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Wednesday
Dec042013

Ur‐Energy Ships First Production from Lost Creek

  

Littleton, Colorado (PR Newswire – December 4, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur‑Energy” or the “Company”) is pleased to announce that the Company has shipped the first load of yellowcake from its wholly-owned Lost Creek Project in Wyoming (the “Project”).  The first shipment, which contained approximately 35,000 pounds of U3O8, left the Lost Creek facility on December 3, 2013.  Additional product shipments have been scheduled throughout the month of December.

The state-of-the-art Lost Creek in-situ uranium recovery facility located in south-central Wyoming began production operations in August 2013.  The Company has been systematically commissioning the in-situ recovery wellfield and processing plant circuits since that time.  Sufficient in-process inventory was retained within the plant to commence final product drying in mid-October.  Subsequently, the Company has continued to move product into and through the plant as it builds additional dry product inventory onsite to meet future deliveries.

Wayne Heili, President and Chief Executive Officer, stated, “The Ur-Energy team has demonstrated exceptional ability and dedication in bringing the Lost Creek Project from concept to reality.  From the ground-breaking a little over a year ago until now, this team has worked tirelessly to advance the Project to this stage.  The first shipment of our finished product to the conversion facility is an accomplishment that highlights their achievement.”

 

Yellowcake drums being loaded for shipment at Lost Creek

 

About Ur-Energy

Ur-Energy is a junior uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming.  The Lost Creek processing facility has a two million pounds per year nameplate capacity with a one million pound annual rate planned from the mining areas at Lost Creek.  Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario.  Ur-Energy’s website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Director IR/PR

 

Wayne Heili, President and CEO

303-269-7707  

 

307-265-2373

866-981-4588     

 

866-981-4588

Click here to email Rich     

 

Click here to email Wayne

 

Cautionary Note Regarding Forward-Looking Information

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., ability and timing to make additional shipments to conversion facility; ability and timing to build additional inventory to meet future deliveries) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

Click here for PDF of this News Release

Monday
Nov182013

Ur-Energy Announces Major Mineral Resource Expansion at Lost Creek 

Littleton, Colorado (PR Newswire – November 18, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur‑Energy” or the “Company”) is pleased to announce a new and increased mineral resource estimate for the Lost Creek Property which has been reviewed by Mr. Steve Cutler of Rough Stock Mining Services, a Qualified Person per the requirements of Canadian National Instrument 43-101 (NI 43-101).

The estimated mineral resource for the Lost Creek Property was last reported on April 30, 2012 with an update to the Preliminary Economic Assessment (“PEA”) of the Lost Creek Property. The current update of the resource base results from geologic data gathered primarily during the recent installation of Mine Unit 1 (MU1) production wells and also from relatively wide spaced delineation and exploration drilling at the LC East Project.  Since the April 2012 PEA, Ur-Energy has expanded the Lost Creek Property resources as follows: 

  • Measured resources increased by 16% (+0.65 million pounds) from 4.20 to 4.85 million pounds U3O8;
  • Indicated resources decreased by 8% (-0.35 million pounds) from 4.15 to 3.80 million pounds U3O8 due to re-categorizing of  resources within Mine Unit 1 and the planned second mine unit; and
  • Inferred resources increased by 65% (+1.87 million pounds) from 2.87 to 4.74 million pounds U3O8

Mr. John Cash, Vice President Regulatory Affairs, Exploration, and Geology, stated, We are pleased to be able to continue demonstrating the expandability of our flagship production property resource.  The close spaced drilling in Mine Unit 1 has resulted in a significant increase in the area’s resource base.  Those resources are now developed and available for extraction by in-situ recovery methods.  Furthermore, the wide spaced drilling at LC East has greatly increased the inferred resources and improved our understanding of the geologic systems on the Lost Creek Property.  This new knowledge will be applied as we advance the Project and Property with additional drilling in the future.”

