Uranium Resources, Inc. Sells
Part of Its Extensive Geologic Database
for $250,000 in Cash
LEWISVILLE, TX, June 2, 2010 --- Uranium Resources, Inc. (NASDAQ:� URRE) (URI),
announced today that it has entered into an agreement to sell historic drill
data for $250,000 in cash to Uranium Energy Corp., which leases the Seager-Salvo property in Bee County, Texas, to which the
data relates.� The geologic data sold
consists of approximately 433 electric logs, lithology
logs and copies of drill hole location maps.
Don
Ewigleben, President and CEO of URI,
commented, �The sale of a small portion of our extensive geologic database is
part of our strategy to dispose of non-core assets.� The data involved had no value to URI because
we have no position in the property and the value would diminish as additional
drilling is completed in the area.� We
will continue to evaluate the potential monetization of other non-core assets
as part of the strategic plan recently adopted by our Board of Directors.� �
He added,
�We continue to pursue opportunities in Texas
where we believe there is significant potential for finding extensive new bases
of uranium material based on geologic trends and historic oil company interests
and research.�
In addition
to its database of drill logs and maps in South Texas, where URI has operated
for over 30 years,� the Company owns a
large database of over 18,800 drill logs in New Mexico, where the Company holds
over 101 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,
as well as a NRC license to produce up to 1 million pounds of uranium.� 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.
Investor Contact:
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Company Contact:
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Deborah K. Pawlowski/James
M. Culligan
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Don Ewigleben
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Kei Advisors LLC
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President & Chief
Executive Officer
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Phone:� 716.843.3908/
716.843.3874
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Phone:� 972.219.3330
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Email:
dpawlowski@keiadvisors.com/jculligan@keiadvisors.com
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Media Contact:
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April Wade
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Ph:� 505-440-9441
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E-mail:� awade@uraniumresources.com
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Kei Advisors
LLC
12 Fountain Plaza
Buffalo, NY 14202
USA