-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Vhx2kOwORrmMdW5XRMyEAzRXGZO2bacwojaymKVurUtzLon34q53+4cF1QWd8M31 EgqfsN6RX5z4ilpungCbBw== 0001157523-07-002753.txt : 20070316 0001157523-07-002753.hdr.sgml : 20070316 20070316153954 ACCESSION NUMBER: 0001157523-07-002753 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070316 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070316 DATE AS OF CHANGE: 20070316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: URANIUM RESOURCES INC /DE/ CENTRAL INDEX KEY: 0000839470 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS, MINERALS (NO PETROLEUM) [5050] IRS NUMBER: 752212772 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17171 FILM NUMBER: 07700031 BUSINESS ADDRESS: STREET 1: 12750 MERIT DRIVE STREET 2: SUITE 720 CITY: DALLAS STATE: TX ZIP: 75251 BUSINESS PHONE: 9723877777 MAIL ADDRESS: STREET 1: 12750 MERIT DRIVE STREET 2: SUITE 720 CITY: DALLAS STATE: TX ZIP: 75251 8-K 1 a5357241.txt URANIUM RESOURCES, INC. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 16, 2007 URANIUM RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware 0-17171 75-2212772 -------- ------- ---------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 650 South Edmonds, Suite 108, Lewisville, TX 75067 (Address of principal executive offices) Zip Code (972) 219-3330 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01. Other Events On March 16, 2007, the Registrant issued a press release announcing it has increased its historic internal estimate of mineralized uranium material at its West Largo project from 11.0 million pounds to 17.2 million pounds. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Item 9.01. Financial Statements and Exhibits Exhibit 99.1 Press Release dated March 16, 2007 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. URANIUM RESOURCES, INC. Date: March 16, 2007 /s/ Thomas H. Ehrlich ------------------------------------------ Thomas H. Ehrlich Vice President and Chief Financial Officer Exhibit Index Exhibit Number Description - -------------- ----------- Exhibit 99.1 Press Release dated March 16, 2007 EX-99.1 2 e5357241ex991.txt EXHIBIT 99.1 Exhibit 99.1 Uranium Resources, Inc. Increases New Mexico Assets West Largo historic estimate of mineralized uranium material increased to 17.2 million pounds U3O8 from 11.0 million DALLAS--(BUSINESS WIRE)--March 16, 2007--Uranium Resources, Inc. (OTCBB: URRE) ("URI") announced today that it has increased its historic internal estimate of mineralized uranium material at its West Largo project from 11.0 million pounds to 17.2 million pounds U3O8 as a result of the ongoing reevaluation of the Company's New Mexico properties. The revision was based on the Company's decision to consider development of the project by conventional mining and milling methods in addition to in-situ recovery (ISR) methods. Previously, URI only considered ISR mining for West Largo, the use of which could have been limited by excessive depths on certain parts of the property. Dave Clark, President and Chief Operating Officer of URI, commented, "We continue to uncover positive surprises with our properties in New Mexico as we work our way through the extensive database the Company acquired over the past 20 years." He added, "Together with the recently reported increase of uranium at Roca Honda, the Company now has 32 million pounds between these two projects that can be developed using underground mines and conventional milling. We are currently developing a course of action to aggressively develop these assets." West Largo The West Largo project consists of 3,800 acres of land comprising sections 17, 19, 20, 21, 28, and 29 of T15N, R10W in McKinley County, New Mexico. URI holds the mineral rights in fee or as unpatented mining claims. Uranium was first discovered at West Largo in 1968 by Gulf Minerals. Subsequent exploration by Gulf, Kerr-McGee, Pathfinder and Santa Fe Mining delineated the current limits of the deposit. Uranium mineralization is present in five sands within the Westwater Canyon member of the Morrison Formation and is found at a depth of from 2,000 to 2,750 feet, with the difference being mostly due to surface topography. Over 1,000 drill holes define the resource on this property. In October of 1980, J.H. Jackson of Santa Fe completed an analysis of West Largo reserves using the circle tangent method with a minimum cutoff of 6 feet @0.10% U3O8 and a maximum area of influence for each ore hole of a 50 foot radius or half the distance to the nearest non-ore hole. In December of 1996, Douglas International was engaged to evaluate certain properties obtained by URI from Santa Fe Minerals including the West Largo deposit. Douglas determined the in-place reserves for West Largo to be 11 million pounds U3O8. However, Douglas did not include the Santa Fe reserve on Section 17 because URI planned to mine the deposit by ISR methods only. The Douglas report stated, "Mineralized zones on Section 17 occur at depths over 2,500 feet because the mesa on Section 17 topographically adds to the depth of the mineralized zones. Until the price of uranium rises significantly above the price used herein ($16/lb U3O8) the Section 17 mineralization will not be economic using current ISR methods." Given significantly higher prices as well as the consideration of using conventional mining methods, the Company now believes Section 17 should be included and, therefore, has increased its estimate of the mineralized material for West Largo to 17.2 million pounds at an average grade of 0.30% U3O8. ABOUT URANIUM RESOURCES, INC. Uranium Resources Inc. explores for, develops and mines uranium. Since it's incorporation in 1977, URI has produced over 7 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 in New Mexico that includes the proposed ISR project at Churchrock. The Company acquired these properties over the past 20 years along with an extensive information database. URI's strategy is to capitalize on the strong global market for uranium by fully exploiting its resource base in Texas and New Mexico, acquiring new assets and through joint ventures or partnerships. Safe Harbor Statement This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "could," and other similar words. All statements addressing operating performance, events, or developments that the Company expects or anticipates will occur in the future, including but not limited to statements relating to the Company's reserves and mineralized uranium materials, timing of receipt of mining permits, production capacity of mining operations planned for properties in South Texas and New Mexico, planned dates for commencement of production at such properties, revenue, cash generation and profits are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, the spot price of uranium, weather conditions, operating conditions at the Company's mining projects, government regulation of the mining industry and the nuclear power industry, the world-wide supply and demand of uranium, availability of capital, timely receipt of mining and other permits from regulatory agents and other factors which are more fully described in the Company's documents filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company's underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company's forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. CONTACT: Investor: Kei Advisors LLC Deborah K. Pawlowski/James M. Culligan 716-843-3908/716-843-3874 dpawlowski@keiadvisors.com jculligan@keiadvisors.com or Uranium Resources, Inc. David N. Clark President and COO 361-883-3990 or Media: DW Turner Kristin Jensen, 505-888-5877 Email: kjensen@dwturner.com -----END PRIVACY-ENHANCED MESSAGE-----