Uranium Resources, Inc. Signs Letter of Intent for Exploration Agreement with Cameco Resources to Explore Texas Properties
Uranium Resources, Inc. (NASDAQ: URRE) ('URI?) announced today that it
has signed a non-binding letter of intent (LOI) with Power Resources,
Inc. d/b/a Cameco Resources (CR), a subsidiary of Cameco (NYSE: CCJ),
for a three-phase exploration program funded by CR and an option for a
production joint venture on a large ranch in South Texas. The agreement
is contingent upon URI successfully completing a three-year lease option
agreement with the land owner as well as the negotiation and execution
of final definitive agreements between URI and CR.
Don Ewigleben, President and CEO of URI, commented, 'This LOI is a major
step forward with our strategy to build our resource base in both Texas
and New Mexico, to partner with major industry organizations in order to
create greater value more rapidly and to demonstrate the breadth and
depth of our experience in the uranium mining industry.
'We believe there is significant uranium potential in Texas, and we have
the record to prove uranium can be mined and produced safely given our
strong focus on health, safety and the environment. Using the in situ
recovery (ISR) process, we have produced over 8 million pounds of
uranium in Texas since we began production in 1977. We have two
processing facilities with total capacity for over 1.6 million pounds of
uranium per year, and we are the only uranium company in the United
States with the experience of approved restoration of an ISR mining
operation.?
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, as well as a NRC license to
produce up to 1 million pounds of uranium. 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
is 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.
Investors
Kei Advisors LLC
Deborah K. Pawlowski,
716-843-3908
dpawlowski@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 & Chief
Executive Officer