Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration

29 March 2012

Uranium Resources plc (?Uranium Resources?) or (?the Company?)

Exploration Update at Mtonya Project, Tanzania

Uranium Resources plc, the AIM listed uranium exploration company, provides a summary of its 2011 exploration programme and further details of the 20,000 m 2012 drilling campaign for its 100% owned Mtonya project in southern Tanzania (?Mtonya?).  The results continue to demonstrate the significant potential of Mtonya and confirm the Company?s model.  The 2012 drilling programme is based on a considerably enhanced redox interface model and improved targeting will continue to define the resource potential at Mtonya.

Uranium Resources Managing Director Alex Gostevskikh said, ?Our 2011 exploration programme in southwest Tanzania continues to deliver excellent results.   Our geoscientific methods are progressing Mtonya closer to a maiden resource, we have identified a new rare earths target at Gundua and we are confident that we can successfully apply this approach in other areas.  Throughout 2011 we saw our exploration model improve dramatically and we expect our 2012 programme to lead to a resource at Mtonya.?

Mtonya Drilling Results

In 2011 the Company completed a 7,950 m diamond (core) scout drilling programme on 300 m centres with only sparse infill holes spaced at 50-150 m.  Of the 27 holes completed, 10 holes hit uranium mineralisation.  The significant assay results include:

*              Revised from RNS dated 12 December 2011

The Mtonya drilling generated intercepts in both near surface uranium mineralisation and at depths below 200 m.

In addition, the drilling produced numerous intercepts with elevated uranium grades at depths that provide important information in further delineating the mineralisation envelope.

The 38 diamond drillholes drilled at Mtonya to date have defined three 100-150 m thick redox tiers and produced a number of mineralised intercepts, providing evidence for multiple stacked roll-fronts within the established tiers.

The internal studies of lithology and mineralogy carried out on samples of mineralised drill core suggest persuasive similarities with the uranium deposits of Kazakhstan, namely arkosic composition of the sandstone, low content and composition of carbonate minerals (calcite, <5%), ore mineralogy (uraninite, coffinite), and a similar trace element geochemical signature (selenium, molybdenum, vanadium, and scandium).

The completed exploration drilling unevenly covers an area of approximately 70 sq km out of the Company?s 625 sq km Mtonya group of tenements and applications, which also host Lukimwa, a second priority roll-front uranium target some 27 km southwest of Mtonya.  The Company?s model suggests that both Mtonya and Lukimwa may be parts of the same continuous roll-front feature. 

The 2011 results continue to support the Company?s exploration model and establish the foundation for a successful work programme leading to a maiden resource definition at Mtonya.

Gundua Prospecting

The 2011 programme at the Gundua prospect within the Eland Project Area in Tanzania consisted of geological mapping and rock/grab sampling followed by mineralogical studies of rock samples.  Supported by an interpretation of satellite imagery, the field geological mapping confirmed the presence of a 4 km by 3 km alkaline complex with associated strontium-rich carbonatite dykes bearing bastnaesite, synchysite, and monazite mineralisation.

Surface sampling undertaken during the programme demonstrated elevated REE values throughout the project area and one grab sample showed over 4.28% REE (over 4.22% Light REE and 0.06% Heavy REE).

Gundua exhibits many similarities to Montero Mining?s Wigu Hill REE deposit.  In view of Montero?s recent progress, Gundua presents considerable interest and will be subject for a field follow-up and drill target generative work in 2012.

2012 Strategy

The Company commenced the 2012 drilling programme in February. 

A total of 20,000 m in 74 open-hole/diamond drillholes are planned to define geometry, continuity and tenor of uranium mineralisation in Tiers 2 and 1.  The objectives of the programme are to:

1)  Further test the roll-fronts identified in Tier 2 at depths of 240-260 m

2)  Identify and establish geometries for Tier 1 roll-fronts at depths of 170-200 m

3)  Test Tier 3 for uranium mineralisation at depths of 300-320 m

The two-pronged campaign will establish a tight-space drill grid for further resource definition and extend the limits of known shallow and deep mineralisation

Further fieldwork aimed at generating drill targets at Gundua is planned for 2012

The Company continues developing comprehensive data packages for Tanzania, an essential tool in expanding its project pipeline

Assaying and QA/QC

The Company adheres to the most reliable methods of quantifying uranium mineralisation by sampling half-core and subjecting the samples to the ME-MS41 and ME-ICP61 analytical methods at the ALS laboratory in Vancouver, BC, Canada.

In accordance with industry standards, the assayed samples include certified standards and duplicates.  Analytical results are routinely subjected to statistical review.

In addition to core sampling and assaying, the Company is using a Mount Sopris' Matrix gamma-logging system to ensure proper instrument calibration and establish the framework for disequilibrium adjustments.  The disequilibrium factor (DEF) is used to adjust the grade obtained from measurements by a gamma-ray probe (eU3O8) and to provide rapid estimates for the uranium content in the rock.

Competent Person?s Declaration

The information in this statement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information reviewed by Alex Gostevskikh, Managing Director of Uranium Resources plc, who is a Member of the Mining and Metallurgical Society of America.  Mr. Gostevskikh has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and as a qualified person under the AIM Note for Mining, Oil and Gas Companies.  Mr. Gostevskikh consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

**ENDS**

For further information please visit www.uraniumresources.co.uk or contact:

About Uranium Resources

Uranium Resources plc is an AIM listed exploration and development company.  It is the Company?s strategy to advance its existing assets and strengthen its portfolio via opportunistic acquisition.  Uranium Resources has uranium licences in the highly prospective Karoo Basins in Southern Tanzania.