Uranium Resources Completes Initial Testing On Cores Recovered from Ambrosia Lake Property
- Third-party analysis suggests property potentially suitable for
ISR mining - Continued progress made on feasibility study on licensed
Churchrock property as engineering firm retained to estimate costs and
priorities
Uranium Resources, Inc. (NASDAQ: URRE) ('URI?) announced that a
third-party laboratory analysis of the approximately 70 feet of cores
recovered from its Ambrosia Lake property showed low organic carbons,
which, in URI′s opinion, indicates that some of the 860,000 pounds of
in-place mineralized material at this property may be amenable to in
situ recovery (ISR) mining.
Don Ewigleben, President and CEO of URI, commented, 'This property is
not yet licensed or permitted. Although further leaching studies will be
required to establish recovery percentages in a full scale mining
scenario, we do not currently plan such additional work until after the
completion of the feasibility study currently underway on our
Churchrock/Crownpoint ISR project.?
Mr. Ewigleben concluded, 'Currently, we are in the midst of an in depth
feasibility study of our New Mexico projects with a priority on our
Churchrock/Crownpoint ISR project, which we expect to complete by the
end of 2011. Our goal is to be in a position to begin construction of
wellfield and processing facilities in 2012 and to be in production in
2013, assuming the license renewal processes move forward in a timely
manner, there is a sustained recovery in uranium prices and that
financing is available for the necessary capital expenditures to build
the infrastructure.?
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 (45% of which is ISR
amenable) and a NRC license to produce up to 1 million pounds of uranium
per year. The Company has digitized over 18,800 drill logs representing
nearly 23 million feet of hole drilled with an estimated replacement
cost of $700 million. 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:
Mat
Lueras, 505-269-8317
Vice President, Corporate Development
mlueras@uraniumresources.com
or
Company:
Don
Ewigleben, 972-219-3330
President & Chief Executive Officer