LEWISVILLE, Texas, July 12, 2013 (GLOBE NEWSWIRE) -- Uranium Resources, Inc. (Nasdaq:URRE) (URI) today announced that it amended its uranium supply contract with ITOCHU International Inc. effective July 11, 2013, to include a new sales pricing structure, new delivery dates and quantity levels.
Pursuant to the amended agreement, ITOCHU would purchase one-half of all production from URI's Vasquez, Rosita or Kingsville properties up to three million pounds of U 3O 8. Any new production outside of those areas is not subject to the agreement. The purchase price will be based on published market prices at the time of delivery subject to a five percent discount when the market price is $56.50 per pound of U 3O 8 or less, or seven percent when greater than $56.50 per pound.
"Given the current dynamics in our industry, renegotiating our supply contract was an important step in our strategic plan to resume production activities in Texas," stated Christopher M. Jones, President and CEO of URI. "This agreement improves the economics of production from our facilities and builds on our long-term relationship with ITOCHU by providing them access to a supply of uranium."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 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.