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Wednesday
Sep252013

Ur-Energy’s Lost Creek Production Rate Exceeding Expectations

Littleton, Colorado (PR Newswire – September 25, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG)  (“Ur-Energy” or the “Company”) is pleased to provide an operational performance update for the Company’s recently opened Lost Creek uranium recovery project in Sweetwater County, Wyoming. 

The Lost Creek facility recently surpassed a daily recovery rate of 2,200 pounds of uranium oxide (U3O8), which is equivalent to an annualized production rate of over 800,000 pounds.  The process flow rate through the recovery plant circuits is currently sustained above 1,800 gallons per minute.  The flow is derived from three header houses in the first mine unit area.   Additional header houses will be brought on line when needed to sustain the targeted production rate.  The Company expects to commission the final process circuits in coming weeks and start shipping finished product from Lost Creek during the fourth quarter.  Total production for the period including August and September will be reported within the Company’s interim financial reports following the end of the quarter.  

Ur-Energy Vice President of Operations Steve Hatten commented, “Aspects of the Lost Creek Project are now functioning well above of the projected levels.  Ur-Energy’s Lost Creek team has brought a high level of commitment and dedication to the success of this project and results are now becoming apparent.”

 

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., timing and completion of commissioning and of ramp-up to nameplate production at Lost Creek, including the need for additional header houses in first mine unit area, and timing for shipment of finished product from Lost Creek) 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.

Thursday
Sep192013

Court Upholds BLM Record of Decision on Ur-Energy’s Lost Creek Project

Littleton, Colorado (PR Newswire – September 19, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG)  (“Ur-Energy” or the “Company”) has received an “Order Upholding Agency Action” from the U.S. District Court for Wyoming (the “Order”) which upholds the BLM’s Record of Decision authorizing the Company’s Lost Creek Project in Sweetwater County, Wyoming. 

On September 18, 2013, the U.S. District Court for Wyoming denied all relief sought by a Wyoming-based environmental group, which had challenged the Lost Creek Record of Decision issued by the BLM in October 2012.  (Company News Release, November 13, 2102)  Earlier, the Court denied the petitioner’s motion for preliminary injunction, which had sought to halt the ongoing construction and operations at the Lost Creek Project.  (Company Press Release, March 4, 2013)

Ur-Energy President and CEO Wayne Heili stated, “We are pleased to receive the Court’s confirmation of the BLM’s Record of Decision.  The Ur-Energy team again commends all of the local, state and federal agencies who worked diligently over the past several years reviewing permit applications and other submissions to confirm Lost Creek’s compliance with applicable environmental and safety regulations.”

In the 31-page Order denying all relief sought by the petitioner, the Court found that “[e]xtensive and exhaustive reviews of the potential environmental impacts of this Project . . . were undertaken by BLM, in conjunction with other State and Federal agencies.”  The Order confirms that the BLM’s decision to authorize the Lost Creek Project is in full compliance with federal law.

The Court’s decision comes as production activities at Lost Creek continue to come online after operational start-up last month, on August 2, 2013.

 

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 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”. 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., timing and completion of commissioning and of ramp-up to nameplate production at Lost Creek) 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.

Wednesday
Aug282013

Ur-Energy Closes US$15,000,000 Loan Facility 

Littleton, Colorado (PR Newswire – August 28, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur‑Energy” or the “Company”) is pleased to announce that the Company, and certain of its U.S. subsidiaries, closed on a US$15.0 million secured loan facility (the “Second Loan Facility”) with RMB Australia Holdings Ltd. (“RMBAH”) on August 27, 2013.  The Loan Facility is in addition to the previously-announced US$20.0 million facility with RMBAH, closed in June 2013 (the “First Loan Facility”).  (See News Release June 25, 2013).

The Second Loan Facility will provide additional working capital for operations of the Company’s flagship Lost Creek Project, which commenced production operations on August 2, 2013. 

Ur-Energy President and CEO Wayne Heili commented, “We are very pleased to announce the closing of this Second Loan Facility, and for the continued support of RMB Resources and RMB Australia.  RMB has decades of lending experience in the natural resources industries.  We are fortunate that such a well-respected international banking partner is demonstrating this commitment to our project and to our company.”

