Uranium Resources, Inc. (NASDAQ:URRE) announced a development around the Los Finados Project after the markets had closed. The session before that was active anyway, and gave URRE a nice price gain.
URRE closed up 21.64% up at $1.04 on a little over 2 million traded shares. The performance landed URRE a mention on Forbes.[BANNER]
Yesterday’s gain may have had something to do with URRE being mentioned as a stock with “big upside potential”. The press release issued after the session said Cameo Resources had decided to continue with Phase II of the exploratory program on the Lon Finados Project.
URRE will commit an additional $1.5 million for the exploration activities in the 12 months ending November 30, 2012, and thus keep its option to lease the property.
The latest financials of URRE show that the company is burning through its cash quickly, but it still had some $2.5 million working capital as of Sept. 30.
It will be interesting to see how URRE does today after yesterday’s session when URRE led the metals and mining shares group. The news could help URRE get higher, unless traders decide otherwise.
