Key Developments For Uranium Resources, Inc.
Uranium Resources, Inc. (URRE.O) (Consolidated Issue listed on NASDAQ Global Market)
State Approves Extension For Uranium Resources, Inc. Exploration Permit In New Mexico
Uranium Resources, Inc. announced that the New Mexico Mining and Minerals Division approved the Company's request for a renewal of the Minimal Impact Exploration Permit Application on its Section 13 in-situ (ISR) exploration project. Section 13 is in Ambrosia Lake, the historic mining district near Grants, New Mexico. The permit, originally approved in November 2008, allows Uranium Resources, Inc. to drill up to 10 holes for the purpose of extracting core samples to evaluate the suitability of the property for ISR mining. Uranium Resources, Inc. owns the Section 13 property in fee and the permit renewal is now valid until November 2010.
Uranium Resources, Inc. Terminates Agreement to Acquire New Mexico Properties
Uranium Resources, Inc. announced that it has terminated the agreement for the acquisition of certain assets in New Mexico from NZ Uranium, LLC because of the existence of title issues that were not resolved. The Company had previously announced that it had entered into an agreement to acquire the properties subject to the satisfaction of closing conditions, including a title review. The properties were believed to contain about 35 million pounds of uranium mineralized material.
Uranium Resources, Inc. Announces Senior Management Changes
Uranium Resources, Inc. announced that David N. Clark has stepped down as the President and Chief Executive Officer (CEO) and a Director of the Company effective September 3, 2009. The Board has appointed Mr. Donald C. Ewigleben as President, CEO and COO to succeed Mr. Clark and also named Mr. Ewigleben as a director to fill the vacancy on the Board created by Mr. Clark's resignation.
Uranium Resources, Inc. Enters Into Definitive Agreement To Acquire New Mexico Properties
Uranium Resources, Inc. announced that it has entered into a definitive agreement to purchase from NZ Uranium, LLC (NZU) 113,000 acres of mineral rights in the Crownpoint area of New Mexico. Closing of the transaction is subject to receipt of a title report and satisfaction of standard closing conditions. It is expected to occur by mid August. The properties include Section 24 at Crownpoint, in which the Company already owns a 40% fee interest. According to the Company's existing reserve studies, the acquisition of the remaining interest in Section 24 will add 6 million pounds of uranium mineralized material to the Company's current holdings. The properties also include Sections 19 and 29 at Crownpoint that had been leased previously by the Company from NZU.The Company also acquire Hosta Butte, southeast of Crownpoint, which the Company had evaluated as an in situ recovery (ISR) project for NZU in the past. Publicly available NI 43-101 reports of other parties assign approximately 15 million pounds of uranium mineralized material to that property. The Company will pay $1 million in cash and issue four million shares of common stock along with a 7.5% royalty on future production from these properties to NZU in consideration of the purchase. For three years following closing, NZU will be restricted from selling more than 333,333 shares during any calendar quarter.
Uranium Resources, Inc. Announces Cost Cutting Actions
Uranium Resources, Inc. announced that its cost-cutting actions taken over the past several months combined with additional planned cost saving efforts are expected to result in annual cash savings of $2.2 million. The Company has closed its Corpus Christi, Texas and Albuquerque, New Mexico offices, completed data evaluation activities at its Crownpoint office, curtailed its exploration activities in Texas, is eliminating three executive officer positions, and has adopted a salary reduction program for all executive positions.
