<SEC-DOCUMENT>0001104659-13-083877.txt : 20140123
<SEC-HEADER>0001104659-13-083877.hdr.sgml : 20140123
<ACCEPTANCE-DATETIME>20131113060310
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-13-083877
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20131113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			URANIUM RESOURCES INC /DE/
		CENTRAL INDEX KEY:			0000839470
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				752212772
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		405 STATE HIGHWAY BYPASS 121
		STREET 2:		BUILDING A, SUITE 110
		CITY:			LEWISVILLE
		STATE:			TX
		ZIP:			75067
		BUSINESS PHONE:		9722193330

	MAIL ADDRESS:	
		STREET 1:		405 STATE HIGHWAY BYPASS 121
		STREET 2:		BUILDING A, SUITE 110
		CITY:			LEWISVILLE
		STATE:			TX
		ZIP:			75067
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>

  </head>
<body lang="EN-US">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="187" height="89" src="g242331bci001.jpg" alt="GRAPHIC"></font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DENVER, CO OFFICE</font></b><font size="2" style="font-size:10.0pt;"><br>    </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">6950 S. Potomac Street, Suite&nbsp;300</font></i><font size="2" style="font-size:10.0pt;"><br>    </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Centennial, CO 80112</font></i><font size="2" style="font-size:10.0pt;"><br>    </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Tel: (303) 531-0470</font></i><font size="2" style="font-size:10.0pt;"><br>    </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Fax: (303) 531-0519</font></i></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;13, 2013</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Via EDGAR</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, NE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC&#160; 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Tia L. Jenkins, Senior Assistant Chief Accountant</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Uranium Resources,&nbsp;Inc.</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K filed for Fiscal Year Ended December&nbsp;31, 2012</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed March&nbsp;18, 2013</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File No.&nbsp;001-33404</font></b></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the course of the teleconference on November&nbsp;8 between Uranium Resources,&nbsp;Inc. (the &#147;Company&#148;) and the staff (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;), the Staff requested additional information regarding the Company&#146;s impairment assessment in conjunction with Comment No.&nbsp;5 from the Staff&#146;s letter dated October&nbsp;22, 2013 (the &#147;Comment Letter&#148;) regarding the Company&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2012 (the &#147;2012 Form&nbsp;10-K&#148;).&#160; The Company hereby responds to the Staff&#146;s request.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.&#160; Property, Plant and Equipment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment No.&nbsp;5 &#151; Additional Information</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the course of the teleconference between the Company and the Staff on November&nbsp;8, 2013, the Staff asked for additional information to answer the concern over which other uranium companies would be in a position to use the Company&#146;s production facilities located at operating sites in South Texas.