Uranium Resources, Inc. ( URRE ) announced the expansion and extension of its South Texas exploration agreement with Cameco Texas, Inc., a subsidiary of Power Resources, Inc., which is a subsidiary of Cameco Corporation ( CCJ ).
Additionally, the company signed an amendment to its uranium mining lease option in Kenedy County, Texas for the Tecolote tract, approximately 22,700 net acres that will be a part of the exploration program.
Under the terms of the amended exploration agreement, both parties have agreed to extend the exploration agreement to a five-phase, five-year exploration program to include Tecolote. Cameco has committed $4.3 million to increase its interest to 70% in the expanded program.
Cameco will fund and be the exploration operator for Phase III.
URRE shares are unchanged after hours at $0.39.
CCJ shares are flat late at $19.93.
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