Uranium Resources, Inc. (NASDAQ: URRE) ('URI?), at a public meeting that
was held Thursday, July, 28 at the offices of the U.S. Nuclear
Regulatory Commission ('NRC?) in Rockville, Maryland, stated its intent
to file the necessary documents to place its Crownpoint Uranium Project
Source Materials License in active status and outlined its plans for the
license renewal. The meeting follows the U.S. Tenth Circuit Court of
Appeals rulings that upheld the NRC license.
URI′s representatives at the meeting informed the NRC staff that the
Company will file all the information requested by the NRC during the
hearing process to reactivate the license which is currently in timely
renewal status. URI will then proceed to renew the license for a
standard 10-year term. Once active, during the renewal process, the
license may be utilized according to its present terms and conditions.
The Company′s license allows for production of up to one million pounds
of uranium per year for the initial project, after which it must
demonstrate certain restoration parameters and can then move forward to
produce up to three million pounds per year. The Section 8 portion of
the NRC licensed area contains 6.5 million pounds of in-place
mineralized uranium material and there are 33.9 million pounds of
in-place mineralized uranium material that can be produced under its NRC
Source Materials License.
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
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.
