Los Finados

In May 2011, URI entered into a joint venture agreement with Cameco Texas, Inc. (“CTI”), a subsidiary of Power Resources, Inc., which is a subsidiary of Cameco (NYSE: CCJ), for a three-phase,
three-year exploration program on the Los Finados property, which encompasses 54,847 acres in Kenedy County, Texas.

URI also secured the exploratory drilling permit from the Surface Mining and Reclamation Division of the Railroad Commission of Texas. Having completed the joint venture agreement and obtaining the drilling permit, on June 21, URI initiated the first phase of the drilling program. This phase of the exploratory drilling, which is expected to be completed by the end of November 2011 at a cost of approximately $1 million, will be done using a widely and evenly spaced program covering a grid designed to test the potential for uranium mineralization over the entire area. Specifically, the objective is to identify oxidation-reduction interfaces within the wide-spaced drilling.