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Uranium Resources Incorporated (URRE)
Q4 2010 Earnings Call
February 14, 2011 01:30 pm ET
Deborah Pawlowski - KEI Advisors LLC (IR)
Don Ewigleben - President, CEO
Rick Van Horn - SVP, Operation
Peter Homans - Parkman
David Snow - Energy Equities
Previous Statements by URRE
» Uranium Resources CEO Discusses Q3 2010 Results - Earnings Call Transcript
» Uranium Resources, Inc. Q2 2010 Earnings Call Transcript
» Uranium Resources, Inc. Q1 2010 Earnings Call Transcript
Thank you, [Christine] and good afternoon, everyone. We appreciate your time today and your interest in Uranium Resources. On the call I have with me President and CEO, Don Ewigleben, who will discuss recent events over the last year and what the outlook and strategic initiatives for the company are as we move forward.
He will be joined by Tom Ehrlich, Chief Financial Officer and Rick Van Horn, Senior Vice President of Operation Exploration, as well as Mark Poliza, Senior Vice President of Environment Safety and Public Affairs.
We will conclude the call with an opportunity for questions and answers. If you don't have today's news release it can be found on our website at www.uraniumresources.com.
As you are aware, we may make some forward-looking statements during the formal presentation and the Q-and-A portion of this teleconference. Tthose statements apply to future events which are subject to risks and uncertainties as well as other factors that could cause the actual results to differ materially from where we are today.
These factors are outlined in the news release as well as in documents filed by the Company with Security and Exchange Commission. You can find those on our website, where we regularly post information about the company, as well as on the SEC's website, sec.gov. So please review our forward-looking statements in conjunction with these precautionary factors. With that, let me turn the call over to Don to begin the discussion. Don?
Thank you Debbie. Well, first, I hope that everyone listening today has a wonderful Valentines Day and it's warmer wherever you are then it was a week or two ago. If you have a chance, spend a few moments today with your friends and your family and your loved ones on this special day enjoy the fact that we have some warmth in this country once again.
Secondly, we do appreciate you taking the time to listen to our brief review of URI's activities from last year and what was a very exciting year for us. The outlook for the company in 2011 is equally strong. I will begin by reviewing what we believe were the significant accomplishments in 2010 and then we will discuss our plans for 2011 and beyond.
Under that heading of significant accomplishments over the last year, you have to start with what we started with and that was a 2010 revised strategic plan that set a course for basically a recovery of stability for URI.
All of our corporate objectives were met for the year in 2010. It included maintenance of a very important aspect of our business. We maintained the previous record of having zero violations of safety or environmental regulations; something we're very proud of in this company.
We implemented a financing plan to ensure that URI had a solid footing and a very strong runway for future growth. There were two successful offerings raising a total of $19.4 million for the year. This enabled the company to continue to pursue our strategy toward building the asset base in both Texas and New Mexico, while advancing our properties in New Mexico towards production.
I will start with Texas. We obtained a very large uranium lease. We announced a letter of intent with Cameco resources for exploration of that lease and we've been developing a joint venture with Cameco for future activities throughout Texas. I'm going to touch on this in more detail later.
We clearly made excellent progress on our strategy to capture opportunities to explore for and develop uranium in Texas and capitalize on the license processing facilities we already have there as well as a highly trained workforce and a strong working relationship with the regulatory agencies. I will come back to this topic here in a minute and provide more detail.
We also made solid progress on one of our key objectives for Texas. That is our restoration plans at all three projects. At Kingsville Dome we treated over 250 million gallons of groundwater completing restoration in two of the three production areas, that being PA1 and PA2.
After some baseline polishing we should begin stability sampling in these two areas in the second quarter of 2011. Full-scale restoration is underway at the remaining Kingsville Dome production area and is expected to be completed in 2013.
At Rosita we completed restoration for PA1 and PA2 production areas, which we had mined out in 2009. They remained in stabilization all year and we filed with the state for restoration table amendments, which provides for release of the property. At Vasquez we completed groundwater restoration in PA2 and are now in stabilization sampling phase there as well.
We've now moved restoration operations to PA1, which would expect to complete during 2012 and progress that property toward stabilization as well.
The next aspect of our Texas plan was to get behind those problems that were going to be in the way of further development. One of those was the settlement of the Saenz case. As we previously announced, we settled this case effective October 1, 2010. It was about licensing and royalty agreements that had gone on for quite a few years.