Uranium Resources Provides First Quarter 2013 Update

Uranium Resources Provides First Quarter 2013 Update

LEWISVILLE, Texas, May 10, 2013 (GLOBE NEWSWIRE) -- Uranium Resources, Inc.
(Nasdaq:URRE) ("URI" or the "Company") today provided an update on the
Company's activities and financials through March 31, 2013, as well as its
strategy and outlook.

First Quarter and Recent Highlights

  *In April, released $5.4 million of restricted cash back into working
    capital as a result of new collateral requirements for the Company's new
    surety bonds in Texas.
  *Completed successful rights offering, raising net proceeds of
    approximately $3.6 million, after expenses, and repaid a $5 million bridge
    loan.
  *Continued to build relationship with the Navajo Nation and working to
    de-risk and improve the economics of the Churchrock Section 8 Project.
    Contract environmental, cultural resource and survey work on the proposed
    right of way on to Section 8 has been initiated.
  *Groundwater restoration work in Texas progressing according to timelines
    and refurbishment of the Kingsville Dome holding ponds is on track to be
    completed by year-end 2013. Both activities critical to readying the
    Company for a future return to production.
  *Kicked off the expanded and extended South Texas exploration agreement
    with a subsidiary of Cameco Corporation (NYSE:CCJ).
  *Actively monitoring all expenses and implementing initiatives to reduce
    cash burn rate.

"Having been on board for just over a month, my initial focus has been on the
full strategic review of our assets and operations, and to date, I continue to
remain very positive on the future prospects of Uranium Resources. In the
short term our critical needs are to remain focused on cost containment and
management of expenses so that we can minimize our cash burn rate," stated
Christopher M. Jones, President and CEO of URI. "We have made progress in this
area by reducing legal and other Company fees and remain diligent in our
efforts to preserve capital for the remainder of 2013."

Mr. Jones continued, "Our groundwater restoration activities in Texas remain
on target and prepare us for a future return to production. Concurrently, we
will continue our exploration efforts and look at other opportunities as part
of our effort to grow our South Texas asset base.After reaching a temporary
access agreement a year ago, we are building on our relationship with the
Navajo Nation in an effort to reach a comprehensive agreement and to begin to
address legacy issues with uranium mining in New Mexico."

Maintaining our focus in New Mexico

With construction plans for the Churchrock Section 8 project currently
delayed, URI has continued to focus its efforts on reaching a permanent access
agreement with the Navajo Nation and renegotiating agreements with royalty
holders of the Section 8, Section 17 and Mancos properties.These priorities
are aimed at further de-risking and improving the economics of the Churchrock
Section 8 project.Recently, environmental and surveying contractors have been
on the site doing some initial work.Section 8 contains 6.5 million pounds of
mineralized uranium material at a grade of 0.11% U[3]O[8 ]and is covered by
the Company's underground injection control permit and NRC license, both of
which are in timely renewal.

Texas restoration activities nearing completion; Tecolote exploration drilling
commences

Groundwater restoration activities in Texas are progressing well with final
closure of the Rosita project's production areas 1 and 2 targeted for mid- to
late-2013.The Company continues restoration activities with stabilization
targeted for the fourth quarter of 2013 for all production areas at the
Kingsville Dome and Vasquez projects.

On January 7, 2013, URI announced the expansion of its lease agreement in
Kenedy County, Texas, to include the Tecolote tract which has approximately
22,700 net acres and that it will be a part of the exploration program with
Cameco.Concurrently, URI and Cameco agreed to extend their amended
exploration agreement to a five-phase, five-year exploration program.Since
2011, Cameco has invested $2.8 million and will invest another $1.5 million to
increase its interest to 70% in the expanded program.Phase III, for which
Cameco is the exploration operator, commenced this week and is expected to be
completed in the fourth quarter of 2013.

Strengthened Liquidity Position

Cash at March 31, 2013 was $4.4 million compared with $4.7 million at the end
of 2012, and reflects the $3.6 million in net proceeds from the rights
offering.The cash balance improved to $7.9 million as of April 30, 2013 as
the Company freed up $5.4 million in working capital as a result of replacing
$9.0 million of fully collateralized financial surety instruments with new
surety bonds requiring collateral of only 40% of the face amount of the
bonds.

