Under the terms of the deal, Laramide Resources will acquire the Church Rock and Crownpoint projects as well as nearby assets, which have near-term development potential and significant mineral resources.
The transaction includes $5.25m in cash and assumption of potential liabilities for remediation on the subject lands by Laramide.
Laramide Resources Marc Henderson president and CEO said: "We are pleased to introduce the Church Rock and Crownpoint group of properties as a new cornerstone asset cementing our strategy of developing low-cost uranium assets in tier one jurisdictions.
"Church Rock complements our flagship asset in Australia, Westmoreland, and our conventional hard rock projects in New Mexico and Utah, being a near term development asset."
URI expects the sale to significantly strengthen its financial position and also help in funding development of the high-grade, low-cost Temrezli ISR Project in Central Turkey.
The Temrezli ISR project is due to secure permits and completion of development financing.
Laramide Resources CEO Bryn Jones said: "We now have an asset base that gives us size, scale and diversity – all within quality locations."
The two firms plan to sign definitive agreement by the end of the year and complete the transaction in the first quarter of 2016.
The transaction is subject to a number of conditions, including stock exchange approvals, regulatory approvals, and Laramide capital to close the transaction.
Uranium Resources president Christopher Jones said: "We are very excited about our just completed merger with Anatolia Energy and work is already underway for the relocation of our Rosita processing plant from Texas to Turkey, which will provide significant costs capital costs savings in the development of this world-class ISR project."
The Churchrock project is estimated to have 18.6 million pounds of uranium oxide, while Crownpoint is expected to hold of 15.3 million pounds of resource.
