Uranium Resources, Inc. Submits Required Documentation to NRC to Activate License
Uranium Resources, Inc. (NASDAQ: URRE) ('URI?) announced today that it
has filed documents with the U.S. Nuclear Regulatory Commission ('NRC?)
to reactivate its NRC License, which is currently in timely renewal
status. This filing responds to certain determinations made by the
Atomic Safety and Licensing Board identified during its extensive
hearing process. Once active, the license may be utilized according to
its present terms and conditions while pending renewal from the NRC.
Don Ewigleben, President and CEO commented, 'This filing allows us to
move one step closer to production. As we move forward with our
Churchrock Project, we will continue to work with state and federal
regulatory agencies to meet all regulatory requirements. We will also
continue to educate the community on the project, our focus on safety
and the environment as well as the economic opportunity it creates for
the area.'
The documents filed yesterday with the NRC provide additional
information regarding reclamation cost estimates. These estimates will
add to the bases for determining the initial financial surety
requirements to guarantee that sufficient resources will be available to
properly reclaim the project site. In addition to evaluating this
initial estimate, NRC will review and may update URI′s financial surety
amounts annually during the project′s life to assure that the financial
assets securing the project are adequate to provide for an independent
contractor to conduct reclamation according to the terms of its License
should URI be unable to do so.
The NRC license allows for the production of up to 1 million pounds per
year from Churchrock Section 8 until a successful commercial
demonstration of restoration is made at that site, after which mining on
other project properties can begin and the quantity of production can be
increased to 3 million pounds per year.
About Uranium Resources, Inc.
Uranium Resources Inc. explores for, develops and mines uranium. Since
its incorporation in 1977, URI has produced over 8 million pounds of
uranium by in-situ recovery (ISR) methods in the state of Texas where
the Company currently has ISR mining projects. URI also has 183,000
acres of uranium mineral holdings and 101.4 million pounds of in-place
mineralized uranium material in New Mexico and a NRC license to produce
up to 1 million pounds of uranium per year. The Company acquired these
properties over the past 20 years along with an extensive information
database of historic mining logs and analysis. None of URI′s properties
are currently in production.
URI′s strategy is to fully exploit its resource base in New Mexico and
Texas, expand its asset base both within and outside of New Mexico and
Texas, partner with larger mining companies that have undeveloped
uranium or with junior mining companies that do not have the mining
experience of URI, as well as provide restoration expertise to those
that require the capability or lack the proficiency.
Uranium Resources routinely posts news and other information about the
Company on its web site at www.uraniumresources.com.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to risks, uncertainties and
assumptions and are identified by words such as 'expects,? 'estimates,?
'projects,? 'anticipates,? 'believes,? 'could,? and other similar words.
All statements addressing operating performance, events, or developments
that the Company expects or anticipates will occur in the future,
including but not limited to statements relating to the Company′s
mineralized uranium materials, timing of receipt of mining permits,
production capacity of mining operations planned for properties in South
Texas and New Mexico, planned dates for commencement of production at
such properties, revenue, cash generation and profits are
forward-looking statements. Because they are forward-looking, they
should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties include, but are not
limited to, the spot price and long-term contract price of uranium,
weather conditions, operating conditions at the Company′s mining
projects, government regulation of the mining industry and the nuclear
power industry, world-wide uranium supply and demand, availability of
capital, timely receipt of mining and other permits from regulatory
agents and other factors which are more fully described in the Company′s
documents filed with the Securities and Exchange Commission. Should one
or more of these risks or uncertainties materialize, or should any of
the Company′s underlying assumptions prove incorrect, actual results may
vary materially from those currently anticipated. In addition, undue
reliance should not be placed on the Company′s forward-looking
statements. Except as required by law, the Company disclaims any
obligation to update or publicly announce any revisions to any of the
forward-looking statements contained in this press release.
Investor:
Kei Advisors LLC
Deborah K. Pawlowski/Craig
Mychajluk
716-843-3908 / 716-843-3832
dpawlowski@keiadvisors.com
/ cmychajluk@keiadvisors.com
or
Media:
Uranium
Resources, Inc.
April Wade, 505-440-9441
awade@uraniumresources.com
or
Company:
Uranium
Resources, Inc.
Don Ewigleben, 972-219-3330
President and
Chief Executive Officer