URI did not utilize its existing At-The-Market Sales Agreement ("ATM") during
the first quarter of 2013.At the end of the quarter, the Company had a total
of $9.0 million in share value available for future sales under the ATM.

URI used cash in its operating and investing activities of $3.9 million during
the first quarter of 2013.

Teleconference and Webcast

URI will host a conference call and webcast today at 11:30 a.m. ET.During the
call, management will provide an update on URI's strategies, outlook, and
progress in advancing its Texas and New Mexico properties.A
question-and-answer session will follow.

The URI conference call can be accessed by calling (201) 689-8471.The live
listen-only audio webcast can be monitored on the Company's website at
www.uraniumresources.com, where it will be archived afterwards.

A telephonic replay will be available from 2:30 p.m. ET the day of the
teleconference until Friday, May 17, 2013.To listen to the archived call,
dial (858) 384-5517 and enter replay pin number 412372.A transcript will also
be posted on the Company's website, once available.

About Uranium Resources, Inc.

Uranium Resources, Inc. explores for, develops and mines uranium.Since its
incorporation in 1977, URI has produced uranium by in-situ recovery (ISR)
methods in the state of Texas and currently has a number of initiatives
underway to return the Company to production.URI has over 206,600 acres of
uranium mineral holdings and 144.8 million pounds of in-place mineralized
uranium material in New Mexico and an NRC license to produce up to 3 million
pounds of uranium per year.URI has an additional 664,000 pounds of in-place
reserves in Texas.The Company acquired these properties over the past 20
years along with an extensive information database of historic drill hole
logs, assay certificates, maps and technical reports.

Uranium Resources routinely posts news and other information about the Company
on its website at www.uraniumresources.com.

Safe Harbor Statement

This news 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, access to properties,
timing of receipt of mining permits, completion of restoration activities, the
outcome of discussions with the Navajo Nation and royalty holders, 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 Company's ability to raise additional capital in the
future, spot price and long-term contract price of uranium, the outcome of
negotiations with the Navajo Nation, the Company's ability to reach agreements
with current royalty holders, weather conditions, operating conditions at the
Company's mining projects, government and tribal 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, maintaining sufficient financial assurance in the form of
sufficiently collateralized surety instruments 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 news release.

TABLES FOLLOW.

URANIUM RESOURCES,INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                                               
                                                  March 31,     December 31,
                                                  2013          2012
Current assets:                                                 
Cash and cash equivalents                          $4,350,219  $4,664,596
Receivables, net                                   —             276,801
Prepaid and other current assets                   452,961       431,427
Total current assets                               4,803,180     5,372,824
                                                               
Property, plant and equipment, at cost:                         
Uranium properties                                 107,963,263   107,672,404
Other property, plant and equipment                1,365,055     1,360,598
Less-accumulated depreciation, depletion and       (65,404,296)  (65,318,921)
impairment
Net property, plant and equipment                  43,924,022    43,714,081
                                                               
Long-term investment:                                           
Certificates of deposit, restricted                9,497,497     9,491,865
Total Assets                                       $58,224,699 $58,578,770
Current liabilities:                                            
Accounts payable                                   $1,134,536  $1,331,888
Note payable                                       —             5,000,000
Current portion of asset retirement obligations    1,003,049     1,160,378
Royalties and commissions payable                  665,745       665,745
Accrued interest and other accrued liabilities     746,474       859,981
Current portion of capital leases                  78,980        112,140
Total current liabilities                          3,628,784     9,130,132
                                                               
