Uranium
Resources, Inc. Completes Drilling in Ambrosia Lake
LEWISVILLE,
TX, September 22, 2010 -- Uranium Resources, Inc. (NASDAQ: URRE) (�URI�) announced today that the Company has
completed drilling at its Section 13 property in Ambrosia Lake in McKinley
County, New Mexico, approximately 10 miles northeast of Grants.
Three holes, totaling more than 2,600 feet, were
drilled on the property. A total of 95 feet were cored and 75 feet of
three inch core were recovered. Gamma ray and Prompt Fission Neutron (PFN)
logging tools were used to evaluate the sub-surface environment. The core has been quartered by URI
and the core samples will be shipped to a laboratory which will evaluate the
suitability of the property for in-situ recovery (�ISR�) mining, a process that
is expected to be completed in December 2010.
�The
drilling at Ambrosia Lake is part of our strategy to determine the suitability
of our Section 13 property for profitable ISR production in order to prioritize
our efforts as we continue to advance toward production in New Mexico. As
we await the results of the core evaluation, we will maintain our dialogue with
the communities and government agencies regarding the safety and suitability of
ISR mining and similarly intend to continue to reach out to the local residents
who stand to benefit from a potential return of uranium mining to the state,�
said Don Ewigleben, President and Chief Executive Officer of URI.
URI
received a permit for drilling the property from the New Mexico Mining and
Minerals Division in November 2008. The permit, which was renewed in July
2010, allows URI to drill up to ten holes for the purpose of extracting core
samples until November 2011.
URI has
over 100 million pounds of in-place, mineralized uranium material in New Mexico
and approximately 2.4 million pounds in the Ambrosia Lake area. Stewart Brothers of Milan, NM conducted the drilling
as part of URI�s continued commitment to the local New Mexico economy.
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 press 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 press release.
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Deborah
K. Pawlowski/Craig Mychajluk
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President
and Chief Executive Officer
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Phone: 716.843.3908/
716.843.3832
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Email:
dpawlowski@keiadvisors.com/cmychajluk@keiadvisors.com
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E-mail: awade@uraniumresources.com
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