Uranium Resources Reports First Quarter 2017 Profit and Improved Balance Sheet

Uranium Resources, (Nasdaq: URRE; ASX: URI), an energy metals exploration and development company, announced today its results for the first quarter of fiscal year 2017, and also discussed its business outlook and its energy metals business development in 2017.
Christopher M. Jones, President and Chief Executive Officer, commented:

“Improvements in our working capital to a positive $11.4 million at March 31, elimination of all outstanding debt and closing the business transaction with Laramide Resources have put us in a position of strength as we start 2017.  At the same time, we have been able, once again, to reduce G&A costs.  Coupled with favorable geophysical results on our Columbus Basin Project in Nevada, we can now pull forward our lithium exploration efforts, with drilling now scheduled to start in Q3.”

Uranium operations:

During Q1, the Company continued to maintain its uranium properties on standby, awaiting improved uranium prices.  Activities included continued restoration and reclamation activities in South Texas, continued standby activities at the Company’s Temrezli property in Turkey, while in New Mexico, the Company has been in discussions with Cebolleta Land Grant (“CLG”) and Juan Tafoya Land Corporation (“JTLC”) representatives about revised terms on the respective mining leases to reflect current uranium market price conditions.

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