Vasquez

URI has a mineral lease on 872 gross and net acres located in southwestern Duval County, in South Texas. The lease provides for royalties based upon 6.25% of uranium sales below $25 per pound and royalty rate increases on a sliding scale up to 10.25% for uranium sales occurring at or above $40 per pound.

Mineralization is found in the Oakville formation at depths of 200 to 250 feet. Vasquez commenced production in October 2004 and the Company continues to conduct restoration and reclamation operations on the property. All of the required permits for this property have been received.