LEWISVILLE, Texas, May 10, 2013 (GLOBE NEWSWIRE) -- Uranium Resources, Inc. (Nasdaq:URRE) ("URI" or the "Company") today provided an update on the Company's activities and financials through March 31, 2013, as well as its strategy and outlook.
First Quarter and Recent Highlights
- In April, released $5.4 million of restricted cash back into working capital as a result of new collateral requirements for the Company's new surety bonds in Texas.
- Completed successful rights offering, raising net proceeds of approximately $3.6 million, after expenses, and repaid a $5 million bridge loan.
- Continued to build relationship with the Navajo Nation and working to de-risk and improve the economics of the Churchrock Section 8 Project. Contract environmental, cultural resource and survey work on the proposed right of way on to Section 8 has been initiated.
- Groundwater restoration work in Texas progressing according to timelines and refurbishment of the Kingsville Dome holding ponds is on track to be completed by year-end 2013. Both activities critical to readying the Company for a future return to production.
- Kicked off the expanded and extended South Texas exploration agreement with a subsidiary of Cameco Corporation (NYSE:CCJ).
- Actively monitoring all expenses and implementing initiatives to reduce cash burn rate.
"Having been on board for just over a month, my initial focus has been on the full strategic review of our assets and operations, and to date, I continue to remain very positive on the future prospects of Uranium Resources. In the short term our critical needs are to remain focused on cost containment and management of expenses so that we can minimize our cash burn rate," stated Christopher M. Jones, President and CEO of URI. "We have made progress in this area by reducing legal and other Company fees and remain diligent in our efforts to preserve capital for the remainder of 2013."