Uranium Resources Announces Results of Feasibility Study at Churchrock Site
Confirmed 6.5 Million Pounds of U3O8
at a grade of 0.11% in Section 8
Uranium Resources, Inc. (NASDAQ: URRE) (URI), announced the summary
results of the feasibility study for its Churchrock Section 8 Project
located in the northwestern New Mexico′s historic Grants Mineral Belt.
The feasibility study to determine the technical and economic viability
of developing the deposit utilizing in situ recovery uranium technology
was compiled by Behre Dolbear & Company, TREC, Inc. and Western States
Mining Consultants, Inc., with assistance provided by the engineering
staff of URI. A presentation summarizing the feasibility study is
available on URI′s website, www.uraniumresources.com,
under Projects.
Churchrock Section 8 Feasibility Study Highlights
6.5 million pounds of mineralized uranium material at a grade of 0.11%
U3O8
In situ recovery is the preferred uranium extractive technology for
the project
Assumed recovery rate of 67% results in production of 4.4 million
pounds
Projected six-year production life with peak production at more than
one million pounds annually
Pre-production development costs estimated at $35 million
Direct operating costs are estimated to be $20 to $23 per pound of U3O8
produced
'The completion of the Churchrock Section 8 feasibility study is a
measurable step forward for URI toward our goal of realizing uranium
production in New Mexico' stated Terence J. Cryan, Interim President and
CEO of URI. 'A technically and economically relevant project for the
U.S. uranium industry, Churchrock remains one of our primary strategic
initiatives. We are currently working to both de-risk and further
enhance the economics of the project. This includes our negotiations
with the Navajo Nation regarding a comprehensive agreement and efforts
to reach agreements with current royalty holders. We believe this
project will create significant value for our shareholders.?
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 has
over 206,600 acres of uranium mineral holdings and 152.9 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. URI has
an additional 1.3 million pounds of in-place mineralized uranium
material in Texas and South Dakota. 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.
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, and 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, operating costs, capital costs, mining method and
significant growth potential for shareholders 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, the outcome of negotiations with
the Navajo Nation, the Company′s ability to reach agreements with
current royalty holders, weather conditions, operating conditions at the
Company′s mining projects, government and tribal 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.
Investors:
Kei Advisors LLC
Deborah K. Pawlowski,
716-843-3908
dpawlowski@keiadvisors.com
or
Media:
Uranium
Resources, Inc.
Mat Lueras, 505-269-8317
Vice President,
Corporate Development
mlueras@uraniumresources.com