The Lost Creek Property consists of six contiguous Project Areas totaling over 40,000 acres (see map).  Uranium production in MU1 of the Lost Creek Project started in August 2013.

 

 

A summary table providing details of the newly updated Lost Creek Property resource follows.

 

LOST CREEK PROPERTY RESOURCE SUMMARY




 

 

 

 

 

 

 

 

 

 

MEASURED

 

INDICATED

 

INFERRED

PROJECT

AVG GRADE

SHORT TONS

POUNDS

 

AVG GRADE

SHORT TONS

POUNDS

 

AVG GRADE

SHORT TONS

POUNDS

 

% eU3O8

(X 1000)

(X 1000)

 

% eU3O8

(X 1000)

(X 1000)

 

% eU3O8

(X 1000)

(X 1000)

LOST CREEK

0.058

3,116.9

3,589.9

 

0.052

2,350.1

2,443.9

 

0.057

1,836.4

2,085.3

LC EAST

0.054

1,175.3

1,260.3

 

0.040

1,689.3

1,360.8

 

0.046

1,665.8

1,533.0

LC NORTH

-----

-----

-----

 

-----

-----

-----

 

0.049

489.1

481.6

LC SOUTH

-----

-----

-----

 

-----

-----

-----

 

0.042

710.0

602.6

LC WEST

-----

-----

-----

 

-----

-----

-----

 

0.109

17.2

37.4

EN

-----

-----

-----

 

-----

-----

-----

 

-----

-----

-----

GRAND TOTAL

0.057

4,292.2

4,850.2

 

0.048

4,039.4

3,804.7

 

0.051

4,718.4

4,739.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MEASURED + INDICATED =

8,331.6

8,654.9

 

 

 

 

                           

Notes:

1.     Sum of Measured and Indicated tons and pounds may not add to the reported total due to rounding.

2.     Mineral resources that are not mineral reserves do not have demonstrated economic viability.

3.     Based on grade cut-off of 0.02 percent eU3O8 and a grade x thickness cut-off of 0.3 GT.

4.     Typical ISR industry practice is to apply a GT cut-off in the range of 0.3 which has generally been determined to be an economic cut-off value.  This 0.3 GT cut-off was used in this evaluation without direct relation to an associated price.

5.     Measured, Indicated, and Inferred Mineral Resources as defined in Section 1.2 of NI 43-101 (the CIM Definition Standards). 



The increase in resource for MU1 is the result of a total of 1,036 holes drilled for the installation of production wells.  This new close spaced drilling revealed that mineralization is thicker, of higher grade and more extensive than previously estimated, resulting in an increase within the mine unit of 671,655 pounds in the Measured category.  As a result, the average grade for MU1 increased from approximately 0.055% to 0.066% eU3O8.  With that knowledge and experience, the resource estimation criteria were reviewed and revised slightly to provide resource estimates more consistent with the results seen in initial production drilling.   Using the revised criteria, the resources for all the Project areas were re-examined and revised where necessary.

A total of 180 exploration/delineation holes and 26 regional monitor wells were drilled and installed at the LC East Project in support of permitting.  The data obtained during this drilling are the basis for a 38,200 pound increase in measured and indicated resources and a 717,700 pound increase in the inferred category resources.  The Company has identified five areas containing resources on the LC East Project.  The general locations of the oxidation/reduction boundaries at LC East are known and there is potential for resource expansion through additional drilling both between the resource areas and within the resource areas.

Mr. Steve Cutler, a Geologist with Rough Stock Mining, P.Geo. and SME Registered Member, and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Cutler has verified the sampling, analytical and test data underlying the Mineral Resource estimate disclosed in this news release.  A review by an independent party is necessary to comply with Canadian National Instrument 43-101 “Standards of Disclosure for Mineral Projects” which requires an independent review when the total mineral resource increases by more than 100% since the last independent review.  Since the March 2011 mineral resource estimate disclosure, Ur-Energy has recognized increased mineral resources at the Lost Creek Property as follows:

  • Measured and Indicated resources have increased by 65% (3.43 million pounds) from 5.22 to 8.65 million pounds U3O8; and
  • Inferred resources increased by 505% (3.96 million pounds) from 0.78 to 4.74 million pounds U3O8.

