Uranium Resources, Inc. (NASDAQ: URRE) reports that it has entered into a 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.