Uranium Resources Reports Preliminary 2016 Results

Uranium Resources (NASDAQ:URRE) has reported its unaudited fiscal year end operating results for 2016.
As quoted in the press release:

Christopher M. Jones, President and Chief Executive Officer, said, “We continue to make our business leaner and lower cost, while simultaneously developing a new lithium business and maintaining our optionality on the future rising uranium price.  As we enter 2017 with substantial cash in our treasury, we are in a strong financial position to fund our business operations going forward.  We are not just waiting for change, we are making change.”
Key Business Highlights for 2016 and to Date

• Acquisition of lithium properties. The Company’s expansion into lithium development included the acquisition of dominant land positions in two prospective basins for lithium brines in the western United States – the Columbus Basin Project in Nevada and the Sal Rica Project in Utah. The Company first announced that it had initiated a lithium exploration and development business on August 24, 2016.
• Uranium operations.  In 2016 the Company continued to maintain its uranium properties on standby, awaiting improved uranium market prices.  Activities included continued restoration/reclamation activities in South Texas, while in New Mexico, the Company is currently in negotiations for extensions on the Cebolleta and Juan Tafoya leases.  The Company’s Temrezli property in Turkey is also being maintained on standby.
• Laramide asset sale. On January 5, 2017, the Company closed the sale of its Crownpoint and Churchrock properties in New Mexico to Laramide Resources Ltd. (“Laramide”).  At the closing, the Company received $2.25 million in cash, common stock and warrants from Laramide valued at $0.5 million, a three-year secured promissory note in the amount of $5.0 million and other considerations.  The Company had received a non-refundable payment of $250,000 from Laramide in October 2016.

Click here to read the full press release.