerals Resources Inc. (OTCQB: TMRC) today announced that Rare Earth has exercised its option to acquire 80% of the Round Top Heavy Rare Earth, Lithium and Critical Minerals project in Hudspeth County, Texas.

According to the statement, US Rare Earth recently completed a $50 million Series C financing and is currently funded by completing a final feasibility study (DFS), including a pre-feasibility study (PFS), to build a pilot plant and a demonstration plant at Round Top later this year,These will include testing heap leach pads and continuous ion exchange (CIX) treatments.

The demonstration plant will support DFS, allowing and producing representative materials for potential customer evaluation.Round Top Joint Venture has received a construction precipitation permit from the Texas Commission on Environmental Quality (TCEQ) and has begun to conduct 20,000 metric tons of bulk samples to support the feasibility study and demonstration plant.

American Rare Earth added that the company's wholly owned subsidiary, American Rare Earth Magnets, is also fully funded to restart production of the sintered rare earth permanent magnet manufacturing system, which it acquired last year and which was previously owned and operated by Hitachi Gold USA of North Carolina.

American Rare Earths has an 80 percent joint venture interest in the Round Top Heavy Rare Earths and Critical Minerals project in Hudspeth County, West Texas.Round Top has a wide range of key heavy rare earth elements, high-tech metals including lithium, gallium, zirconium, hafnium and beryllium.