Uranium Resources, Inc. (NASDAQ: URRE) announced today that Cameco Resources (“Cameco”) has elected to move forward with Phase II of the three phase exploratory program on the 54,847 acres in Kenedy County, Texas, known as the “Los Finados Project.”
The second phase of drilling will begin in December 2011 and is expected to be completed by the end of November 2012. URI has decided to commit an additional $1.5 million in exploration activities during the twelve-month period ended November 30, 2012, in order to maintain the option to lease the property.
Under Phase II of the agreement with URI, Cameco will fund $1.0 million toward those exploration activities and will earn an additional 10% interest in Los Finados, raising its interest in the project to 50%. Cameco may elect to fund the entire $1.5 million by moving into Phase III of the program.
The company surged 21.64% or $0.18 to $1.04 in Tuesday’s session.
The assembled information distributed by headlineotc.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Headlineotc.com does expect that investors will buy and sell securities based on information assembled and presented herein. Headlineotc.com will not be responsible in any way for or accept any liability for any losses arising from an investor’s reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial adviser.