URI developed, in conjunction with the Navajo Nation and the City of Gallup, the Section 8 / Navajo-Gallup Groundwater Report and Conjunctive Use Evaluation for its Section 8 uranium in-situ recovery (“ISR”) project. The study results indicate that existing area water wells will not be impacted by Section 8 ISR activities, during mining operations or into the future. Additionally, the study demonstrated that there is no discernible risk that ISR activities would adversely affect groundwater available for the City of Gallup and the Navajo Nation’s coordinated water supply project.
On July 31, 2012, URI was granted temporary access to Sections 8, 9 and 17 for regulatory visits and to support license or permit requirements. As part of the agreement, Hydro Resources, Inc., a wholly-owned subsidiary of URI, offered to complete remediation of legacy mining activities at the Sections 17 or 8 properties prior to commencing in situ leach recovery on Section 8. Discussions continue with the Navajo Nation, with the objective to reach a comprehensive agreement, mutually beneficial to both parties, regarding the production of uranium in New Mexico. The groundwater report developed in conjunction with the Navajo Nation supports the safety of ISR mining in New Mexico.
The Company continues to refine the feasibility study performed on Section 8 and expects to release a summary of the study in December 2012. Royalty discussions are also ongoing, which are intended to improve the economic viability of the project.
On August 31, 2012, URI successfully completed a stock-for-stock transaction to acquire 100% of the equity of Neutron Energy, Inc, resulting in the addition of over 50 million pounds of in-place mineralized uranium material. With this acquisition, URI gained operational synergies for the development of its assets in New Mexico, as well as added a previously permitted conventional mill site to its asset base.
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