The April 30, 2012 Preliminary Economic Assessment of The Lost Creek Property is currently being updated to incorporate the increase in resources and new economic data.  Preliminary results are consistent with the sensitivities provided in the April 30, 2012 Assessment.  The resulting NI 43-101 compliant update will be filed in a Preliminary Economic Assessment on SEDAR within 45 days.

About Ur-Energy

Ur-Energy is a junior uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming.  The Lost Creek processing facility has a two million pounds per year nameplate capacity with a one million pound annual rate planned from the mining areas at Lost Creek.  Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario.  Ur-Energy’s website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Director IR/PR

 

Wayne Heili, President and CEO

303-269-7707  

 

307-265-2373

866-981-4588     

 

866-981-4588

Click here to email Rich     

 

Click here to email Wayne
 

Cautionary Note to U.S. Investors Concerning Resource Estimates

This press release uses the terms “measured mineral resource,” “indicated mineral resource” and “inferred mineral resource.”  The Company advises US investors that while these terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them.  US investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves.  “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their legal and economic feasibility.  It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.  Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases.  US Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically minable.

Cautionary Note Regarding Forward-Looking Information

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., further development of the resources to be a part of production at Lost Creek; the potential to develop additional resources at the Lost Creek Property; the amenability of certain of the resources to in situ recovery methods; and, the technical and economic viability of the Lost Creek Project) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

Monday
Nov112013

Ur-Energy to Present at Cowen and Company 4th Annual Global Metals, Mining & Materials Conference

Littleton, Colorado (PR Newswire – November 11, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG)  (“Ur-Energy” or the “Company”) announced today that Jeffrey Klenda, Chairman, will speak at the Cowen and Company 4thAnnual Global Metals, Mining & Materials Conference in New York on Wednesday, November 13, 2013 at 11:30 a.m. ET.  Mr. Klenda will be available for one-on-one meetings before and after the presentation. 

Presentation materials will be available in the Investor Info section at the Company’s website:  www.ur-energy.com.                                                                                              

About Ur-Energy

Ur-Energy is a dynamic junior mining company operating the Lost Creek in-situ recovery (ISR) uranium facility in south-central Wyoming.  The Lost Creek processing facility will have a two million pounds per year nameplate capacity.  Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. In addition, Ur-Energy’s project pipeline is supported by an extensive, valuable exploration database and intensive analysis programs, providing for great exploration and development potential.  Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario.  Ur-Energy’s website is www.ur-energy.com.

 

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Director IR/PR

 

Wayne Heili, President and CEO

303-269-7707  

 

307-265-2373

866-981-4588     

 

866-981-4588

Click here to email Rich     

 

Click here to email Wayne

 

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies.  Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

 

Tuesday
Oct292013

Ur-Energy Reports Third Quarter 2013 Results

Littleton, Colorado (PR Newswire – October 29, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG)  (“Ur-Energy” or the “Company”) announces it has filed the Company’s unaudited Interim Consolidated Financial Statements and Management’s Discussion & Analysis, for the periods ended September 30, 2013, with Canadian securities authorities on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at http://www.sec.gov/edgar.shtml.  These filings may also be accessed on the Company’s website at www.ur-energy.com

 

About Ur-Energy

 
Ur-Energy is a dynamic junior mining company operating the Lost Creek in-situ recovery (ISR) uranium facility in south-central Wyoming.  The Lost Creek processing facility will have a two million pounds per year nameplate capacity.  Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. In addition, Ur-Energy’s project pipeline is supported by an extensive, valuable exploration database and intensive analysis programs, providing for great exploration and development potential.  Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario.  Ur-Energy’s website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Director IR/PR

 

Wayne Heili, President and CEO

303-269-7707  

 

