Uranium Resources, Inc. (NASDAQ: URRE) explores for, develops and mines uranium. Since its incorporation in 1977, Uranium Resources has produced more than 8 million pounds of uranium by in-situ recovery (ISR) methods in the state of Texas where the Company currently has ISR mining projects.



Uranium Resources, Inc. announced yesterday that Cameco Resources (“Cameco”) has elected to move forward with Phase II of the three phase exploratory program on the 54,847 acres in Kenedy County, Texas, known as the “Los Finados Project.” The second phase of drilling will begin in December 2011 and is expected to be completed by the end of November 2012. Uranium Resources has decided to commit an additional $1.5 million in exploration activities during the twelve-month period ended November 30, 2012, in order to maintain the option to lease the property. Under Phase II of the agreement with URI, Cameco will fund $1.0 million toward those exploration activities and will earn an additional 10% interest in Los Finados, raising its interest in the project to 50%. Cameco may elect to fund the entire $1.5 million by moving into Phase III of the program.

Don Ewigleben, President and CEO of Uranium Resources, commented, “One of our stated goals in Texas is to develop a larger reserve base, and ultimately maximize production in South Texas. Having Cameco opt into the next phase of work strengthens our expectations regarding the potential of commercially viable resources in the district.”



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