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Wednesday
Oct142015

Ur-Energy Provides 2015 Q3 Operational Results and Further Guidance

Littleton, Colorado (PR Newswire – October 14, 2015) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) reports the following operational results for third quarter 2015, and other recent developments, including the amendment of the Company’s Loan Facility with RMB Australia Holdings Ltd (“RMB”).  

Highlights

 

Lost Creek Uranium Sales and Operational Highlights

For the quarter, 172,282 pounds of U3O8 were captured within the Lost Creek plant; 176,850 pounds U3O8 were packaged in drums; and 184,380 pounds U3O8 of drummed inventory were shipped from the Lost Creek processing plant to the converter. We continued to build inventory during the quarter towards a sustainable level that will allow us to meet contractual commitments or make discretionary spot sales. At September 30, inventory at the conversion facility was just over 102,782 pounds U3O8.  Contract and spot sales from Lost Creek-produced U3O8 totaled 150,000 pounds at an average price of $56.39 per pound, for sales revenues of $8.46 million during the quarter. This is the eighth consecutive quarter of sales since operations began at Lost Creek. During the quarter, production was sourced from eleven header houses in the first mine unit; header house 11 was brought online in early September and construction is well underway on header house 12. After more than two years of operations, year-to-date plant head grades remained over 100 ppm despite having somewhat lower head grades in the third quarter. This is a typical result as mines mature and older operating patterns remain in the flow regime while newer patterns are brought online. This is also demonstrated through the quarter-over-quarter increasing average flowrates.    

During the quarter, our geology and exploration teams continued with the 150-hole exploration drill program, completing the program in September. With all initially-planned wells in the first mine unit installed, delineation drilling and drilling for wellfield development progresses in MU2. Further development of the resource estimates for the Lost Creek Property continues as the results of these two drilling programs are being analyzed. 

Renegotiation of RMB Loan Facility

The Company has amended the RMB loan facility to allow for the repayment of the revolver portion of the facility ($3.5 million) to be made in four quarterly installments commencing March 31, 2016 and  concluding December 31, 2016.  The revolver was previously required to be repaid in full on March 31, 2016.  The amendment to the facility does not affect the remaining payments on the primary loan facility, repayment of which will be concluded March 31, 2016.  Interest rates and other substantive loan facility terms are unchanged, and there were no financing costs associated with the amendment.

Roger Smith, Chief Financial Officer and Chief Administrative Officer stated, “We take pride in identifying innovative, non-dilutive, financial opportunities for the Company. Stretching the repayment of the remaining RMB debt over the four quarters of 2016 will assist the Company in properly balancing cash flows on a quarterly basis.  As always, we would like to extend our thanks to RMB for their continued support of the Company.”

Continuing Guidance for 2015 – 2016 and Beyond

The Q4 2015 production target for Lost Creek is to dry and drum between 180,000 and 210,000 pounds U3O8. Production at this level will permit delivery into our final 2015 term contract commitment, discretionary spot sales, and the continuing buildup of our inventory, with an estimated final production for 2015 within the previously-projected range of 750,000 to 850,000 pounds U3O8. Our production rate may be adjusted based on operational refinements, and indicators in the market, including uranium spot market and term pricing, and other factors.

Continuing with our plan to commit approximately 60% of our one million pound annual production capacity at Lost Creek into term contracts (~600,000 pounds), the Company has contractually committed 662,000 pounds during 2016, at an average price of $47.61 per pound. We have also established our delivery schedule for those commitments, with distribution throughout the year. From 2016 – 2020, these long-term commitments total in excesss of 2.8 million pounds, at an average price of $49.60 per pound. We have begun to make term agreements into the 2020s.

Ur-Energy Chairman Jeff Klenda observed, “Having made timely and complete deliveries into our term contracts for eight consecutive quarters, we have established our Lost Creek project as a reliable producer. Together with our market consultant, Jim Cornell, of NuCore Energy LLC, we have been very successful in developing a strong delivery book at well above current market prices. This serves to provide critical cashflow over the next fifteen months and through to the end of the decade, derisking our Company in a very uncertain market environment.”

About Ur-Energy

Ur-Energy is a 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 design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting and licensing of the project are currently being advanced. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” 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, Senior Director IR/PR

 

Jeffrey Klenda, Chairman, Executive Director

866-981-4588     

 

866-981-4588

Rich.Boberg@ur-energy.com

               

 

Jeff.Klenda@ur-energy.com

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., future results of operational activities at the Lost Creek facility; ability to meet production targets for fourth quarter, and to meet production targets related to contractual commitments in coming years; continuing ability to enter advantages term contracts) 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; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov/edgar.shtml. 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
Sep162015

Ur-Energy Confirms BLM EIS for Lost Creek and Lost Creek East

Littleton, Colorado (PR Newswire – September 16, 2015) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (“Ur-Energy” or the “Company”) confirms the Bureau of Land Management’s (BLM) Notice of Intent To Prepare an Environmental Impact Statement (EIS) for the Proposed Lost Creek Uranium In-Situ Recovery Project Amendments, Sweetwater County, WY.

