Uranium Resources, Inc. Signs Letter of Intent for Exploration Agreement

Uranium Resources, Inc. (NASDAQ:URRE) reports that it has signed a non-binding letter of intent with Power Resources, Inc. d/b/a Cameco Resources, a subsidiary of Cameco (NYSE:CCJ).

The press release is quoted as saying:

The agreement is contingent upon URI successfully completing a three-year lease option agreement with the land owner as well as the negotiation and execution of final definitive agreements between URI and CR.

Don Ewigleben, President and CEO of URI says:

“This LOI is a major step forward with our strategy to build our resource base in both Texas and New Mexico, to partner with major industry organizations in order to create greater value more rapidly and to demonstrate the breadth and depth of our experience in the uranium mining industry.

“We believe there is significant uranium potential in Texas, and we have the record to prove uranium can be mined and produced safely given our strong focus on health, safety and the environment. Using the in situ recovery (ISR) process, we have produced over 8 million pounds of uranium in Texas since we began production in 1977. We have two processing facilities with total capacity for over 1.6 million pounds of uranium per year, and we are the only uranium company in the United States with the experience of approved restoration of an ISR mining operation.”

Click here to access the entire news release.