Saturday, July 18, 2009

Uranium Resources buys mineral rights

Comment: Is this the future of Virginia if uranium mining is allowed? Just think about this, someday, a driller will just come up to your land and start drilling boreholes!

Friday, July 17, 2009, 12:16pm CDT
Dallas Business Journal

Uranium Resources Inc. has signed a deal to purchase mineral rights on 113,000 acres of uranium-rich land in New Mexico.

Dallas-based Uranium Resources is buying the mineral rights from NZ Uranium in exchange for $1 million cash and four million shares of common stock along with future royalty considerations. The land is located in the Crownpoint area of New Mexico. The deal is expected to close in mid-August.

Uranium Resources (NASDAQ: URRE) estimates the acreage holds about 35 million pounds of uranium. The company already owns a 40 percent fee interest in one section of the Crownpoint land and previously leased other sections.

As a result of the deal, Uranium Resources will increase its New Mexico holdings to approximately 300,000 acres of mineral rights and more than 136 million pounds of uranium.

http://www.bizjournals.com/dallas/stories/2009/07/13/daily54.html?ana=from_rss

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