Uranium Resources, Inc. (NASDAQ: URRE) (“URI” or the “Company”) today provided an update on the Company’s activities and financials through December 31, 2012, as well as its strategy and outlook.
Key 2012 and Recent Accomplishments
- Acquired Neutron Energy, Inc. (“Neutron”) in August 2012, adding over 50 million pounds of mineralized uranium material.
- Substantiated financial and environmental viability of the Churchrock Section 8 Project.
- Achieved an agreement with the Navajo Nation for temporary access to Section 8. First step taken in addressing legacy issues surrounding uranium mining in New Mexico.
- Expanded and extended its South Texas exploration agreement with a subsidiary of Cameco Corporation (NYSE: CCJ).
- Recapitalized through a $5 million bridge loan facility with Resource Capital Fund V L.P. (“RCF”), a shareholder rights offering (“Rights Offering”) and the pending release of $4.5 million back to URI after securing new surety bonds.
- Regained compliance with NASDAQ listing standards.
- Named Christopher M. Jones as President and CEO effective April 1, 2013.
“We continue to forge ahead and have made sustained progress so far in 2013,” stated Terence J. Cryan, Interim President and CEO of URI. “In 2012, we expanded our asset base through the acquisition of Neutron which represented a significant consolidation of uranium properties in New Mexico and positioned URI as one of the largest U.S.-based uranium development companies. A number of key steps relating to our Churchrock Section 8 project were also taken. We reached an agreement with the Navajo Nation regarding temporary access, a significant first step in an effort to reach a comprehensive agreement and as important, indicated the willingness of both parties to reach a mutually beneficial, long-term solution. There were two Section 8 property studies completed, the feasibility study and the groundwater study, which substantiated the technical and economic viability of the project, as well as the environmental safety of in-situ recovery (ISR) mining at Section 8. These are measurable steps forward as we work to realize our goal of producing uranium in New Mexico.”
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