The Amendment applications seek approval to:

  • Recover uranium via the in situ technique from the KM Horizon in essentially the same footprint as the            previously-approved Lost Creek Permit area. Increase the aerial extent of mining in the permitted HJ                Horizon.
  •  Recover uranium via the in situ technique from both the KM and HJ Horizons within the LC East area,              immediately adjacent to the permitted Lost Creek Project.
  •  Increase the overall production rate from 1.0 million pounds of U3O8 to 1.2 million pounds of U308 per              year from facility wellfields plus one million pounds of U308 per year from toll milling resin or slurry from            other off-site facilities. The resulting maximum production through the existing processing facility would            be 2.2 million pounds of U308 per year (up to 1.2 million from wellfields and up to 1.0 million from                    potential toll processing).

If approved, the proposed Amendment will increase the size of the facility to a total of approximately 642 acres which includes all existing and proposed facilities. The Amendment will allow continued development and production of additional resources within the currently permitted Lost Creek Project as well as the Lost Creek East area.  The U.S. Nuclear Regulatory Commission plans to participate in the NEPA process as a cooperating agency.

About Ur-Energy

Ur-Energy is a 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 design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting the project are nearing completion. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” 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, Senior Director IR/PR

 

Jeffrey Klenda, Executive Director

866-981-4588     

 

866-981-4588

 

Rich.Boberg@ur-energy.com

 

 

Jeff.Klenda@ur-energy.com

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., the timing and results of the permitting process for this amendment to the Lost Creek licenses and permitting) 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; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov. 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.

Tuesday
Sep012015

Ur-Energy to Present September 9 at the Rodman & Renshaw Global Investment Conference 

 

Littleton, Colorado (PR Newswire – September 1, 2015) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) announces that Jeffrey Klenda, Chairman and Executive Director, will present at the Rodman & Renshaw 17th Annual Global Investment Conference taking place September 8 – 10, 2015 in New York City.

Mr. Klenda will provide an overview of the Company’s business during the presentation and will be available to participate in one-on-one meetings with investors who are registered to attend the Conference.

Ur-Energy’s presentation will begin at 12:05 p.m. on Wednesday, September 9, 2015. The presentation will be in Iridium I (Lower Level) at the St. Regis Hotel, New York City.

Global Investment Conferences are held annually and are produced by Rodman and Renshaw. If interested in attending, register online at the Rodman & Renshaw Conference website at www.rodm.com or contact Lily Khaykina, Conference Manager, at 212-356-0529 or at LK@rodm.com.

About Ur-Energy

Ur-Energy is a 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 design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting the project are nearing completion. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” 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, Senior Director IR/PR

 

Jeffrey Klenda, Chairman & Executive Director

866-981-4588     

 

866-981-4588

 

Rich.Boberg@ur-energy.com

               

 

Jeff.Klenda@ur-energy.com

 

Wednesday
Aug192015

Ur-Energy to Present at the Midwest IDEAS Investor Conference August 27 in Chicago

Littleton, Colorado (PR Newswire – August 20, 2015) – Ur-Energy Inc. (NYSE MKT:URG, TSX:URE), today announced that Jeffrey Klenda, Chairman and Executive Director, will present at the Midwest IDEAS Investor Conference which is being held August 26 – 27, 2015 in Chicago, Illinois.

Mr. Klenda will provide an overview of the Company’s business during the presentation and will be available to participate in one-on-one meetings with investors who are registered to attend the Conference.

Ur-Energy’s presentation is scheduled to begin at 2:30 p.m. (CT) on Thursday, August 27, 2015 at the Hard Rock Hotel, Chicago. The presentation will be audio webcast live at http://wsw.com/webcast/threepa17/urg.

The IDEAS Investor Conferences are held annually in Boston, Chicago and Dallas and are produced by Three Part Advisors, LLC. If interested in attending or learning more about the IDEAS conferences, please contact Joe Noyons at 817-778-8424, jnoyons@threepa.com, or visit www.IDEASconferences.com.

 

About Ur-Energy

Ur-Energy is a 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 design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets acquired in 2013. Baseline studies necessary for permitting the project are nearing completion. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” 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, Senior Director IR/PR

    Jeffrey Klenda, Chairman & Executive Director

866-981-4588    

    866-981-4588

Rich.Boberg@ur-energy.com    

    Jeff.Klenda@ur-energy.com

Monday
Aug032015

Ur-Energy to Host 2015 Second Quarter Webcast and Teleconference on Tuesday, August 4, 2015

Littleton, Colorado (PR Newswire – August 3, 2015) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) will host a webcast and teleconference on Tuesday, August 4, 2015 at 11:00 AM Eastern Time. 

The Ur-Energy management team will provide a review of the 2015 second quarter operations and sales, corporate strategy and guidance. A Q&A session will follow the presentation. Those wishing to participate by phone can do so by calling:

US Number 1-877-226-2859  

Canada Number 1-866-605-3851

International Number 1-412-542-4134

Ask to be joined into the Ur-Energy call.

The call is being webcast by PR Newswire. The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by clicking here or by copying the following URL into your web browser:

https://www.webcaster4.com/Webcast/Page/1186/9654

If you are unable to join the call, a link will be available following the webcast on the Company’s website www.ur-energy.com.

 

About Ur-Energy

Ur-Energy is a 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 design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting and licensing of the project are currently being advanced. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” 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, Senior Director IR/PR

 

Jeffrey Klenda, Executive Director, Acting CEO

866-981-4588     

 

866-981-4588

Rich.Boberg@ur-energy.com

               

 

Jeff.Klenda@ur-energy.com