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RNS Number : 8352M
Uranium Resources PLC
21 July 2014 
 
Uranium Resources plc / Market: AIM / Epic: URA / Sector: Exploration 
 
21 July 2014 
 
Uranium Resources plc ('Uranium Resources') or ('the Company') 
 
Corporate Update 
 
Uranium Resources plc, the AIM-listed uranium exploration and development
company in Tanzania, announces an update on activity including the status of
its flagship Mtonya uranium project ('Mtonya') in the Karoo basin in Southern
Tanzania. 
 
The Company's primary focus remains the development of Mtonya, which hosts
roll-front uranium mineralisation and is expected to be amenable to in-situ
recovery ('ISR'), the most cost-effective and environmentally acceptable
method of uranium extraction. However, the Board has taken the decision to
delay further drilling of Mtonya until the uranium market fundamentals improve
and the true potential of the project is recognised by the wider market.  The
Company will continue to evaluate its exploration/development strategy,
including corporate transactions in order to advance and crystallise the value
of Mtonya, which has already benefited from a 26,485 m resource-definition
drilling programme. 
 
In conjunction with the evaluation process on how best to build shareholder
value from Mtonya, the Board has implemented a review of its overall tenement
strategy in Tanzania and has accordingly relinquished its licences in the
Ruhuhu Basin.  These were located some 150 km from Mtonya and were not central
to the Company's future growth potential. 
 
URA's Managing Director, Alex Gostevskikh said, "The Board remains highly
positive about the potential of Mtonya as a world-class in-situ recovery
deposit, however the current depressed perception of the uranium exploration
market remains prevalent.  With this in mind, we are looking to conserve cash
in the near term in order to realise the true value of Mtonya when the uranium
market strengthens.  There are strong nuclear fuel market fundamentals in
place including the continued growth in Asian and European power generation;
and finite supplies of secondary uranium and existing limits on economically
viable uranium resources.  As such we remain optimistic that we will be able
to continue to advance Mtonya and look forward to updating the market on
developments in due course." 
 
About Uranium Resources 
 
Uranium Resources plc is an AIM listed exploration and development company
which is focusing on its Mtonya flagship project which has a maiden inferred
resource of 3.6 Mt ore containing 2 Mlb U3O8 grading 255 ppm U3O8. The
resource is expected to be amenable to in-situ recovery, the most
cost-effective and environmentally acceptable method of uranium extraction. 
The Company's strategy comprises advancing its existing assets and
strengthening its portfolio via opportunistic acquisition.  Uranium Resources
has uranium licences in the highly prospective Karoo basins in southern
Tanzania. 
 
**ENDS** 
 
For further information please visit www.uraniumresources.co.uk or contact: 
 
 Alex Gostevskikh  Uranium Resources plc           Tel: +1 778 938-7631       
 Ross Warner       Uranium Resources plc           Tel: +44 (0) 7760 487769   
 Gavin Burnell     Northland Capital Partners Ltd  Tel: +44 (0)20 7382 1100   
 Matthew Johnson   Northland Capital Partners Ltd  Tel: +44 (0)20 7382 1100   
 Hugo de Salis     St Brides Media & Finance Ltd   Tel: +44 (0) 20 7236 1177  
 Felicity Edwards  St Brides Media & Finance Ltd   Tel: +44 (0) 20 7236 1177  
 
 
This information is provided by RNS
The company news service from the London Stock Exchange