Uranium Resources′ NRC License Upheld as United States Supreme Court Denies Petition
Uranium Resources, Inc. (NASDAQ: URRE) ('URI?) announced today that the
United States Supreme Court has denied the opponents′ petition to review
the March 2010, 10th Circuit Court of Appeals′ ruling that upheld the
Company′s U.S. Nuclear Regulatory Commission ('NRC?) license to conduct
in-situ recovery (ISR) uranium mining at the Churchrock/Crownpoint
project.
Don Ewigleben, President and CEO commented, 'Today′s announcement was
significant in that it clears the last remaining legal challenge to our
NRC license. We have long maintained our belief that our license was
valid and have continued to move forward towards the final development
of the Churchrock/Crownpoint project. Our feasibility study is ongoing
and in October 2010, we filed the necessary documents with the NRC to
reactivate our license, which is currently in timely renewal status.
Once active, the license may be utilized according to its present terms
and conditions while URI completes its license renewal. 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.'
URI′s New Mexico feasibility studies are expected to be completed by the
end of 2011. Assuming that the NRC license renewal moves forward in a
timely manner, that appropriate financing is available and that there is
a sustained recovery in the price of uranium, the Company should be in a
position to begin construction of the facilities in 2012 and producing
in 2013.
The NRC license allows for the production of up to an initial 1 million
pounds per year from the Churchrock/Crownpoint project until a
successful commercial demonstration of restoration is made, after which
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, 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.
Mat Lueras, 505-269-8317
Vice President,
Corporate Development
mlueras@uraniumresources.com
or
Company:
Uranium
Resources, Inc.
Don Ewigleben, 972-219-3330
President & Chief
Executive Officer