Any crisis has a way of creating volatility in commodity prices. Concerns of a meltdown in Japan's Fukushima Daiichi nuclear power station have put uranium in the limelight. As Fool Tim Hanson had mentioned, in the long run, there's no way one can avoid the significance of nuclear energy, especially on a global scale. This is why, on Tuesday, I shed some light on United States Enrichment (NYSE: USU), which has an unimpressive track record but looks promising because of its centrifuge project. Today, let's take a look at Uranium Resources (Nasdaq: URRE), known as URI.

What does it do?
Formed in 1977, URI specializes in exploration, acquisitions, development, and mining of uranium resources. Since its inception, it has produced more than 7 million pounds of uranium in Texas. With interests in Texas and New Mexico -- about 101.4 million pounds in holdings in New Mexico -- URI specializes in a method of uranium recovery called in-situ recovery.

What's happening?
The company has been exploring opportunities for growth. The significant improvement in liquidity has put the company in a much better position to pursue and fuel its growth plans. Late last year, it signed a letter of intent with Cameco Resources, a subsidiary of Cameco (NYSE: CCJ), to jointly explore a new site in South Texas. In January, URI announced a three-year agreement to explore 53,500 acres in Kenedy County, with the option to lease the acreage for production.

In all, URI is building on its asset base in Texas and readying for production in New Mexico. The company has positioned itself well for long-term growth. The stock has been consistently outperforming the general market for the last six months, and this is a good sign that the company has been able to come out of the blues.

An opportunity waiting to be grabbed
Uranium prices are at an all-time low, but I foresee a pickup in prices as soon as the hype surrounding Japan's nuclear crisis dies down. With URI's stock currently trading at a little over $2, this is a good time to pick a handful. UR-Energy (AMEX: URG) and Denison Mines (AMEX: DNN) both also were sold off following the events in Japan and may be worth a further look.

Will it be too far-fetched if I put uranium in the same league as crude oil a decade from now? Post your comments below and let us know what you think of this stock.

Isac Simon does not own shares of any of the companies mentioned in this article.

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