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Uranium Resources (NASDAQ:URRE) has reported its third quarter 2016 results in addition to its business outlook and lithium business development in 2017. Christopher M. Jones, president and CEO, said: We continue to make our business leaner and achieve lower costs, while developing a new lithium business and maintaining our optionality on the future rising uranium …
Uranium Resources (NASDAQ:URRE) has reported its third quarter 2016 results in addition to its business outlook and lithium business development in 2017.
Christopher M. Jones, president and CEO, said:
We continue to make our business leaner and achieve lower costs, while developing a new lithium business and maintaining our optionality on the future rising uranium price. We are not just waiting for change, we are making change.
As quoted in the press release:
Business Highlights for 3Q-2016 and to Date
- 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.
- The Company subsequently staked approximately 24,140 acres (9,769 hectares) of mining claims at the two project areas, increasing the size of both projects.
- Surface sampling was completed at the Columbus Basin Project in October, and assay results are pending.
- Subject to the availability of financing, the Company has earmarked $1.6 million for exploration activities on these two projects during 2017, including drilling, with the objective to produce a JORC compliant resource at one of the two lithium projects in 1H 2018.
- The Company extended its Share Purchase Agreement with Laramide Resources Ltd. (Laramide) to November 30, 2016, which upon closing will transfer URI’s ownership of the Churchrock and Crownpoint uranium projects in New Mexico in exchange for $12.5 million in total proceeds, including a payment of $5.25 million in cash at closing. The extension included a non-refundable payment of $250,000 that was received in October 2016.
- The Company successfully raised net proceeds of $7.4 million during the quarter through a combination of the Company’s At-The-Market Sales Agreement and the previously announced Aspire Common Stock Purchase Agreement.