Greetings, and welcome to the Uranium Resources, Inc fourth quarter 2009 call – financial results conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Deborah Pawlowski, IR for Uranium Resources. Thank you. Ms. Pawlowski, you may now begin.

Thank you, Shei, and good morning, everyone. We appreciate your time today and your interest in Uranium Resources. President and CEO, Don Ewigleben, is going to cover the strategy and outlook for the company. And following that will be some Q&A. If you don't have the news release, it can be found on our Web site, which is www.uraniumresources.com. As you are aware, we may make some forward-looking statements during the formal presentation and the Q&A portion of this teleconference. Those 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 the Securities and Exchange Commission. You can find those at our Web site where we regularly post information as well as the SEC's Web site, which is www.sec.gov. So please review our forward-looking statements in conjunction with these precautionary factors. With that, let me turn it over to Don to begin the discussion. Don?

Well good morning to all. We appreciate you participating with us this morning. And I want you to know that we have on the call today two members of our management team, Rick Van Horn, who is our Senior Vice President of Operations and Development; and, Tom Ehrlich, URI's CFO. They'll be joining me in responding to questions later in this call. I'm going to assume that everyone has the news release. And I won't take up your time by trying to read any portion of it. In fact, I'll just stick with highlights. And then when we move to questions and answers, if you do have questions related to specifics in the release, we'll address them at that time. We started this week with some very great news. And I believe you would have all noted that the Tenth Circuit Court of Appeals upheld our NRC license in New Mexico. And this is very strategically important to us in that it confirms the safety of the in-situ recovery methodology. ISR mining has been, in essence, supported by the Court in its review of the NRC's environmental impact study that we – that it used. In essence, the Court basically stated that the appropriate standard of review has been met by the NRC. And it's strategically important to us because it avoids any reopening of this licensing process, and puts us in a strong position once our UIC permit has been received to begin mining. Of course, it really allows us to complete the feasibility study and obtain the necessary financing to complete the construction moving towards operation. But it is one of the last issues necessary for us to move forward. We also had some activities in the recent times that I want to stress, the most important thing,…

Thank you, Don. I want to go over a little bit about our production and sales for the year, our operations, and our financial position for the year. During 2009, our production, including positive inventory adjustments, totaled 59,000 pounds, compared to over 300,000 pounds for 2008. The lower volumes that were produced in '09 resulted from the shutdown of our production operations is June of this past year. This move was made in response to the deteriorating uranium market price conditions. Production costs during the year were about $43.50 per pound, compared to almost $48 a pound in 2008. Our sales for 2009 totaled $4.7 million on volumes of 95,200 pounds and average sales price of $49.08. Our '08 revenues totaled $18.6 million from sales of 285,000 pounds. And we saw an average price of about $65 a pound related to the 2008 sales. Our activities in South Texas, primarily in the second half of the year since we did curtail production, were related primarily to restoration, reclamation, and standby activities for both our Vasquez and Kingsville Dome projects, and also for restoration stability activities at our Rosita project. We estimate that our restoration and reclamation for our two ongoing active restoration sites, which are Kingsville Dome and Vasquez, will be in the $1.2 million, $1.3 million range for 2010. During 2009, our cost of uranium sales totaled $8.1 million, compared to $34 million in the prior year. The lower amounts in '09 resulted from lower uranium production that was sold compared to '08 and reduction in our write down of our uranium properties. Our total direct cost of sales and royalty expenses during the year for '09 was $4.5 million versus $16.4 million in the previous year. Also during 2009, we recorded an impairment position for our uranium properties…

Thank you, Tom. At this time, I think it's appropriate to move to questions and answers. And as I mentioned, Rick Van Horn is with us to address any operational issues. Debbie?

Shei, we're ready for Q&A if you can give the instructions.

Thank you. We'll now begin the question-and-answer session. (Operator Instructions) One moment please while we poll for questions. (Operator Instructions) Our first question comes from George Walsh from Gilford Securities, Inc. George Walsh – Gilford Securities, Inc.: Don, I wonder if you could just explain as you go to negotiations on joint ventures or other type of procedures, what are some leverage you have just from a general negotiating way given the price of the uranium and the conditions in the balance sheet with the cash burn?

