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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): December 16, 1998
URANIUM RESOURCES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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Delaware 0-17171 75-2212772
(STATE OR OTHER JURISDICTION OF (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION)
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12750 Merit Drive, Suite 1020, Dallas, Texas 75251
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) ZIP CODE
972-387-7777
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
Not Applicable
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Begins on Sequentially Numbered Page 4
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ITEM 5. OTHER EVENTS.
Uranium Resources, Inc. has relinquished its rights to the South Texas
Alta Mesa uranium in-situ leach deposit. Attempts to renegotiate the terms of
the lease were undertaken in December 1998 with definitive notice received
mid-January 1999 informing the Company of the landowners intention not to amend
the original lease terms. The properties covered by the lease were estimated to
contain approximately 4.0 million pounds of recoverable proven and probable
uranium reserves. The termination of this lease will result in a pre-tax charge
against earnings of approximately $5.0 million in the fourth quarter of 1998.
The reduction in the holding value of the Company's uranium properties will be a
non-cash charge and will not impact the Company's cash position or liquidity.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS.
99.1 Press Release issued January 20, 1999, by the Registrant
announcing the relinquishment of the Alta Mesa lease.
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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: January 20, 1999 /s/ PAUL K. WILLMOTT
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Paul K. Willmott, President, Chief Executive
Officer and Chairman of the Board of Directors
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EXHIBIT INDEX
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EXHIBIT NO. EXHIBIT DESCRIPTION PAGE
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99.1 Press Release issued January 20, 1999, by the E-1
Registrant announcing the relinquishment of the Alta
Mesa lease.
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EXHIBIT 99.1
URANIUM RESOURCES, INC.
PRESS RELEASE
FOR IMMEDIATE RELEASE
DALLAS, TEXAS NASDAQ STOCK SYMBOL-URIX
January 20, 1999
URANIUM RESOURCES, INC. ANNOUNCES ABANDONMENT OF URANIUM PROPERTY
DALLAS, January 20, 1999 -- Uranium Resources, Inc. ("URI") announced
that it has relinquished its rights to the South Texas Alta Mesa uranium in-situ
leach deposit. Attempts to renegotiate the terms of the lease were undertaken in
December 1998 with definitive notice received mid-January 1999 informing the
Company of the landowners' intention not to amend the original lease terms. The
properties covered by the lease were estimated to contain approximately 4.0
million pounds of recoverable proven and probable uranium reserves. The
termination of this lease will result in a pre-tax charge against earnings of
approximately $5.0 million in the fourth quarter of 1998. The reduction in the
holding value of the Company's uranium properties will be a non-cash charge and
will not impact the Company's cash position or liquidity.
Paul K. Willmott, Chairman and CEO, stated "Given the outlook of future
market conditions, the decision to drop the Alta Mesa property was made after
careful consideration of the project's remaining permitting uncertainties, the
high capital cost required to place the property into production and the
property's high cash cost when compared to the Company's existing licensed
production alternatives. The Company concluded that the uranium market would not
have sufficiently rebounded in 1999 to allow for the timely commencement of
production within the remaining period of the lease term (December 1999) and
made the decision to forego the payment required to retain its rights to the
property into 1999."
Uranium Resources, Inc. is a Dallas based uranium mining company, whose
shares trade on the NASDAQ National Market System under the symbol URIX. The
Company specializes in in-situ solution mining and holds substantial uranium
reserves in South Texas and New Mexico.
CONTACTS: Paul K. Willmott, President, or
Thomas H. Ehrlich, Vice President - CFO
Uranium Resources, Inc.
(972) 387-7777 (30)
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