Why Uranium Resources (URRE) Stock Is Soaring Today

Uranium Resources (URRE) stock was trading sharply higher this afternoon after agreeing to purchase its first lithium property in Nevada.

Author:: Rachel Graf
Publish date:: Aug 24, 2016 1:04 PM EDT

Uranium Resources (URRE) stock was trading sharply higher this afternoon after agreeing to purchase its first lithium property in Nevada.

NEW YORK (TheStreet) -- Shares of Uranium Resources (URRE) were surging 30.30% to $1.72 on heavy trading volume early Wednesday afternoon after purchasing about 4,600 acres of lithium property in west-central Nevada.

The target area is known as the Nina Project, and underscores the Centennial, CO-based uranium producer's intent to expand its operations in other energy metal commodities, according to a statement.

"Diversifying our mineral portfolio while maintaining our uranium business portfolio in readiness for the predicted price rise allows investors increased exposure to the energy industry," CEO Christopher Jones said in a statement.

About 14.59 million shares of Uranium Resources have been traded so far today, well above the stock's average trading volume of roughly 478,682 shares per day.