Unresolved issues key to termination of contract
– By Linton Levy –
Uranium Resources, Inc. (URI) has 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.
Paul K. Willmott, Chairman of the Board, commented, “It is unfortunate that this is the result, but we determined that it would be imprudent to proceed any further.”
Uranium Resources Inc. explores for, develops and mines uranium. Since its incorporation in 1977, URI has produced over 8 million pounds of uranium by in-situ recovery (ISR) methods in the state of Texas where the Company currently has ISR mining projects. URI has 183,000 acres of uranium mineral holdings, 101.4 million pounds of in-place mineralized uranium material in New Mexico and an NRC license to produce up to 3 million pounds of uranium. The Company acquired these properties over the past 20 years along with an extensive information database of historic mining logs and analysis.
URI's strategy is to fully exploit its resource base in New Mexico and Texas, to acquire new assets individually or by partnering with other companies and to advance ISR production in New Mexico, which is an environmentally-oriented approach that it believes will be the quickest and least costly means of uranium production for the state. Uranium Resources routinely posts news and other information about the Company on its web site at www.uraniumresources.com.