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EXCEL - IDEA: XBRL DOCUMENT - Texas Rare Earth Resources Corp.Financial_Report.xls
10-K - TEXAS RARE EARTH RESOURCES CORP. FORM 10-K FOR THE FISCAL YEAR ENDED AUGUST 31, 2012 - Texas Rare Earth Resources Corp.trer10k083112.htm
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EX-31.2 - CERTIFICATION - Texas Rare Earth Resources Corp.ex31-2.htm
EX-32.2 - CERTIFICATION - Texas Rare Earth Resources Corp.ex32-2.htm
EX-32.1 - CERTIFICATION - Texas Rare Earth Resources Corp.ex32-1.htm
EX-10.29 - SUPPLEMENTAL AGREEMENT - Texas Rare Earth Resources Corp.ex10-29.htm
EX-10.25 - EMPLOYMENT AGREEMENT - Texas Rare Earth Resources Corp.ex10-25.htm
EX-10.28 - SEVERANCE, WAIVER AND RELEASE AGREEMENT - Texas Rare Earth Resources Corp.ex10-28.htm
EX-31.1 - CERTIFICATION - Texas Rare Earth Resources Corp.ex31-1.htm
v2.4.0.6
MINERAL PROPERTIES
12 Months Ended
Aug. 31, 2012
Notes to Financial Statements  
MINERAL PROPERTIES
NOTE 5 – MINERAL PROPERTIES

September 2011 Lease

On September 2, 2011, we entered into a new mining lease with the Texas General Land Office covering Sections 7 and 18 of Township 7, Block 71 and Section 12 of Block 72, covering approximately 860 acres at Round Top Mountain in Hudspeth County, Texas.  The mining lease issued by the Texas General Land Office gives us the right to explore, produce, develop, mine, extract, mill, remove, and market beryllium, uranium, rare earth elements, all other base and precious metals, industrial minerals and construction materials and all other minerals excluding oil, gas, coal, lignite, sulfur, salt, and potash.  The term of the lease is nineteen years so long as minerals are produced in paying quantities.

Under the lease, we will pay the State of Texas a lease bonus of $197,800, $35,000 of which was paid upon the execution of the lease, $65,000 which was paid in April 2011 when we submitted our initial plan of operations to conduct exploration, and $97,800 which will be due when we submit a supplemental plan of operations to conduct mining.  Upon the sale of minerals removed from Round Top, we will pay the State of Texas a $500,000 minimum advance royalty.

Thereafter, we will pay the State of Texas a production royalty equal to eight percent (8%) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (6 ¼%) of the market value of all other minerals removed and sold from Round Top.

In August 2011 we paid the State of Texas a delay rental of $44,718.  Thereafter, assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule:

   
Per Acre Amount
 
Total Amount
August 17, 2013 – 2014
 
$
50
   
$
44,718
 
August 17, 2015 – 2019
 
$
75
   
$
67,077
 
August 17, 2020 – 2024
 
$
150
   
$
134,155
 
August 17, 2025 – 2029
 
$
200
   
$
178,873
 
 
November 2011 Lease

On November 1, 2011, we entered into a mining lease with the State of Texas covering 90 acres, more or less, of land that we purchased in September 2011 near our Round Top site.  The deed was recorded with Hudspeth County on September 16, 2011.
Under the lease, we paid the State of Texas a lease bonus of $20,700 which was paid upon the execution of the lease.  Upon the sale of minerals removed from Round Top, we will pay the State of Texas a $50,000 minimum advance royalty.  Thereafter, we will pay the State of Texas a production royalty equal to eight percent (8%) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (6 ¼%) of the market value of all other minerals sold from Round Top.

If production of paying quantities of minerals has not been obtained on or before November 1, 2012, we may pay the State of Texas a delay rental to extend the term of the lease in an amount equal to $4,500.  Thereafter, assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule:
 
   
Per Acre Amount
   
Total Amount
 
November 1, 2013-2014
 
$
50
   
$
4,500
 
November 1, 2015 – 2019
 
$
75
   
$
6,750
 
November 1, 2020 – 2024
 
$
150
   
$
13,500
 
November 1, 2025 – 2029
 
$
200
   
$
18,000