&#160; This presumes we were either tolling, we are using the facilities in combination with tolling, or had sold those facilities to other companies or any combination of the above.&nbsp; Transportation costs for U</font><font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font><font size="2" style="font-size:10.0pt;">O</font><font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">8</font><font size="2" style="font-size:10.0pt;">&#160;resin range from $0.50/lb for Texas material to &lt;$3.00/lb for South Dakota and Wyoming material.&nbsp; The source of this information is the U.S. Energy Information Administration Report &#151; 3rd Quarter 2013 Domestic Uranium Production Report (October&nbsp;2013) with additional institutional knowledge from URI staff.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Producers</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mestena Uranium &#151; Alta Mesa, TX</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">South Texas Mining Venture &#151; Hobson and Palangana, TX</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cameco &#151; Crow Butte, NE and Smith Ranch, WY</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ur Energy &#151; Lost Creek, WY</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Uranium One USA Inc. &#151; Willow Creek, WY</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\107914\13-24233-1\task6367143\24233-1-bc.htm',USER='107914',CD='Nov 13 09:05 2013' -->

<br clear="all" style="page-break-before:always;">
<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Permitted and Licensed Facilities</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UEC &#151; Goliad, TX</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signal Equities &#151; Brevard; TX</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">URI &#151; Churchrock and Crownpoint, NM</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Strata Energy &#151; Ross, WY</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Uranium One &#151; Moore Ranch, WY</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Projects now under construction</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Uranerz &#151; Nichols Ranch, WY</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Developing Projects</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signal Equities &#151; Brown and various, TX</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rio Grande Resources &#151; various, TX</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powertech Uranium &#151; Dewey Burdock, SD</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Uranium One &#151; Jab and Antelope, WY</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Staff also requested clarification of management&#146;s impairment evaluation of the carrying value of the two South Texas processing plants.&#160; In September&nbsp;2013, the Company sought a high level assessment from an independent third party consultant for purposes of assessing the South Texas plant assets for indicators of impairment.&#160; The following is an excerpt from the high level assessment performed by Terry McNulty, a mineral processing and chemical engineering consultant with expertise in uranium processing facilities:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;I have reviewed some capital cost estimates that we have made for other clients, including one just completed for a central resin elution/yellowcake production facility taking loaded resin from satellite leaching plants.