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Article Excerpt
* Provides Update on Rosita Wellfield in Texas
ALBUQUERQUE, N.M. -- Uranium Resources, Inc. (NASDAQ: URRE) (URI), a uranium exploration, development and production company, today announced that it has decided along with Billiton Investment 15 B.V. to terminate URI's agreement to purchase Rio Algom Mining LLC, which was entered into on October 12, 2007. URI had incurred and capitalized $1.2 million in costs associated with the transaction. These costs will be expensed in the second quarter ending June 30, 2008.
Mr. David N. Clark, President and CEO of URI, commented, "We believe this is the best decision for the Company and our shareholders given current market conditions that have prevented us from securing the $180 million needed to finance the acquisition. Although the Rio Algom mill site would have reduced the time to bring conventional mining back to New Mexico, there are viable alternatives for URI and the other New Mexico uranium companies to pursue. We remain open to all such alternatives....
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