Operating expenses rise at Uranium Resources during 3Q
Uranium Resources (NASDAQ:URRE)), a Texas-based in-situ uranium miner, says that cost increased in 3Q due to challenging drilling conditions and higher equipment costs.
"This resulted in fewer than desired drilled holes and about two additional months of exploration time,” said Don Ewigleben, President and CEO of Uranium Resources in a statement.
Operating expenses were $133,753 for 3Q compared with $67,260 in 2010.
The overall loss from operations was $2,827,097, down from $3,730,998 a year ago when the company had a $1.37 million provision for a legal settlement.
Uranium Resources' stock is down .98% to $1.01. Over 52 weeks the company's stock has traded between 52 cents to $3.98. The stock's 200-day moving average has declined 2.2%; its 50 moving average is up .4%.
Ewigleben says he is still encouraged and is in discussions with Cameco Texas, Inc., Uranium Resources partner, on the potential start date of phase II work. The two companies are working together on a three-phase, three-year exploration program.