Ur-Energy
Revises 2008 Lost Creek Drilling Information
Denver, Colorado (Marketwire –
August 20, 2008) Ur-Energy Inc.
(TSX:URE) (AMEX:URG) (“Ur-Energy” or the “Company”) announces
the following revisions to the Lost Creek drilling information provided in the
Company’s press release dated August 18, 2008.
The 2008
drilling program at Lost Creek is intended to complete several phases of work on
the project:
|
v
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Delineation
drill holes to better define the orebody within Mine Unit #1 for wellfield
planning.
|
|
v
|
Exploration
drilling to identify and define additional resources within the Lost Creek
project area.
|
|
v
|
Installation
of pump test and monitor wells for baseline and engineering data on Mine
Unit #1.
|
|
v
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Installation
of an additional water well.
|
The
following is the 2008 drilling completed through July 31st at Lost
Creek:
|
v
|
Of
the 400+ delineation and exploration drill holes planned for 2008, 278
have been completed for a total of 182,690 feet (54,988 meters) as
follows:
|
|
o
|
244
delineation holes (including 3 plant site condemnation holes),
and
|
|
v
|
48
new pump test and monitor wells were drilled through July. 29
wells have been cased already in August. The remaining casing
will be completed in the third
quarter.
|
|
v
|
1
additional water well was drilled.
|
“Although
information was missed inadvertently in our previous press release, I am pleased
that the revisions add to the already substantial amount of work that has been
done at Lost Creek,” stated Bill Boberg, Ur-Energy President and CEO. “The 2008
drilling program continues on schedule and is expected to conclude on time and
within budget.”
W.
William Boberg, President and CEO, a Qualified Person as defined by National
Instrument 43-101, supervised the preparation of the technical information
contained in this release.
About
Ur-Energy
Ur-Energy
is a uranium exploration and development company currently completing mine
planning and permitting activities to bring its Lost Creek Wyoming uranium
deposit into production while also planning and permitting a
two-million-pounds-per-year in situ uranium processing facility. Ur-Energy
engages in the identification, acquisition, exploration and development of
uranium properties in both Canada and the United States. Shares of Ur-Energy
trade on the Toronto Stock Exchange under the symbol "URE" and on the American
Stock Exchange under the symbol "URG". Ur-Energy's corporate office is located
in Littleton, Colorado USA and its registered office is in Ottawa, Ontario
Canada. Ur-Energy's website is www.ur-energy.com.
FOR
FURTHER INFORMATION, PLEASE CONTACT:
| Dani Wright,
Manager, Investor/Public Relations |
|
Bill Boberg, CEO and
President |
| 1-720-981-4588, ext.
242 |
|
1-720-981-4588, ext.
223 |
| 1-866-981-4588 |
|
1-866-981-4588 |
| dani.wright@ur-energyusa.com |
|
bill.boberg@ur-energyusa.com |
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. Such
statements include the schedule for the pump test and monitoring wells
to be cased
and the number of drill holes planned in 2008 for 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; 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.
