Uranium Resources, Inc. Enters into Uranium Mining Lease Option Agreement

Uranium Resources, Inc. (NASDAQ:URRE)  reports that it has entered into a uranium mining lease option agreement.

The press release is quoted as saying:

 The lease would have a primary term of eight years after lease commencement. The property is located within the prolific South Texas uranium district which has been a major producer of uranium for half a century. Situated near uranium mining operations which produce from the Goliad Formation, the property also hosts several oil and gas fields and is bisected by a major depositional channel system. These provide the geologic, stratigraphic, and geochemical components for uranium deposition and water-saturated host sand with good rock permeability. Locally, water samples taken from a number of wells on the property contain levels of uranium or uranium decay products that indicate anomalously high concentrations of uranium in nearby rock.

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