307-265-2373

866-981-4588     

 

866-981-4588

Click here to email Rich     

 

Click here to email Wayne

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies.  Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

Click here for PDF of this News Release

Thursday
Oct242013

Ur-Energy Closes US$34,000,000 State Bond Loan, Retires Earlier Debts and Provides Lost Creek Update

Littleton, Colorado (PR Newswire – October 24, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur‑Energy” or the “Company”) is pleased to announce that the Company, through its wholly-owned subsidiary Lost Creek ISR, LLC, has closed the previously announced US$34 million Sweetwater County,  State of Wyoming, Taxable Industrial Development Revenue Bond (the “State Bond Loan”). 

The State Bond Loan calls for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis commencing January 1, 2014.  The principal is payable in 28 quarterly installments which do not commence until January 1, 2015.  The loan matures in October 2021.  The State Bond Loan is secured by the assets of the Lost Creek Project.  Closing and other fees and expenses for the State Bond Loan totaled approximately 2.3% of the loan amount.

Ur-Energy President and CEO Wayne Heili said, “I am very pleased to announce the successful completion of this funding.   It is a testament to the viability of the Lost Creek project that it can stand up to the State’s lengthy and rigorous due diligence process.  Converting the Company’s debt instruments to the more favorable State Bond Loan provides a manageable debt service schedule that will serve the Company and its shareholders well.  Ongoing operations at the Lost Creek Project will provide Ur-Energy with the opportunity to advance its Wyoming growth strategy.”  Heili added, “I would like to thank the Sweetwater County Commissioners for their demonstrated support of the Lost Creek Project as well as Governor Matt Mead, State Treasurer Mark Gordon and the Wyoming Business Council. Their determination to utilize this State program, which is funded by the State’s Permanent Mineral Trust Fund, for our Lost Creek uranium project demonstrates the current administration’s dedication to our State’s energy economy.  As a productive part of that economy, Ur-Energy and its 75 Wyoming employees exemplify the type of project the Industrial Development Revenue Bond Program was designed for.”

The closing of the State Bond Loan permitted the retirement of the Company’s debts with RMB Australia Holdings Ltd. (“RMBAH”). The two RMBAH loan facilities served as interim financing to complete construction at Lost Creek and begin production uninterrupted while the State Bond Loan was advanced to closing.  The early repayment of the second loan facility triggered a rebate of half of the arrangement fee paid by the Company (US$450,000 credited) while half of the warrants issued in relation to that loan were also cancelled (1,500,400 warrants for common shares cancelled).  A portion of the RMBAH first loan facility remains available to the Company to be redrawn for specified purposes.  Roger Smith, CFO of Ur-Energy, stated, “We would again like to express our appreciation to RMB for its commitment to our project and company.  We look forward to working with this well-respected international banking partner on future opportunities.”

Lost Creek Production Update

The Company’s Lost Creek Project, which commenced production operations in August 2013, has now commissioned the first three header houses in Mine Unit 1 and all of the production circuits in the processing plant.  The first dried yellowcake (uranium oxide) was recently drummed and packaged at Lost Creek.  Additional details will be provided in the Company’s forthcoming quarterly financial reports.

   Finished yellowcake product from Lost Creek.  Lot 1 - Drum 1.

About Ur-Energy

Ur-Energy is a junior uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming.  The Lost Creek processing facility has a two million pounds per year nameplate capacity with a one million pound annual rate planned from the mining areas at Lost Creek.  Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario.  Ur-Energy’s website is www.ur-energy.com.

 

FOR FURTHER INFORMATION, PLEASE CONTACT

Rich Boberg, Director IR/PR                                                              Wayne Heili, President and CEO

303-269-7707                                                                                      307-265-2373

866-981-4588                                                                                      866-981-4588

Click here to email Rich                                                                      Click here to email Wayne

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., continued ramp-up of operations at Lost Creek; manageability of debt service; success of the company’s growth strategy) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.

Click here for a PDF of this News Release