Uranium Resources Changes its Name to Westwater Resources and Announces New Chairman
August 21 2017 - 8:00AM
Westwater Resources, Inc. (Nasdaq:WWR)
(ASX:URI)
, formerly Uranium Resources,
Inc. (Nasdaq:URRE) (ASX:URI)
, an energy
metals exploration and development company, is pleased to announce
that it has changed its name to Westwater Resources, Inc. to
reflect its growing energy metals business. The name
change is effective August 21, 2017, and Westwater Resources’
common stock will begin trading on Nasdaq under the new ticker
symbol “WWR” at the opening bell on Monday August 21st. Also
on August 21, Westwater Resources will submit an application to the
ASX for the name change and ticker symbol change to “WWR.”
Christopher M. Jones, President and Chief
Executive Officer, said, “As our lithium business grows to support
the rising demand for energy storage, we believe that our name and
identity needed to reflect this broader market focus.
Westwater Resources is now focused on supply for both the power
generation and energy storage markets, and is poised to take
advantage of green energy power implementation around the
world.”
To learn more about Westwater Resources, visit
our website at: www.WestwaterResources.net
New Chairman of the Board of
Directors
Westwater Resources, Inc. is also pleased to
announce that its Board of Directors has unanimously appointed
Terence J. Cryan to the Board and elected him as Chairman.
Mr. Cryan re-joins the Company's Board having previously served as
a Director between October 2006 and March 2016 and as Chairman from
June 2014 through March 2016. Mr. Cryan is a Board Leadership
Fellow of the National Association of Corporate Directors, and
brings over 30 years of international business experience based in
both the United States and Europe. Additional details
regarding Mr. Cryan’s background can be found on our website.
Mr. Cryan commented after his election, "I am
pleased to join the Westwater Resources' Board and to help advance
the Company's business interests in both uranium and lithium.
I have previously worked with each of the directors and I believe
that together with the Company's management team we will continue
to increase stockholder value." Concurrent with Mr. Cryan's
return to the Company, Christopher M. Jones will step down as
Interim Chairman and will continue to serve as the President &
Chief Executive Officer of Westwater Resources, Inc.
About Westwater Resources
WWR is focused on expanding its energy metals
strategy, which includes developing its new lithium business while
maintaining optionality in the case of a future rising uranium
price. The Company has developed a dominant land position in
three prospective lithium brine basins in Nevada and Utah in
preparation for exploration and potential development of any
lithium resources that may be discovered there. In addition,
WWR remains focused on advancing the Temrezli in-situ recovery
(ISR) uranium project in Central Turkey when uranium prices permit
economic development of this project. WWR controls extensive
exploration properties in Turkey under eight exploration and
operating licenses covering approximately 39,000 acres (over 16,000
ha) with numerous exploration targets, including the potential
satellite Sefaatli Project, which is 30 miles (48 km) southwest of
the Temrezli Project. In Texas, the Company has two licensed and
currently idled uranium processing facilities and approximately
11,000 acres (4,400 ha) of prospective ISR uranium projects. In New
Mexico, the Company controls mineral rights encompassing
approximately 186,000 acres (75,300 ha) in the prolific Grants
Mineral Belt, which is one of the largest concentrations of
sandstone-hosted uranium deposits in the world. Incorporated in
1977, WWR also owns an extensive information database of historic
drill hole logs, assay certificates, maps and technical reports for
uranium properties located in the Western United States.
Cautionary Statement
This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are subject to
risks, uncertainties and assumptions and are identified by words
such as “expects,” “estimates,” “projects,” “anticipates,”
“believes,” “could,” and other similar words. All statements
addressing events or developments that the Company expects or
anticipates will occur in the future, including but not limited to
statements relating to developments at the Company’s projects,
including future exploration costs and results, future demand for
and price of uranium and lithium, the Company’s name and ticker
change with the ASX, and the Company’s liquidity, including
future capital markets and disposition activities, are
forward-looking statements. Because they are forward-looking,
they should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties include,
but are not limited to, (a) estimated or expected net cash used in
operations, mineral property expenses, general and administrative
expenses, net loss, and cash and working capital positions for the
twelve months ended December 31, 2017; (b) the Company’s ability to
raise additional capital in the future; (c) spot price and
long-term contract price of uranium and lithium; (d) risks
associated with our foreign operations; (e) operating conditions at
the Company’s projects; (f) government and tribal regulation of the
uranium industry, the lithium industry, and the power industry; (g)
world-wide uranium and lithium supply and demand, including the
supply and demand for lithium-based batteries; (h) maintaining
sufficient financial assurance in the form of sufficiently
collateralized surety instruments; (i) unanticipated geological,
processing, regulatory and legal or other problems the Company may
encounter in the jurisdictions where the Company operates,
including in Texas, New Mexico, Utah, Nevada and Turkey; (j) the
ability of the Company to enter into and successfully close
acquisitions or other material transactions; (k) the results
of the Company’s lithium brine exploration activities at the
Columbus Basin, Railroad Valley and Sal Rica Projects; (l) the
ability of the Company to negotiate an extension on the Cebolleta
lease and (m) other factors which are more fully described in the
Company’s Annual Report on Form 10-K, Quarterly Reports on Form
10-Q, and other filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should any of the Company’s underlying assumptions
prove incorrect, actual results may vary materially from those
currently anticipated. In addition, undue reliance should not be
placed on the Company’s forward-looking statements. Except as
required by law, the Company disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this news release.
Westwater Resources Contact:
Christopher M. Jones, President and CEO
303.531.0480
Jeff Vigil, VP Finance and CFO
303.531.0481
Email: Info@WestwaterResources.net
Website: www.WestwaterResources.net
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