Uranium Resources Provides Third Quarter 2013 Update

Uranium Resources Provides Third Quarter 2013 Update

CENTENNIAL, Colo., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Uranium Resources, Inc.
(Nasdaq:URRE) ("URI" or the "Company") is pleased to provide an update on the
Company's activities and financials through September 30, 2013, as well as its
strategy and outlook.

"Our near-term priority has been to address our liquidity and we have executed
a non-binding agreement with our largest shareholder to provide backstop
financing through 2014. We appreciate the support shown for URI by Resource
Capital Funds in this funding. Further, we are on track with our cost
containment efforts, have gained efficiencies with our consolidated operations
and are advancing toward our near-term and mid-term objectives," stated
Christopher M. Jones, President and Chief Executive Officer of URI. "We have
also made substantial progress on our restoration activities and the
rehabilitation of the Kingsville Dome holding pond.Once finished, this work
will further reduce our future cash requirements."

Near-Term Priorities

Addressing cash and liquidity position

Cash at September 30, 2013 was $2.0 million compared with $5.3 million at the
end of the second quarter of 2013 and $4.7 million as of December 31,
2012.URI did not utilize its existing At-The-Market Sales Agreement ("ATM")
during the third quarter of 2013, which had a total of $9.0 million in share
value available.

After careful consideration of a variety of financing options, on October 14,
2013, the Company and its largest shareholder, Resource Capital Fund V L.P.
("RCF"), entered into a non-binding letter agreement whereby RCF agreed,
subject to certain terms and conditions, to provide a secured convertible loan
facility of up to $15.0 million to the Company.The facility would provide the
Company with $3.0 million upon closing, which is expected on or before
November 15, 2013, another $2.0 million would be available upon shareholder
approval, which is expected to occur on or before January 31, 2014, and two
additional tranches of $5.0 million each would be available in 2014 at the
election of the Company.

On average, the Company expended $1.4 million of cash per month during the
first six months of 2013.During the third quarter of 2013, URI average
expenditures per month had decreased to $1.1 million.

Mr. Jones noted, "We have successfully reduced our burn rate by $300 thousand
per month on average.We believe that can be sustained going
forward.Nonetheless, we continue to look for ways to contain costs and
improve efficiencies."

Groundwater restoration activities progressing well

Groundwater restoration activities are progressing at the Rosita, Kingsville
Dome and Vasquez projects with much of the restoration of previously mined
well fields set to be completed by year end.The Kingsville Dome holding pond
rehabilitation work is also slated for completion by year end and once
completed positions the property for future production when uranium markets
improve.

Consolidation and operational changes are providing multiple benefits

  *Reduced third quarter administration costs of approximately 27%
    year-over-year.
  *Internal resources are supporting the data collection for NI 43-101
    compliant reports for our Texas and New Mexico assets.
  *Implemented a consolidated land management process. Prioritized our asset
    base and reduced land fees.
  *Consolidated extensive information database of historic drill hole logs,
    assay certificates, maps and technical reports from New Mexico to the new
    Denver office for digitization.

NI 43-101 evaluation work underway

URI is continuing internal evaluation work in an effort to produce National
Instrument 43-101 reports for its Rosita project in South Texas and its New
Mexico projects:Roca Honda, Cebolleta and Churchrock. The reports help to
de-risk the projects by providing greater detail on the assets, production
plans and the economics of potential development scenarios.Internal review of
reports for Roca Honda and Cebolleta is expected by end of year, while
external independent third party reviews will be accomplished throughout 2014.

Mid- to Long-Term Focus

Expanding the asset base and developing existing assets continues to be URI's
mid- to long-term priorities.

The Company is maintaining ongoing dialogue with the Navajo Nation for a
permanent access agreement with the goal of de-risking the Churchrock project.
URI personnel and contractors have been on the site for technical analysis and
data gathering.

URI and Cameco continued phase three drilling at the Tecolote tract in
Texas.Work remains on schedule per the exploration plan.

The Company recently commenced a small drilling program at its Rosita property
in a partnership with Los Alamos National Laboratory and the University of
California.Costs are expected to be minimal and will be shared with the
parties involved.There will be assay and mineralogical studies on core
samples with the intent to collect information that will prove useful in
understanding the mineralization and evaluating restoration techniques.

Mr. Jones concluded, "We believe that uranium market fundamentals will
strengthen as more nuclear facilities are built globally.We are making
prudent strategic investments to enable us to return to production in Texas,
and increase our near-term production assets while also developing our mid- to
long-term assets in New Mexico."

Teleconference and Webcast

URI will host a conference call and webcast on Thursday, October 31, 2013 at
8:30 a.m. ET.During the call, management will provide an update on the
Company's activities and financials as well as its strategy and outlook.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 2:00 PM ET the day of the
teleconference until Thursday, November 7, 2013.To listen to the archived
call, dial 858-384-5517 and enter replay pin number 13572602.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 closing of the secured convertible loan facility with RCF, the
Company's mineralized uranium materials, access to properties, 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, production of NI 43-101 reports, annualized
savings from consolidating offices, lower monthly cash burn, and the Company's
ability to conserve cash and strengthen its balance sheet and the timing and
completion of exploration activities at Tecolote 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, 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)

                                                September 30,  December 31,
                                                2013           2012
ASSETS                                                         
                                                              
Current Assets:                                                
Cash and cash equivalents                        $2,006,833   $4,664,596
Prepaid and other current assets                 466,970        708,228
Total Current Assets                             473,803     5,372,824
                                                              
