Uranium Resources Comes to Agreement with Navajo Nation
- Granted temporary access to Sections 8, 9 and 17 for regulatory
visits and to support license or permit requirements - URI volunteers to clean up Section 17 based on a to be agreed
upon remediation plan
Uranium Resources, Inc. (NASDAQ: URRE) ('URI? or the 'Company?),
announced that its wholly-owned subsidiary Hydro Resources, Inc. (HRI)
has come to agreement with the Navajo Nation regarding temporary access
for its Churchrock Section 8 property. The Temporary Access Agreement
('Agreement?) is intended by both parties to settle the alleged trespass
issue related to the Notice of Violation and Order to Comply with the
Navajo Nation Civil Trespass Act received by the Company on April 5,
2012. Access provided under the Agreement is for regulatory requirements
to include on site visits with the Nuclear Regulatory Commission, but
does not allow for any construction activities or earth disturbances.
Reviewing the significance of the progress made to date in discussions
with the Navajo Nation, Don Ewigleben, President and CEO of URI, noted,
'We have been involved in extensive and meaningful conversations with
members of the Navajo Nation and its government rather than taking the
approach to litigate jurisdictional authority and believe this agreement
is a solid first step toward helping address the legacy issues left
behind by previous uranium mining, while enabling us to move forward
with our project.?
Under the terms and for the duration of this agreement, HRI has agreed
to the jurisdiction of the Navajo Nation. HRI also offered to complete
remediation of any radioactive contamination on Sections 17 or 8 prior
to commencing in situ leach recovery on Section 8.
Mr. Ewigleben added, 'While there is much yet to be accomplished in
order for us to advance our project forward, we believe the agreement we
have reached with the Navajo Nation is of significance and indicates a
willingness by both parties to work toward finding a mutually beneficial
solution. We are currently developing cost estimates and timelines for
the remediation. Given the many issues yet to be agreed upon and the
need to determine a time line for the remediation, we are also
revisiting our present schedule which has projected Churchrock Section 8
production commencing by the fourth quarter of 2013.
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. 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 an 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 drill hole logs, assay
certificates, maps and technical reports. None of URI′s properties is
currently in production.
URI′s strategy is to fully develop 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 assets 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 website 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.
Investor Contact:
Kei Advisors LLC
Deborah K.
Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com
or
Media
Contact:
Mat Lueras, 505-269-8317
Vice President,
Corporate Development
mlueras@uraniumresources.com
or
Company
Contact:
Don Ewigleben, 972-219-3330
President & Chief
Executive Officer
