Exhibit 99.1
Uranium Resources,
Inc. Signs Letter of Intent for Exploration Agreement with Cameco
Resources to Explore Texas Properties
LEWISVILLE, Texas--(BUSINESS
WIRE)--November 4, 2010--Uranium Resources, Inc. (NASDAQ: URRE)
(“URI”) announced today that it has signed a
non-binding letter of intent (LOI) with Power Resources, Inc. d/b/a
Cameco Resources (CR), a subsidiary of Cameco (NYSE: CCJ), for a
three-phase exploration program funded by CR and an option for a
production joint venture on a large ranch in South Texas. 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, commented, “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.”
About Uranium Resources,
Inc.
Uranium Resources Inc. explores
for, develops and mines uranium. Since its incorporation in 1977,
URI has produced over 8 million pounds of uranium by in-situ
recovery (ISR) methods in the state of Texas where the Company
currently has ISR mining projects. URI also has 183,000 acres of
uranium mineral holdings and 101.4 million pounds of in-place
mineralized uranium material in New Mexico,
