Texas Mineral Resources: Texas Mineral Resources Corp. Signs Non-Binding Letter of Intent to Explore the Possibility of Forming Joint Venture to Develop and Manage Mining Properties in the Steeple Rock District of New Mexico and Greenlea County in Arizona

Texas Mineral Resources Corp. announced that the Company entered into a non-binding letter of intent with Steeple Rock Holding Company, LLC to explore the possibility of entering into a mining venture involving (i) four mines, being the Billali mine, the Jim Crow mine, the active Imperial mine, and the Carlisle mine, all located on patented mining claims in Grant County, New Mexico, and (ii) certain related assets including a 150 tons per day, unassembled flotation mill located in Duncan, Arizona. The Billali mine, Jim Crow mine and millsite have valid operating permits; the Imperial mine and the Carlisle mine do not. The initial anticipated capital required for the potential project, in an amount to be determined and agreed upon by the parties, is expected to be used for the initiation of mining and milling operations. There can be no assurance that entry into the non-binding letter of intent will result in a definitive agreement or, if a definitive agreement is reached, the potential project will proceed on the preliminary and general terms described above or at all. Legal, regulatory, business and financial diligence, along with the procurement of necessary capital to proceed with this potential project in an amount to be determined (of which there can be no assurance the necessary capital can be procured to proceed with this potential project), will need to be satisfied by the parties, as well as other customary conditions and approvals. The Steeple Rock District is a well-known gold and silver district located in southwest New Mexico and southeast Arizona. The potential project includes four mines, the Billali, Jim Crow, Imperial and the Carlisle, and a complete, unassembled, flotation mill located on a permitted millsite with power and water. Although there is no assurance that these mines will ever have resources that can be converted into or recognized as Item 1300 of Regulation S-K compliant reserves, all have documented, historical exploration data including underground workings and diamond drill holes. The Steeple Rock district is situated in one of the most highly mineralized and productive regions in the United States, approximately midway between the Morenci and the Santa Rita copper mines. Principal mineralization occurs as gold and silver bearing quartz veins, and government records show that the Carlisle mine was a base metal producer during WWII. Historical data indicates that mining conditions are good in the district with stable andesite host rock and minimal rock alteration, low pyrite content and little or no acid mine drainage.