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a generalization, a plant producing 1.6 million pounds of yellowcake annually will likely cost roughly $25 million plus the cost of the wellfield itself. &nbsp;From a salvage/resale standpoint, the wellfield would, of course, have limited value. Depending on age and condition, your resin elution/precipitation/drying and packaging plants would certainly have value. &nbsp;However, the value would be based strictly on the equipment itself, not constructed cost, as follows:</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Averaging estimates from our past studies shows that a plant costing $25 million would contain equipment with a total purchase price of around $10 million. The added $15 million would consist of EPCM fees, purchasing, owner&#146;s costs (IX resin first-fill,&nbsp;etc.), freight, working capital equaling 60 days of operating expense, and miscellaneous expenses included in the usual 20% contingency that somehow almost always manages to get spent.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A rough guess at salvage/resale value of the equipment originally purchased for $10 million is $5-6 million, recognizing that you might get the better price because you would be able to offer quicker delivery time for some items than could be obtained for new equipment. There also are companies like Aaron Equipment that will buy used equipment for reconditioning and sale, but they are likely to pay less than a prospective uranium producer might.&#148;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_085435_7056"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\107914\13-24233-1\task6367143\24233-1-bc.htm',USER='107914',CD='Nov 13 09:05 2013' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the basis of the assessment above, an estimated fair value for the two plants is $10.0-$12.0 million, while the carrying value for the two plants at December&nbsp;31, 2012 was $4.2 million for Kingsville and $4.8 million for Rosita, or a combined $9.0 million.&#160; Accordingly, because the fair value exceeds the carrying value for these assets, no further impairment assessment is deemed necessary at December&nbsp;31, 2012.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">*</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company acknowledges that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company is responsible for the adequacy and accuracy of the disclosure in this filing;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you need any further information, please contact me by phone at (303) 531-0482 or by email at cjones@uraniumresources.com. You may also contact Paul Hilton of Hogan Lovells US LLP by phone at (303) 454-2414 or by email at paul.hilton@hoganlovells.com, or David Crandall of Hogan Lovells US LLP by phone at (303) 454-2449 or by email at david.crandall@hoganlovells.com.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher   M. Jones</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Christopher M.   Jones</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and   Chief Executive Officer</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_085509_5335"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\107914\13-24233-1\task6367143\24233-1-bc.htm',USER='107914',CD='Nov 13 09:05 2013' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g242331bci001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g242331bci001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"`!9`+L#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V2BBB@`HK
M$UGQ/;Z+J5G936\LC79P&3HO./QK5GMX[F/9(7`SGY'*G\Q3::2;%<FHK`UJ
MYTW0;3SY[ZZA)^XB3LS.?8-FL03>+]8M1,S26%CGK&@^T,GKC_#%7&G=7O9"
