Uranium Resources′ License to Produce Up to 3 Million Pounds of Uranium Gets Reactivated by the NRC
Uranium Resources, Inc. (NASDAQ: URRE) (URI), announced today that the
Nuclear Regulatory Commission (NRC) reactivated its Source Materials
License to conduct in-situ recovery (ISR) uranium mining in McKinley
County, New Mexico. The license, which was originally issued in 1998 to
Hydro Resources, Inc., Uranium Resources′ wholly-owned subsidiary, has
been in timely renewal status since 2003. The reactivation effectively
enables the use of the license by the Company for the production of
uranium as defined in the license.
URI will now proceed to renew the license for a standard 10-year term.
During the renewal process, the active license may be utilized according
to its present terms and conditions, which allows for the production of
up to 1 million pounds per year from Churchrock Section 8 until a
successful commercial demonstration of restoration is made, after which
mining on other properties can begin and the quantity of production can
be increased to 3 million pounds per year.
Don Ewigleben, President and CEO of URI, commented, 'We are the only
uranium company in New Mexico that possesses an NRC license authorizing
current or new production and having it reactivated is a significant
milestone which allows us to continue to move forward with our target
production plans.?
URI′s focus in New Mexico is on the completion of its feasibility study
by the end of 2011 to determine the options available to advance its
Churchrock/Crownpoint project. URI holds the necessary NRC License, EPA
Aquifer Exemption, State of New Mexico Water Rights and Underground
Injection Control Permit to allow development of Churchrock Section 8,
which has 6.5 million pounds of in-place mineralized uranium material.
In June, URI received confirmation from the New Mexico Environment
Department ('NMED?) that its discharge plan is in timely renewal and
that the NMED is currently conducting technical review of its renewal
application. In July, Eastern Navajo Dine Against Uranium Mining filed a
complaint claiming NMED misinterpreted its own regulations governing the
ground water discharge permits. URI has intervened in the case.
The feasibility study and its proposed options will determine the best
mining method of the Companies various projects in New Mexico as well as
the size, design and capabilities of its Churchrock/Crownpoint ISR
wellfield and processing facilities. Construction and production will be
dependent upon having necessary financial resources in place, the speed
of construction activities, availability of capital equipment and a
recovery in uranium prices. The Company plans to be in production in
2013.
URI has 27.4 million pounds of in place mineralized uranium material
under its NRC Source Materials License. In total, the Company has
183,000 acres of mineral holdings in New Mexico and 101.4 million pounds
of in place mineralized uranium material.
About Uranium Resources, Inc.
Uranium Resources Inc. explores for, develops and mines uranium. Since
its incorporation in 1977, URI has produced over 8 million pounds of
uranium by in-situ recovery (ISR) methods in the state of Texas where
the Company currently has ISR mining projects. URI also has 183,000
acres of uranium mineral holdings and 101.4 million pounds of in-place
mineralized uranium material in New Mexico and a NRC license to produce
up to 1 million pounds of uranium per year. The Company acquired these
properties over the past 20 years along with an extensive information
database of historic mining logs and analysis. None of URI′s properties
is currently in production.
URI′s strategy is to fully exploit its resource base in New Mexico and
Texas, expand its asset base both within and outside of New Mexico and
Texas, partner with larger mining companies that have undeveloped
uranium or with junior mining companies that do not have the mining
experience of URI, as well as provide restoration expertise to those
that require the capability or lack the proficiency.
Uranium Resources routinely posts news and other information about the
Company on its Web site at www.uraniumresources.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to risks, uncertainties and assumptions and are
identified by words such as 'expects,? 'estimates,? 'projects,?
'anticipates,? 'believes,? 'could,? and other similar words. All
statements addressing operating performance, events, or developments
that the Company expects or anticipates will occur in the future,
including but not limited to statements relating to the Company′s
mineralized uranium materials, timing of receipt of mining permits,
production capacity of mining operations planned for properties in South
Texas and New Mexico, planned dates for commencement of production at
such properties, revenue, cash generation and profits are
forward-looking statements. Because they are forward-looking, they
should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties include, but are not
limited to, the spot price and long-term contract price of uranium,
weather conditions, operating conditions at the Company′s mining
projects, government regulation of the mining industry and the nuclear
power industry, world-wide uranium supply and demand, availability of
capital, timely receipt of mining and other permits from regulatory
agents and other factors which are more fully described in the Company′s
documents filed with the Securities and Exchange Commission. Should one
or more of these risks or uncertainties materialize, or should any of
the Company′s underlying assumptions prove incorrect, actual results may
vary materially from those currently anticipated. In addition, undue
reliance should not be placed on the Company′s forward-looking
statements. Except as required by law, the Company disclaims any
obligation to update or publicly announce any revisions to any of the
forward-looking statements contained in this news release.
Kei Advisors LLC
Investor:
Deborah K.
Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com
or
Uranium
Resources, Inc.
Don Ewigleben, 972-219-3330
President &
Chief Executive Officer
or
Media:
Mat Lueras,
505-269-8317
Vice President, Corporate Development
mlueras@uraniumresources.com