Asset retirement obligations                       3,375,957     3,337,679
Other long-term deferred credits                   500,000       500,000
Long term capital leases, less current portion     10,972        17,582
Long-term debt, less current portion               450,000       450,000
Total liabilities                                  7,965,713     13,435,393
Shareholders' equity:                                           
Common stock, $.001 par value, shares authorized:
200,000,000; shares issued and outstanding (net of 19,825        16,154
treasury shares): 2013—19,821,681; 2012—16,150,163
Paid-in capital                                    216,601,079   207,338,549
Accumulated deficit                                (166,352,500) (162,201,908)
Less: Treasury stock (3,813 shares), at cost       (9,418)       (9,418)
Total shareholders' equity                         50,258,986    45,143,377
Total liabilities and shareholders' equity         $58,224,699 $58,578,770


URANIUM RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                                              
                                                Three Months Ended
                                                March 31,
                                                2013           2012
Revenues:                                                      
Uranium sales                                    $ —            $ —
Total revenue                                    —              —
Cost of uranium sales:                                         
Operating expenses                               687,217        220,408
Accretion/amortization of restoration reserve    97,435         23,119
Depreciation and depletion                       75,899         116,322
Impairment of uranium properties                 279,429        268,923
Exploration and land maintenance expenses        98,905         26,715
Total cost of uranium sales                      1,238,885      655,487
Loss from operations before corporate expenses   (1,238,885)  (655,487)
                                                              
Corporate expenses—                                            
General and administrative                       2,635,236      3,013,136
Depreciation                                     45,979         31,884
Total corporate expenses                         2,681,215      3,045,020
Loss from operations                             (3,920,100)  (3,700,507)
                                                              
Other income (expense):                                        
Interest expense                                 (239,718)      (3,547)
Interest and other income, net                   9,226          97,584
Net loss                                         $(4,150,592) $(3,606,470)
                                                              
Net loss per common share:                                     
Basic                                            $(0.24)      $(0.37)
Diluted                                          $(0.24)      $(0.37)
                                                              
Weighted average common shares and common                      
equivalent shares:
Basic                                            17,308,089     9,804,690
Diluted                                          17,308,089     9,804,690


URANIUM RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
                                                              
                                                Three Months Ended
                                                March 31,
                                                2013           2012
Operating activities:                                         
Net loss                                         $(4,150,592) $(3,606,470)
Reconciliation of net loss to cash used in by                  
operations—
Accretion/amortization of restoration reserve    97,435         23,119
Depreciation and depletion                       121,878        148,206
Impairment of uranium properties                 279,429        268,923
Decrease in restoration and reclamation accrual  (489,153)      (430,185)
Stock compensation expense                       244,985        192,818
Other non-cash items, net                        —              609
Effect of changes in operating working capital                 
items—
(Increase) decrease in receivables               276,801        (280,911)
Increase in prepaid and other current assets     (21,534)       (12,952)
Increase in payables, accrued liabilities and    76,474         1,157,389
deferred credits
Net cash used in operations                      (3,564,277)    (2,539,454)
                                                              
Investing activities:                                          
Increase in certificates of deposit, restricted  (5,632)        (36,474)
Increase in notes receivable                    —              (917,457)
Additions to property, plant and equipment—                    
Kingsville Dome                                  (6,646)        (87,232)
Rosita/Rosita South                              (4,624)        (12,936)
Churchrock                                       (48,042)       (547,120)
Crownpoint/Section 13 Drilling                   (41,486)       (155,964)
Juan Tafoya                                      (72,148)       —
Other property                                   (165,635)      (161,369)
Net cash used in investing activities            (344,213)      (1,918,552)
                                                              
Financing activities:                                          
Payments on borrowings                           (39,770)       (15,638)
Issuance of common stock, net                    3,633,883      11,490,753
Net cash provided by financing activities        3,594,113      11,475,115
Net increase (decrease) in cash and cash         (314,377)      7,017,109
equivalents
Cash and cash equivalents, beginning of period   4,664,596      2,890,263
Cash and cash equivalents, end of period         $4,350,219   $9,907,372

CONTACT: Investor Contact:
         Deborah K. Pawlowski
         Kei Advisors LLC
         716.843.3908
         dpawlowski@keiadvisors.com
        
         Media Contact:
         Mat Lueras
         Vice President, Corporate Development
         505.269.8317
         mlueras@uraniumresources.com

Uranium Resources, Inc.
 
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