Property, plant and equipment, at cost:                        
Property, plant and equipment                    108,862,877   109,033,002
Less accumulated depreciation, depletion and     (65,544,841)  (65,318,921)
impairment
Net property, plant and equipment                43,318,036    43,714,081
                                                              
Certificates of deposit, restricted              4,010,850     9,491,865
Total Assets                                     $49,802,689  $58,578,770
                                                              
LIABILITIES AND STOCKHOLDERS' EQUITY                           
                                                              
Current Liabilities:                                           
Accounts payable                                 $397,479     $1,331,888
Accrued liabilities                              1,840,951     1,525,726
Note payable                                     --            5,000,000
Current portion of asset retirement obligations  502,472       1,160,378
Current portion of capital leases                19,861        112,140
Total Current Liabilities                        2,760,763     9,130,132
                                                              
Asset retirement obligations                     3,602,252     3,337,679
Long-term debt                                   950,000       950,000
Long-term capital leases, less current portion   6,688         17,582
Total Liabilities                                7,319,703     13,435,393
                                                              
Shareholders' Equity:                                          
Common stock, 200,000,000 shares authorized,
$.001 par value; 20,100,258 and 16,150,163       20,104        16,154
shares issued and outstanding, respectively
Paid-in capital                                  216,620,650   207,338,549
Accumulated deficit                              (174,148,350) (162,201,908)
Less: Treasury stock (3,813 shares), at cost     (9,418)       (9,418)
Total Shareholders' Equity                       42,482,986  45,143,377
                                                              
Total Liabilities and Shareholders' Equity       $49,802,689  $58,578,770
                                                              

URANIUM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                                  
                      Three Months Ended           Nine Months Ended
                      September 30,                September 30,
                      2013          2012           2013           2012
                                                               
Revenues:              $--         $--          $--        $--
                                                               
Cost and expenses:                                              
Cost of uranium sales                                           
Operating expenses     568,033      776,764      1,886,157     1,920,601
Accretion/amortization
of asset retirement    97,435       22,673        292,305       69,416
obligations
Depreciation and       76,089       91,319       225,907       318,637
depletion
Impairment of uranium  69,580       296,628       1,449,235     1,048,400
properties
Exploration expenses   282,478      12,402        1,033,838     69,861
Total cost of uranium  1,793,615    1,199,786     4,887,442     3,426,915
sales
                                                               
Loss from operations
before corporate       (1,793,615)  (1,199,786)   (4,887,442)   (3,426,915)
expenses
Corporate expenses:                                             
General and            2,174,862    2,994,663     6,749,980     8,191,352
administrative
Depreciation           32,631       40,911        115,773       104,751
Total corporate        2,207,493    3,035,574    6,865,753     8,296,103
expenses
                                                               
Loss from operations   (4,001,108) (4,235,360) (11,753,195)  (11,723,018)
                                                               
Other income and                                                
expense:
Interest expense       (3,859)      (6,055)      (253,485)     (12,723)
Interest and other     55,703       20,501        60,238      247,678
income, net
Net loss               $            $ (4,220,914) $(11,946,442) $(11,488,063)
                       (3,949,264)
Basic and diluted net  $(0.20)     $(0.34)      $(0.63)      $(1.05)
loss per common share
Average weighted       20,074,763   12,413,476    19,100,956    10,953,407
shares outstanding


URANIUM RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
                                             
                                             Nine Months Ended
                                             September 30,
                                             2013            2012
Operating activities:                                        
Net loss                                      $(11,946,442) $(11,488,063)
Reconciliation of net loss to cash used in                   
operations:
Accretion/amortization of asset retirement    292,305        69,416
obligations
Depreciation and depletion                    341,680        423,388
Impairment of uranium properties              1,449,235      1,048,400
Decrease in restoration and reclamation       (1,269,663)   (1,299,806)
accrual
Stock compensation expense                    299,286        373,838
Other non-cash items, net                     73,875         73,932
Effect of changes in operating working                       
capital items:
(Increase) decrease in receivables            258,532        (140,228)
Increase in prepaid and other current assets  (17,274)     (125,058)
Increase (decrease) in payables, accrued
liabilities                                   (231,931)      668,089
and deferred credits
Net cash used in operating activities         (10,750,397)   (10,396,092)
                                                            
Cash flows from investing activities:                        
Decrease in certificates of deposit,          5,481,015      167,855
restricted
Additions to uranium properties               (884,640)    (7,955,263)
Net cash provided by (used in) investing      4,596,375      (7,787,408)
activities
                                                            
Cash flows from financing activities:                        
Payments on borrowings                        (103,173)    (56,775)
Issuance of common stock, net                 3,599,432      19,328,360
Net cash provided by financing activities     3,496,259      19,271,585
                                                            
Net increase (decrease) in cash and cash      (2,657,763)    1,088,085
equivalents
Cash and cash equivalents, beginning of       4,664,596      2,890,263
period
Cash and cash equivalents, end of period      $ 2,006,833  $ 3,978,348
                                                            
Non-cash transactions:                                       
Issuance of common stock for short-term loan  $5,095,833     $--
principal and interest payments
Issuance of common stock for services         $291,500      $--
Issuance of restricted stock to employees and $327          $391
directors
Issuance of common stock to acquire Neutron   $--           $16,650,000
Energy, Inc.
Capital lease obligations                     $--          $106,154

CONTACT: Investor Contact:
         Deborah K. Pawlowski
         Kei Advisors LLC
         716.843.3908
         dpawlowski@keiadvisors.com

Uranium Resources, Inc.
 
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