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Uranium Resources, Inc. GLOSSARY OF CERTAIN URANIUM INDUSTRY TERMS

Claim -   A claim is a tract of land, the right to mine of which is held under the federal General Mining Law of 1872 and applicable local laws.

Concentrates -   A product from a uranium mining and milling facility, which is commonly referred to as uranium concentrate or U 3 O 8 .

Conversion -  A process whereby uranium concentrates are converted into forms suitable for use as fuel in commercial nuclear reactors.

Cut-off grade -   Cut-off grade is determined by the following formula parameters: estimates over the relevant period of mining costs, ore treatment costs, general and administrative costs, refining costs, royalty expenses, process and refining recovery rates and uranium prices.

Gross acres -   Total acres under which we have mineral rights and can mine for uranium.

Indian Country -  A term derived from jurisdictional determinations in criminal law enforcement proceedings under 18 U.S.C. ð 1151 and understood to encompass territory situated within Indian reservations, land owned by Indian allottees and land within a dependent Indian community.

Mineralized material -  A mineralized body which has been delineated by appropriately spaced drilling and/or underground sampling to support a sufficient tonnage and average grade. Such a deposit does not qualify as a reserve, until a comprehensive evaluation based upon unit cost, grade, recoveries, and other material factors conclude legal and economic feasibility.

Net acres -   Actual acres under lease which may differ from gross acres when fractional mineral interests are not leased.

Ore -  Naturally occurring material from which a mineral or minerals of economic value can be extracted at a reasonable profit.

Over feeding -   Operating enrichment plants in a manner that reduces plant operating costs but increases the amount of uranium required to produce a given quantity of enriched uranium.

Probable reserves-   Reserves for which quantity and grade and/or quality are computed from information similar to that used for proven (measured) reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven (measured) reserves, is high enough to assume continuity between points of observation.

Proven reserves -  Reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the results of detailed sampling and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well-established.

Reclamation -   Reclamation involves the returning of the surface area of the mining and wellfield operating areas to a condition similar to pre-mining.

Recoverable reserves -   Reserves that are either proven or probable, are physically minable and can be profitably recovered under conditions specified at the time of the appraisal, based on a positive feasibility study. The calculation of minable reserves is adjusted for potential mining recovery and dilution.

Reserve -   That part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.

Restoration -   Restoration involves returning an aquifer to a condition consistent with our pre-mining use and removing evidences of surface disturbance. The restoration of wellfield can be accomplished by flushing the ore zone with native ground water and/or using reverse osmosis to remove ions to provide clean water for reinjection to flush the ore zone.

Resources -   A resource is a concentration of naturally occurring minerals in such a form that economic extraction is potentially feasible.

Roll front -   The configuration of sedimentary uranium ore bodies as they appear within the host sand. A term that depicts an elongate uranium ore mass that is 'C' shaped.

Shut in -   A term that refers to ceasing production or the absence of production.

Shut-in royalty -   A lease clause permitting the extension of a lease not held by production by payment of a per acre royalty.

Slurry -   Fine particles of uranium concentrated and suspended in water.

Spot price -   The price at which uranium may be purchased for delivery within one year.

Surety obligations -   A bond, letter of credit, or financial guarantee posted by a party in favor of a beneficiary to ensure the performance of its or another party's obligations, e.g., reclamation bonds, workers' compensation bond, or guarantees of debt instruments.

Tailings -   Waste material from a mineral processing mill after the metals and minerals of a commercial nature have been extracted; or that portion of the ore which remains after the valuable minerals have been extracted.

Uranium or Uranium concentrates -   U 3 O 8 or triuranium octoxide.

U 3 O 8 -  Triuranium octoxide equivalent contained in uranium concentrates, referred to as uranium concentrate.

Waste -   Barren rock in a mine, or uranium in a rock formation that is too low in grade to be mined and milled at a profit.

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