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CENTENNIAL, Colo., Aug. 9, 2013 (GLOBE NEWSWIRE) -- Uranium Resources, Inc. (Nasdaq:URRE) ("URI" or the "Company") today provided an update on the Company's activities and financials through June 30, 2013, as well as its strategy and outlook.
Second Quarter and Recent Highlights
Consolidated corporate headquarters in Denver, Colorado, and rationalized office locations which should generate $1.5 million in annualized savings.
Strengthened team with the appointment of Jeffrey L. Vigil as Vice President-Finance and Chief Financial Officer.
Improved economics from future production in Texas with renegotiated uranium supply contract.
URI continues to actively monitor all expenses and is executing initiatives to conserve cash; the Company expects a lower monthly cash burn during the second half of the year.
"We continue to take the necessary actions to conserve cash and strengthen our balance sheet in the near term and to place us on solid ground for the future. During the quarter, we executed our consolidation plan and enhanced the corporate team based in Denver with the appointment of Jeff Vigil as CFO," stated Christopher M. Jones, President and Chief Executive Officer of URI. "The recently announced renegotiated ITOCHU agreement and the progress made at the Kingsville Dome pond project are important steps that will position us to resume production activities in Texas during the latter half of 2014."
Preparing for return to production in Texas; Restoration and rehabilitation activities progressing
Groundwater restoration activities in Texas continue to progress, with well plugging of the Rosita project's production areas 1 and 2 by the end of the year. The Company continues restoration activities with stabilization targeted for the fourth quarter of 2013 for all production areas at the Kingsville Dome and Vasquez projects.
The Kingsville Dome holding pond rehabilitation is expected to be completed by the end of the year, and the refurbishment of the processing facility back to production capability will take approximately six months thereafter. The Company expects to be in a position for production in Texas during the latter half of 2014.