In conjunction with the amended lease agreement, URI and Cameco have agreed to extend their amended exploration agreement to a five-phase, five-year exploration program to include Tecolote. Cameco has committed $4.3 million to increase its interest to 70% in the expanded program and will be the exploration operator for Phase III.

URI secured $9 million in new surety bonds for the benefit of the Texas Commission on Environmental Quality for remediation and reclamation activities at the Company’s South Texas projects. The new bonds required $4.5 million in cash collateral and replaced the existing $9.0 million of fully collateralized financial surety instruments. The result is that $4.5 million will be released back to URI due to the lower cash collateral requirement.

Groundwater restoration at Kingsville Dome Production Area (PA)1 and PA2 and Rosita PA1 and PA2 has been completed and is currently being monitored for stability. Final closure of these production areas is targeted for mid- to late-2013. The Company continues restoration activities with stabilization targeted for the third quarter of 2013 at Kingsville Dome PA3 and fourth quarter of 2013 for Vasquez PA1 and PA2.

Refurbishment of the Kingsville Dome holding ponds is ongoing and URI expects this project to be completed by year-end 2013.

Strengthened Liquidity Position

Cash at December 31, 2012 was $4.7 million, after giving effect to the $5 million bridge loan facility with RCF that closed on December 17, 2012, compared with $2.9 million at December 31, 2011. During 2012, the Company also raised net proceeds of $5.4 million under the existing At-The-Market Sales Agreement (“ATM”) with BTIG, LLC. At February 28, 2013, URI had a total of $9.0 million in share value available for future sales under the ATM.

Subsequent to the end of the fourth quarter, URI raised gross proceeds of approximately $8.9 million, before expenses, from the Rights Offering, which was used to repay the $5.0 million bridge loan from RCF and the remainder of which will be used for general working capital. URI will also free up $4.5 million in working capital as a result of the collateral requirements of the new surety bonds.

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