M<K.QW+,J_>8#ZFEKCK7P-HFH6XN&U"]O2W64S\Y^F.#[5%-H&L^%\WFAWLUY
M;)S)9SG)([XI\D'HI:BYGV.VHJCH^J0:SIL5[;YVR#E3U4CJ#5ZLVFG9EA11
M12`****`"BBB@`HHHH`****`"BBB@`HHHH`***HZKK-CHUOYU[-L!X1`,LY]
M`.]-)O1!L1VR1W>I7-TZ*_D.(8LC.W`RQ'XG'X4SQ!KMOH&G&YE&^1CMABSR
M[?X5S^E3:_J>G/-!+#I=@TDDC7#C?*P+$GCHN.G/I4?AK0(]8NI=8U%YKVVW
M%;5;MMQ<#JY'3GL*VY$M9/1$<U]A-(32S>_VSXCU2TGU!^4A,@9;<=@!Z_RK
MIAXET1CC^T[?\6Q5V*QM(!B&UAC'HL8%2&&(C!C0C_=%1*2D[L:31AW#1"=M
M3T*Y@GEZSVT<@(N!^'1_0]^AK6L;Z#4;1+FW?=&X^A![@CL144^B:7<\RZ?;
ML?[P0`_F.:P+W39_#=['<:9=O;6-R^V=''F(DAZ,<\X/0X/I0DI:=0U1:TJ`
M:5XLU"QC&V"[B6ZC7L&SAL?SKHZY2XOY[7Q5ISZK%%:_NI8_.1\QR9QCW'/K
M^==4"",@Y%*=]&P0M%%%04%%%%`!1110`4444`%%%%`!1110`4444`4-:U:'
M1=,DO)@6V\(@ZNQZ`5EZ'H4LLXUK6L3:C*,HC<K;+V51Z^]1ZVGV_P`9:/82
M<PQ(]RR]BPZ5TW05H_=CIU)W>IPB7$M[81>&K=BLL]Y,MPPZI"KDD_CG%=Q;
MP1VT"01($CC4*JCL!7'>$I[6?Q9K,RQ;7G.^%C_$@8AB/Q%=A=2F&TFE4`E(
MV89]AFJK:.PH;7):*X5O&^I+\*4\6""W^V,%)CP?+YEV=,YZ>]1:CXPU_P#X
M2J]TFQN=!LXK2&*3?J3NA?>N2`0>U8EG?U#>6L5[:26TZ[HY5*L/8UPMC\0=
M1OM/T&X^R6Z/J&J-8SE260A?XXSZ'WKT#M1L!QFERRWGB6VTR]7S)=-MI8I2
MPR)`2H5OQ7%;L<3Z)(`C%M.8XV$Y-N?8_P!SV[?2LBWNROQ!N'V*(98Q:[_^
MFBJ'Q^1K6U#6-+EM+JV_M2WA<2?9&8L/W<S#Y5(]>>E:SW78B/4UP<T5D^&]
M+OM(TS[+?7INY-Y(;DA1V'/-:<TT=O`\TS!(XU+.QZ*!U-9M6=DRD/HID,L<
M\*31,'CD4,K#H0>AI](845F7?B71+#4!I]WJEK!=MMQ#)(`W/3\ZT_SH`***
M*`"BBB@`HIKNL<;2.P54!+$]`!WJ.SO+;4+2.[LYDGMY5W)(ARK#U%`$U%%%
M`'-:\?[/\3:3JK\0G=:RMV7=]TG\:U=<NFLM#O+A?OI$VWZG@?J:FU+3X-4L
M);*Y&8I5P<=0>Q'N*Y*[O[NUMH?#^L`F1IXEAN\?)/&'!Y/9@!S6L5SI>1+T
M)-3L_P#A'%T35(AA+-5M[DCNC=2?QS^===(J7%JZ;ODD0C(]".M1W]G#J-A-
M:3KNCF0J?\:Q?"=[*()M$O3_`*9IS;#G^./^%A^%)OFC?J@6C.-_X1GQ0WA=
M/!3_`-E#35E`_M`7/S^6)-_^K_O5KW/@:PUCQ1K=UK"6DUE>6L,-J_F`R1,J
MX+#T/2NX^QVO_/M#_P!^Q1]CM?\`GUA_[]BLQGG\'A[7'M/#MK>S6#G1-2WF
M9)@/-@`(4XQPWM7?3W]K!!),\\>R-2QPXZ"G?8[7_GUA_P"_8K$UJW@OKNWT
M:""-3,?-N65!E(E/_LQX_.JBDV#9E.1!X9M=4=T%R;Y;UQN&1O;!'_?)`_"L
MV^\)ZG<:_<K%<6']F7FJPZDT[3_O4*#[@3&#GUS77>(]/MF\-WX2WB4K`Q4A
M`",#/]*6Q>WNXK98+6!_W:F:0QC"\#CW;^55)IJXEHSA;WP5K#Z#:6MO=V[7
M1:>2YE?4'R'/^K([8`QVX[5(WA#7&GDN_P"TXOM,C2JQ-\V#&UOL`QTSYG/Z
MUZ3]CM?^?:'_`+]BC[':_P#/K#_W[%9E'F<OA7Q-O\E-0M/)RLAD^VL&#"V\
MLKC'3=SG-3Z-X-U/3-8LKPZBA6">%Y`;]WROD[9>#P<O@_2O1?L=K_SZP_\`
M?L4?8[7_`)]8?^_8H`\^\3^#[[5_%%WJUO<VC0,MKMMI)\+/Y;997XX]0:I1
M^#O$`.J&?5!(UP&VLNH;?.S(&&1M.W`X_3I7IWV.U_Y]8?\`OV*/L=K_`,^L
M/_?L4!J>9MX3\2R)IP?4K16AB5%:.\=?LA$NXN!T<E/E/^%,N/"7B:X$ENVH
MVJPH)$CD6^8-(&N%DR>.,*"*]/\`L=K_`,^L/_?L4?8[7_GUA_[]B@#A#X9U
M&'Q%<2VMS;BW9=MI=-?R!K5/+VA/+Z-\W.2:QH_!7B%-"DMWOT:=I4;R_P"T
M<HQ"D%SE>Y(.,^_6O5/L=K_SZP_]^Q1]CM?^?6'_`+]B@-3`TJXU&?3;[3=1
M^R(\$"P131R';*3$-Q^;L&.*X^R\$:U:P6/_`!,8(YK..T6/R[Q@JE'8RG;T
M.5(Z]:]/^QVO_/M#_P!^Q1]CM?\`GUA_[]B@#B?#&D>(-&:4A+*XN&95EG?4
M))#<#>2TFSHIVG@>OM7>#I4:6\,1W1PQH?55`J2@`K'\36D-WID<=Q$)(OM$
M1=3W7<`?YUL57OK87=E-;YP74@'T/8_G33L[B9AC2-;T7/\`8UZMW;#I:7I.
M5]E?_&L37-6N+:_MM7;2KNQO[8[)%9-\4\9ZKO7CZ9KL-*U6VU*#]U-&TT8`
MFC5LE&[@_CFKQ4$$'H>M:*?*_>0FKK0R[#Q+H]_`DD6H6ZEU!,;R!67V(-7A
M>VIY%S#_`-_!7%ZOHO\`PC>HR:I;:?%?:7*<W-L\88Q?[2Y[5K6__")7.F#4
M8;.Q:'N/)4L&_N[>N?:G*$=XWL)2>S-+4?$.F:=:23R7D+L@R(DD!=SV``K(
MT2^81RW:VES?7]VV^5DC*QH/X4#M@8`]/>K6F:'%->KJ=S80VH3_`(]K98U'
MEC^\V.K']*Z"H;BE9#U9SFNKJ3Z#?3WLZ6T:P,1!`<D\<!G/\@!6QI<"VVEV
ML*J%"1*,`8YQS6-XJN?M4EGH,)W37LJF0#^&)3EB?RKHP,#`Z"A_"@6XM%%%
M04%%%%`!1110`4444`%%%%`!1110`4444`%%%%`&5I/AS3M%N;FXLT=7N3E]
MS9QSG`]JMS7CQ2%%L[F0#^)`N#^9JU13;;U8MB@\^HSC;#9)$#_'<2`X_P"`
MKG/YU@7/@@QW`U#2KXVNH!BQ;RQY3'_=[5UU!Z4XS<7H#BGN<F/$/B/3!Y>I
M^'WN0/\`EO9MD'WQVJ.3Q;KE^/)TGPY<I(W'FW(PJ^]=@*#T_&J]I&_PBY7W
M,#P[X>ETZ274-2G^U:G<C]Y)V0?W5K?HHJ)2<G=C2MH%%%%(84444`%%%%`!
21110`4444`%%%%`!1110!__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
