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Uranium Resources CEO Discusses Q1 2012 Results - Earnings Call Transcript

We also note that the China Development Bank's arm is targeting resource yields in a number of areas including uranium. That's positive. Regarding a situation in Japan, everyone is aware that in the wake of the Fukushima disasters, a number of reactors in Japan were closed. You might not be aware that there is a new world economic forum report that has surged Japan will continue to rely on nuclear power. That report's based on cost and time associated with changing power sources as well as the slowdown in industry and the Japanese economy that would result in the absence of nuclear power availability. We see that as a positive sign.

We are also encouraged to see that others. We are also encouraged to see that others are following our lead with regard to M&A activity. On the heels of our announcement to acquire a neutron energy, we see that energy fuels are buying Denison US heads. We expect further consolidation activities in this sector in the future to get to the levels of production necessary to meet demand. The Canadian nuclear safety commission's authorization to power up unit 2 of the Bruce A nuclear power plant in Ontario is also encouraging. The reactor effectively means the construction and commissioning phases of the refurbishment project and it's been offline for more than 15 years. It appears that our competitors are experiencing increased volumes and increasing their 2012 production forecast as well. Our joint venture partner Cameco announced that its earnings are up in first quarter on higher production volumes and average selling price. We also saw URI up their 2012 production forecast. These are all positive signs for the coming year in the Uranium industry in our view.

Let's take a look at the things that will be closer to home for URI and I'll start with a presence status in Texas. As we previously stated, our objective in Texas is quite simple. Return to production as soon as the Uranium price recovers. All activities in Texas are putting URI in a position for that return to production. This includes the initiation of a prefeasibility study on possible lower zones adjacent to previously recovered 8 million pound areas. We're also in the midst of other maintenance activities to ensure that we are fully prepared to chargeback into production in the near term as the price increases.

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