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Uranium Resources Provides Full Year 2012 Review and Outlines Near-Term Initiatives

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By Business Wirevia The Motley Fool

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Uranium Resources Provides Full Year 2012 Review and Outlines Near-Term Initiatives

LEWISVILLE, Texas–(BUSINESS WIRE)– Uranium Resources, Inc. (NAS: URRE) (“URI” or the “Company”) today provided an update on the Company’s activities and financials through December 31, 2012, as well as its strategy and outlook.

Key 2012 and Recent Accomplishments

  • Acquired Neutron Energy, Inc. (“Neutron”) in August 2012, adding over 50 million pounds of mineralized uranium material.
  • Substantiated financial and environmental viability of the Churchrock Section 8 Project.
  • Achieved an agreement with the Navajo Nation for temporary access to Section 8. First step taken in addressing legacy issues surrounding uranium mining in New Mexico.
  • Expanded and extended its South Texas exploration agreement with a subsidiary of Cameco Corporation (NYS: CCJ) .
  • Recapitalized through a $5 million bridge loan facility with Resource Capital Fund V L.P. (“RCF”), a shareholder rights offering (“Rights Offering“) and the pending release of $4.5 million back to URI after securing new surety bonds.
  • Regained compliance with NASDAQ listing standards.
  • Named Christopher M. Jones as President and CEO effective April 1, 2013.

“We continue to forge ahead and have made sustained progress so far in 2013,” stated Terence J. Cryan, Interim President and CEO of URI. “In 2012, we expanded our asset base through the acquisition of Neutron which represented a significant consolidation of uranium properties in New Mexico and positioned URI as one of the largest U.S.-based uranium development companies. A number of key steps relating to our Churchrock Section 8 project were also taken. We reached an agreement with the Navajo Nation regarding temporary access, a significant first step in an effort to reach a comprehensive agreement and as important, indicated the willingness of both parties to reach a mutually beneficial, long-term solution. There were two Section 8 property studies completed, the feasibility study and the groundwater study, which substantiated the technical and economic viability of the project, as well as the environmental safety of in-situ recovery (ISR) mining at Section 8. These are measurable steps forward as we work to realize our goal of producing uranium in …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Uranium Resources Appoints Christopher M. Jones as President and CEO

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By Business Wirevia The Motley Fool

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Uranium Resources Appoints Christopher M. Jones as President and CEO

Mr. Jones has more than 30 years experience in leading various mining and production operations, as well as exploration and development projects

LEWISVILLE, Texas–(BUSINESS WIRE)– Uranium Resources, Inc. (NAS: URRE) (URI), today announced that its Board of Directors has appointed Christopher M. Jones, P.E., as President and CEO effective April 1, 2013.

Paul K. Willmott, Chairman of the Board of URI, stated, “Chris has a solid history of success leading various mining and production operations, as well as exploration and development projects. We believe his extensive experience and leadership skills will be well applied in our efforts to bring Churchrock Section 8 to production, position our South Texas operations for a return to production and prudently manage our capital while he moves URI forward.”

Mr. Jones has more than 30 years experience in the mining industry and was most recently President and CEO of Wildcat Silver Corporation, where he and his team effectively doubled the size of the resource twice using older, proven metallurgical technologies. Prior to that, he was the Chief Operating Officer and the Mining General Manger at Albian Sands Energy. Mr. Jones also held management positions at RAG Coal West Inc., Phelps Dodge Sierrita Corp. and Cyprus Amax Coal Company. He is a member of the American Institute of Mining, Metallurgical, and Petroleum Engineers and is a Professional Engineer registered in Utah and Alberta. Mr. Jones received a Bachelor of Science in Mining Engineering at the South Dakota School of Mines and an MBA from Colorado State University.

Terence J. Cryan, Interim President and CEO, noted, “We were very deliberate in our search process to find a candidate with the experience and know-how to streamline and focus our efforts in order to meet significant milestones in 2013. These include reducing our cash burn rate, resolving the access issues at Churchrock Section 8, addressing the royalty issue on the same property, negotiating an improved supply contract for our Texas production, readying our Kingsville Dome processing facility for production by completing the pond project, and supporting our exploration joint venture with Cameco. We were fortunate to find Chris to fill this role.”

About Uranium Resources, Inc.

Uranium Resources Inc. explores for, develops …read more
Source: FULL ARTICLE at DailyFinance