Crownpoint

The Crownpoint properties are located in the San Juan Basin, 22 miles northeast of our Church Rock deposits and 35 miles northeast of Gallup, New Mexico, adjacent to the town of Crownpoint, New Mexico. The properties consist of 619 gross and 521.8 net acres.

URI holds the minerals in the NW 1/4 of Section 9, T17N, R13W with 9 unpatented federal mining claims (CP-1 through CP-9) and the minerals in the SW 1/4 of Section 24, T17N, R13W with 10 unpatented federal mining claims (CP-10 through CP-19). In the SE 1/4 of Section 24, T17N, R13W, URI holds a 40% interest in the minerals through a lease (the "Walker" lease) on approximately 139 acres and holds 100% of the minerals on the remaining 21 acres with 2 unpatented federal mining claims (Consol I and Consol II). In the NE 1/4 of Section 25, T17N, R13W, URI holds the minerals with 8 unpatented federal mining claims (Hydro-1 through Hydro-8). The federal unpatented mining claims are held through the payment of a $125.00 assessment fee each year on each claim. Access is via paved road from State Highway 371, through the town of Crownpoint to Church Road to the main gate of the property.

Mineralization is found in the Westwater Member of the Morrison Formation at a depth of from 2,100 to 2,300 feet. Three pilot shafts were completed on the property in the early 1980s but were never completed. Surface facilities dating from those activities including buildings and their associated electrical/water infrastructure are still in place and are currently used as offices and storage facilities.

URI has invested significant amounts in permitting activities and land holding costs over the past few years. The New Mexico State Engineer approved the Company’s water rights application on May 18, 2004, and granted sufficient water rights for the life of the Crownpoint ISR project.