Uranium Resources Announces Amended Uranium Supply Contract
Agreement Paves the Way for Return to Production in Texas
LEWISVILLE, Texas, July 12, 2013 (GLOBE NEWSWIRE) -- Uranium Resources, Inc.
(Nasdaq:URRE) (URI) today announced that it amended its uranium supply
contract with ITOCHU International Inc. effective July 11, 2013, to include a
new sales pricing structure, new delivery dates and quantity levels.
Pursuant to the amended agreement, ITOCHU would purchase one-half of all
production from URI's Vasquez, Rosita or Kingsville properties up to three
million pounds of UO.Any new production outside of those areas is not
subject to the agreement.The purchase price will be based on published market
prices at the time of delivery subject to a five percent discount when the
market price is $56.50 per pound of UO or less, or seven percent when
greater than $56.50 per pound.
"Given the current dynamics in our industry, renegotiating our supply contract
was an important step in our strategic plan to resume production activities in
Texas," stated Christopher M. Jones, President and CEO of URI."This agreement
improves the economics of production from our facilities and builds on our
long-term relationship with ITOCHU by providing them access to a supply of
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 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, development plans for
properties in South Texas and New Mexico and returning to production 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.
CONTACT: Investor Contact:
Deborah K. Pawlowski
Kei Advisors LLC
Uranium Resources, Inc.
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