Uranium Resources, Inc. Signs Letter
of Intent for Exploration Agreement with Cameco Resources to Explore Texas
Properties
LEWISVILLE, TX, November 4, 2010 --- Uranium Resources, Inc.
(NASDAQ: URRE) (�URI�) announced today that it has signed a non-binding
letter of intent (LOI) with Power Resources, Inc. d/b/a Cameco Resources (CR),
a subsidiary of Cameco (NYSE: CCJ), for a three-phase exploration program funded
by CR and an option for a production joint venture on a large ranch in South
Texas. The agreement is contingent upon URI successfully completing a
three-year lease option agreement with the land owner as well as the
negotiation and execution of final definitive agreements between URI and
CR.
Don Ewigleben, President and CEO of URI, commented, �This
LOI is a major step forward with our strategy to build our resource base in
both Texas and New Mexico, to partner with major industry organizations in
order to create greater value more rapidly and to demonstrate the breadth and
depth of our experience in the uranium mining industry.
�We believe there is significant uranium potential in Texas,
and we have the record to prove uranium can be mined and produced safely given
our strong focus on health, safety and the environment. Using the in situ
recovery (ISR) process, we have produced over 8 million pounds of uranium in
Texas since we began production in 1977. We have two processing facilities
with total capacity for over 1.6 million pounds of uranium per year, and we are
the only uranium company in the United States with the experience of approved
restoration of an ISR mining operation.�
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.
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President & Chief Executive Officer
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Email:
dpawlowski@keiadvisors.com
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