The Loan Facility includes the following terms:

  • scheduled repayments of principal commence March 2014 at the rate of US$750,000 per quarter, increase to US$1,800,000 per quarter in March 2016 following the final repayment of the First Loan Facility, and continue until the repayment term concludes on March 31, 2017;
  • an interest rate of LIBOR plus 7.5% per annum calculated quarterly;
  • an arrangement fee of 6.0% payable at closing, with 50% to be applied as a payment under certain circumstances;
  • issuance of 3,100,800 warrants with a five-year expiry, exercisable for 3,100,800 common shares of the Company at an exercise price of C$1.25, and other terms as set forth in the warrant certificate, of which 50% are cancellable under certain circumstances.  As with the First Loan Facility, proceeds from the exercise of warrants  during the term of the Second Loan Facility are to be used for payments on the facility;
  • repayment in full upon a closing of the State of Wyoming Industrial Development Bond Loan, or a payment of US$10,000,000 on or before March 31, 2014 under certain circumstances;  
  • customary security and other customary terms as set forth in the Second Loan Facility transaction documents.

The Company continues to work with the State of Wyoming and Sweetwater County to advance a US$34.0 million bond loan (the “Bond Loan”) through the State’s Industrial Development Bond program.  The Second Loan Facility will be repaid upon a closing of the Bond Loan.    

 

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 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”. 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., timing and ability to complete bond closing or other project financing; timing of completion of commissioning and ramp-up of operations at Lost Creek) 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.

Friday
Aug022013

Ur-Energy Begins Production Operations at Lost Creek

Littleton, Colorado (PR Newswire – August 2, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG)                 (“Ur-Energy” or the “Company”) is proud to announce that uranium production activities were initiated at its wholly-owned Lost Creek in-situ recovery project in south-central Wyoming on Friday August 2, after receiving notice of final operational clearance from the U.S. Nuclear Regulatory Commission.    

Wayne Heili, President and CEO, stated, “Today marks a seminal moment in the history of Ur-Energy.  Since the Company’s formation in 2004, our investors, management and staff have held persistently to the goal of creating economic growth opportunities through the identification, development and production of quality uranium deposits.  We are excited to initiate production operations for the Company at our flagship Lost Creek Project, marking the successful conclusion of eight years of development, regulatory and construction activities. Ur-Energy takes our responsibility to the environment, the public and our shareholders seriously, and our team is committed to diligently advancing the project.  I have nothing but praise for the Company’s management and staff whose talents, energy and dedication have made this milestone possible, and who will continue to make Ur-Energy successful in the years to come.”

Construction of the project facilities was fully authorized in October 2012. The Company engaged Wyoming-based general contractor Groathouse Construction for the build-out of the plant and other infrastructure facilities.  Since inception, Ur-Energy has invested over US$95 million in the acquisition, licensing and development of the Lost Creek Project.

 

Image: Ur-Energy’s Culver-Douglas Processing Plant at Lost Creek

 

Lost Creek currently employs approximately 60 full time workers.  During production an additional 40 contract workers will be employed on site.  The Company holds long-term sales contracts with several U.S. based nuclear utility companies, into which Lost Creek will make deliveries commencing in fourth quarter, 2013.  The uranium produced at the Lost Creek Project will ultimately become the fuel that provides clean energy for the nation’s power grid.

Additional photographs of the Lost Creek plant facility are available at our website:  www.ur-energy.com

About Ur-Energy

Ur-Energy is a junior uranium 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”. 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 (e.g., successful ramp up and advancement of operations at Lost Creek; ability to deliver into existing sales contracts and to complete additional sales contracts). 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
Jul302013

Ur-Energy Reports Second Quarter 2013 Results

Littleton, Colorado (PR Newswire – July 30, 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 June 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 junior uranium mining company currently constructing its first in-situ recovery (ISR) uranium mine in south- central Wyoming at its fully licensed and permitted Lost Creek project.  The Lost Creek processing facility will have two million pounds per year capacity and is anticipated to be in production in second half of 2013. Ur-Energy engages in the identification, acquisition, exploration and development 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 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 (e.g., timing of completion of construction and commencement of production operations at Lost Creek). 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