SUBSEQUENT EVENT

9 Months Ended

Sep. 30, 2014

SUBSEQUENT EVENT

SUBSEQUENT EVENTS

12. SUBSEQUENT EVENT

On September 5, 2014, the Company, its wholly owned subsidiary Uranco Inc. and Rio Grande Resources Corporation entered into an Asset Exchange Agreement whereby the Company will acquire from Rio Grande Resources certain uranium properties located in South Texas near the Company’s processing facilities.  In exchange for the South Texas properties, the Company will transfer to Rio Grande Resources two parcels of fee-owned mineral rights and a royalty interest in the Roca Honda area of west-central New Mexico.  The Company is retaining certain leases, mining claims and fee-owned mineral interests on separate parcels in the Roca Honda area.  After completing customary due diligence and satisfying certain closing conditions, on November 6, 2014, the Company and Rio Grande Resources closed the transaction and effectuated the exchange of properties.