Well, one of the things, George, that we bring to the table on any joint relationship is the experiential factor. First, let me say that I think many of you know from my background, I come from the senior mining houses. And I worked with a lot of juniors who are out there helping to develop the initial target for exploration, moving forward in development for meeting things of that nature. And then, the seniors come back in. I believe there's a lot of opportunity for URI to be that form of entity with the senior mining house because of these 30 years of experience and success, frankly. With regard to other juniors in the district, I think anyone that looks at either the South Texas district or the New Mexico district will come to the same conclusion that I've drawn. I've only been with the company about five months, a little over five months. But my first visit there, it began to be very apparent that there is an opportunity for consolidation. And one of the ways to bring value to shareholders is to join forces and whatever is necessary to bring these projects forward sooner. So while we may have a limited balance sheet at the moment, what we do hold is of course 100 million pounds plus in New Mexico. We hold the NRC license. We hold what we believe will be a UIC license that will be upheld. And that'll put us in a very distinct advantage. That said, there are things that others can bring to the table beyond their assets. And so we're looking to say, "What are those synergies, not just about the assets themselves, but about the other entities?" And I would have to say in the past URI was a strong company that could do much of this on its own. We now look at ourselves, having reduced the headcount significantly and asked the serious question, "What is it that we can gain by support from a joint venture relationship with another entity?" And that part we're moving forward on this initiative. George Walsh – Gilford Securities, Inc.: Okay. Well what's the argument against any potential partner just waiting it out using time for their side as opposed to moving forward with negotiations at this point?

We're waiting it out in the respect that wait to see whether or not our court case gets settled or waiting it out until the price rises, the answer is the same. We don't intend to sit still. And if they're going to wait out to see whether or not uranium resources can move forward on its existing projects, the answer is we have absolute belief that we can do that and we can obtain the necessary short term financing to move to a position to get the mid term and long term financing once we're ready to go on search run. George Walsh – Gilford Securities, Inc.: Okay. Are there other alternatives you're looking at in terms of financing besides joint venture partners? Are there financial institutions where you feel you could get some financing?

The answer is yes, George. We have a belief at this point that we will be quite successful between now and year's end in putting in place short term financing. George Walsh – Gilford Securities, Inc.: Okay. All right, just one other question, regarding the court decision the other day, which is very positive, could you just give a risky assessment of any appeals process that might be done and any effect it may have?

Well with regard to the NRC license issue, that process is now done. And the reason for that is the Appeals Court refused to review the matter. They didn't return it to the district court for any further review. They basically have said to the environmentalists who brought this case, "The process that was used by the NRC was the appropriate process and they have used all of the necessary information. The EIS was adequate. The standard of review was appropriate. And therefore, the NRC license is valid." There won't be an appeal. George Walsh – Gilford Securities, Inc.: Okay. All right. Thank you very much.

Thank you, George.

Thank you. (Operator Instructions) Our next question comes from David Snow from Energy Equity, Inc. David Snow – Energy Equity, Inc.: Yes, hi. I'm trying to understand the difference between the NRC license issue that was resolved last week and the one that's still pending, which I guess is the underground injection control permit. What does that mean, the under injection control? And what is the difference between that and the last one?

David, it is a good question. And in responding to this with a few external folks in the past few days since we released the information about the Appellate Court decision on the NRC license, these are companion cases. We need to be successful on both. And we certainly believe that we will. We made the first hurdle. In many respects, the NRC license is far more important than the UIC permit. And let me explain why. The NRC license, having been approved, puts us in a very competitive advantage in that district. Secondarily, the UIC permit is only a question of jurisdiction, not a question of whether or not we can or cannot get it. And just dating back many years before I joined the company, as you know, the UIC permit was issued by the state of New Mexico. The Navajo, encouraged by some environmental community activists, decided that there should be a question raised about Indian lands. And whether or not the lands we're encompassed on are in fact Indian lands under the law that has gone through the courts. That's was the en banc appeal was in January. And it was appealing a prior decision that was not negative to us in the sense that it said, "They may be Indian lands, and therefore, the US EPA should have issued the UIC permit, not the state of New Mexico." Now if we prevail on that en banc appeal, then the state of New Mexico's permit stands, and we move forward. If it does not and we are unsuccessful on that en banc appeal, it doesn't preclude us from getting the UIC permit. It's simply, once and for all, will decide jurisdictional relationship. And we can pick up all of our permitting activities and our documents and…

That's the NRC license of which at this stage, there would be no further appeals. And the one judge who did not vote with us is on the en banc review panel. So we can assume he's not going to vote with us on that case as well. He's been very vocal. In fact, he issued the original decision that went against us on the question of Indian lands some years ago. So we know why he takes that position. But we're not concerned. We know that the balance of the panel heard the oil arguments, read the appropriate filings, and we feel very strongly about the potential outcome. David Snow – Energy Equity, Inc.: All right. Now, this Friday, last Friday I believe, I hear the EPA sent a letter to the NRC regarding in-situ recovery. Do you have any color on that?

