Uranium Resources to commence Phase II drilling at Los Finados Project

30 November 2011: Uranium Resources, Inc. has elected Cameco Resources to move forward with Phase II of the three phase exploratory program on the 54,847 acre in Kenedy County, Texas, known as the Los Finados Project. The Phase II 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 per cent. Cameco may elect to fund the entire $1.5 million by moving into Phase III of the program.

Source: Yourindustrynews