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Uranium Resources, Inc. (NASDAQ:URRE) reports a two year law suit on a lease agreement in Texas has been settled.
Uranium Resources, Inc. (NASDAQ:URRE) reports a two year law suit on a lease agreement in Texas has been settled.
The press release is quoted as saying:
While the Company believes that its defense in this matter is valid, counsel to the Company is unable to predict the outcome of the litigation and a reasonable cost for completion. Also, if a determination was made that invalidated the leases on which the Company has previously produced uranium, the outcome could have had material adverse affect on the Company’s financial condition. As a result, the Company believed it was in its best interest to settle the matter.
President and CEO of Uranium Resources Inc., Don Ewigleben says:
“We are pleased to have come to an agreement on the lease regarding these properties in Texas. In addition to eliminating the cost associated with the law suit, we can now better focus our efforts on building our opportunities in Texas. Importantly, with this agreement, we can now broach additional discussions with the mineral rights owners. There’s an estimated 250,000 pounds of uranium within nearby acreage that could potentially be leased. Although this additional acreage would require permitting, it also makes mining the remaining 50,000 pounds of in place mineralized uranium material in our currently permitted area feasible.”
Click here to access the entire news release.
Click here to access Uranium Resources Inc.’s company website.