Actually, I wasn't aware of that. I'll certainly look into the matter. David Snow – Energy Equity, Inc.: Okay. I'm wondering also Strathmore, I think it's just this morning, announced they're starting with a bankable feasibility study on Roca Honda. Is there any way you could piggyback onto that?

Honestly, I haven't seen that release as well. We certainly have monitored what our competitors are doing in the area. We're quite familiar with the local staff there. We exchange a lot of information about, not respective properties, but about how to get things moving forward. But I will certainly say that as part of our initiatives and the new strategic plan, we are looking at strategic issues or I call them synergistic attributes of these respective competitors, and they're in the neighborhood. David Snow – Energy Equity, Inc.: Okay. So it was sound like a logical thing to if you can find any companies, especially in New Mexico. Are there discussions to working that direction? I mean, there's only need for one mill, for example.

Well I will certainly say that with me being rather new to that particular district, it was something that jumped off the map quite quickly. To try and have multiple mills and/or processing facilities up and down that district does not seem to make a lot of sense for any of the respective shareholders of the many entities that are up and down the district. So there has been some discussion. And at one point in time, you'll recall, that URI had to look at a specific property. And there was an arrangement that would have included other entities that would have used that processing facility. We'll probably look at a similar type strategy going forward. David Snow – Energy Equity, Inc.: I guess while you can't predict the timing of this case, is it likely in the first quarter or before you run out of money, or you can't even predict the six months type of–?

We can't really predict any specific timeframe. There are some indications that give us hope that it would be in this first half of the year. But I cannot speculate specifically on the timeframe. David Snow – Energy Equity, Inc.: One last question and this is on the uranium price.

No, if I had a stronger feeling about that price, I'd probably be in Vegas tomorrow sitting at a craps table. But here's the way I look at it. I have been involved in the uranium business for a relatively short time. My last stint at a gold company that also was a very large producer of uranium allowed me to follow uranium price. I certainly don't have any capability to predict uranium price any better than many others who've been in this business for a long time. But I do look at the idea that the pact with the Russians will go out in 2013. There was concern in the marketplace about deal re-dumping. I believe the industry is beyond that. I look the fact that there are, and I think this is still the accurate number, 18 applications at the NRC for 23 reactors. That tells me this market will turn. It's not a question of will it, it’s a question of when will it. And our job to our shareholders is to maintain our position, be prepared to come back in the South Texas arena, and be prepared to move forward in New Mexico as soon as we've got the prices necessary to do that. David Snow – Energy Equity, Inc.: I guess there's one company in production there in South Texas. Are you likely to try to tie your wagon in with them?

Well, like I mentioned before, the idea of looking at various synergistic attributes of our next door neighbors doesn't just hold in New Mexico. And I've had to do a lot of learning in these first five months. And I assumed that the place to do that was in South Texas. We weren't the only ones to use ISR technology. We weren't the only ones to do exploration and development in large ranches. So I had a lot to learn by meeting with the various entities in that area. And I feel very strongly that we built relationships that allow us to move forward if there was a joint setting. You must remember there are four processing facilities in South Texas, and we own two of them. So for anybody entering that arena, it makes sense for them to get to know us and us to know them, and that's the way we're proceeding. David Snow – Energy Equity, Inc.: Okay. Thank you very much.

Thank you. At this time, we have no further questions. I'd like to turn the call back over to Don for any closing comments.

Thanks, Shei. Let me just close by stating that as we discussed this morning, we are looking at a variety of options, anything that we can do to enhance shareholder value. But at the same time, I want to emphasize that we've had some shareholders who are long-standing shareholders of this company. And we must keep their interest in mind as well. We're going to look at the setting of each of these synergistic opportunities in the very near term. I'm talking about 2010. And we will do whatever is necessary to be prepared to get back into production in South Texas as soon as we can see the return of the price. It's now time for this management team to meet these initiatives, act upon them, and deliver. And that's what I told the Board we were going to do last week. And that's what I'll be telling our shareholders in the future. I appreciate everybody participating today. We're always available at a later time after the release is on the Web site. If there're some additional questions come up, Debbie Pawlowski, myself, Tom Ehrlich, Rick Van Horn, we'll be available to answer specific questions. And we appreciate your participating with us today. Thank you very much.

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.