Uranium Resources ends agreement for NM property

Posted at: 09/09/2009 8:29 AM
By: The Associated Press

CROWNPOINT, N.M. (AP) - Uranium Resources Inc. said it's canceling an agreement to acquire uranium mineral rights near Crownpoint from NZ Uranium LLC, saying title issues over the property are not resolved.

Uranium Resources earlier this summer entered into an agreement to buy the 113,000 acres of mineral rights.

It said at the time it expected the deal to close in August, subject to certain conditions, including a title review.

The chairman of URI's board, Paul K. Willmott, said Tuesday the board determined it would be "imprudent to proceed." Officials said the company will maintain its existing mineral rights in the area.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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