Uranium Resources, Inc. (URI) has commended its drilling exploration program at the Los Finados Project. The 54,847 acre project is located in Kenedy County in Texas. The first phase of the exploratory program that began on June 21 is to end in September this year.
Don Ewigleben, President and CEO said that the Los Finados project allows URI to explore for uranium in one of the largest contiguous untested land blocks in the prolific south Texas uranium district.
He added that URI's water sampling results from earlier testing, analysis of local geologic trends, and the history of uranium production in the district suggest that the Los Finados property is highly prospective for the occurrence of one or more uranium deposits that can be produced by commercially viable ISR technology.
The three phase exploratory drilling will confirm what, if any, resources are present on this particular parcel in the district as per the CEO and President of Uranium Resources . The company has produced over 8 million pounds of uranium using in-situ recovery methods in the state of Texas.
The company was incorporated in 1977 and has a resource base spread over New Mexico and Texas. Uranium Resources has 183,000 acres of uranium mineral holdings. It sells the uranium it mines to electric utilities under long term contracts.