LEWISVILLE, Texas, May 10, 2013 (GLOBE NEWSWIRE) -- Uranium Resources, Inc. (Nasdaq:URRE) ("URI" or the "Company") today provided an update on the Company's activities and financials through March 31, 2013, as well as its strategy and outlook. First Quarter and Recent Highlights
- In April, released $5.4 million of restricted cash back into working capital as a result of new collateral requirements for the Company's new surety bonds in Texas.
- Completed successful rights offering, raising net proceeds of approximately $3.6 million, after expenses, and repaid a $5 million bridge loan.
- Continued to build relationship with the Navajo Nation and working to de-risk and improve the economics of the Churchrock Section 8 Project. Contract environmental, cultural resource and survey work on the proposed right of way on to Section 8 has been initiated.
- Groundwater restoration work in Texas progressing according to timelines and refurbishment of the Kingsville Dome holding ponds is on track to be completed by year-end 2013. Both activities critical to readying the Company for a future return to production.
- Kicked off the expanded and extended South Texas exploration agreement with a subsidiary of Cameco Corporation (NYSE:CCJ).
- Actively monitoring all expenses and implementing initiatives to reduce cash burn rate.