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LEWISVILLE, Texas, May 17, 2013 (GLOBE NEWSWIRE) -- Uranium Resources, Inc. (Nasdaq:URRE) (URI) today announced that it is focusing its technical resources at its existing offices in Colorado and reducing corporate overhead spend by closing its offices in Albuquerque, Crownpoint and Grants, New Mexico.
Christopher M. Jones, President and CEO of URI, noted, "Our future lies in the development of our properties in Texas and New Mexico, and we remain committed to our projects in these locales. We believe that development and production activity at our projects will spur economic growth and job creation in New Mexico and Texas. Given this focus, we also need to reduce our corporate spend and conserve cash. Our technical work can be done more efficiently and effectively in Colorado, and as our Churchrock project develops we will recruit and staff our office locally to better service our operations within the community."
In conjunction with these changes, the position held by Mathew F. Lueras, Vice President – Corporate Development, will be eliminated at the end of this June. Mr. Jones said, "Mat has been instrumental in the progress we have made over the last several years and we have very much appreciated his dedication to URI. We wish him all the best in his future endeavors."
Completion of the consolidation activities is planned for the end of June. It is expected that the consolidation will result in savings of approximately $1.5 million on an annualized basis.
Mr. Jones concluded, "We remain focused on balancing our need to manage capital and the execution of our plans to return to production."
About Uranium Resources, Inc.
Uranium Resources, Inc. explores for, develops and mines uranium. Since its incorporation in 1977, URI has produced uranium by in-situ recovery (ISR) methods in the state of Texas and currently has a number of initiatives underway to return the Company to production. URI has over 206,600 acres of uranium mineral holdings and 144.8 million pounds of in-place mineralized uranium material in New Mexico and an NRC license to produce up to 3 million pounds of uranium per year. URI has an additional 664,000 pounds of in-place reserves in Texas. The Company acquired these properties over the past 20 years along with an extensive information database of historic drill hole logs, assay certificates, maps and technical reports.