Lost
Creek Production Expectation Changed to 2010
Denver, Colorado (Marketwire –
September 10, 2008) Ur-Energy
Inc. (TSX:URE) (AMEX:URG) (“Ur-Energy” or the “Company”) is
providing an update to the Lost Creek Project permitting and production timeline
based on recently released licensing guidance from the U.S. Nuclear Regulatory
Commission (“NRC”).
The NRC
released updated guidance on its expected publication of a final Generic
Environmental Impact Statement for In-Situ Leach Uranium Milling Facilities
(“GEIS”) in a July 28, 2008 Federal Register notice (Vol.73, No.
145). In the notice, the NRC revised its expected publication date
from January 2009 to June 2009.
Ur-Energy
and other Wyoming near-term producers met with senior officials of the NRC in
early September to confirm how the revised GEIS completion date would impact the
timing of the issuance of licenses to presently pending applicants, including
Ur-Energy’s wholly-owned subsidiary Lost Creek ISR, LLC. As a result
of the meetings, Ur-Energy is revising its expectation for the issuance of the
Lost Creek Project’s NRC license from second quarter 2009 to fourth quarter
2009. First production from the Lost Creek Project is now anticipated
to occur in the second half of 2010.
Ur-Energy
President and CEO Bill Boberg stated, “Changes in the licensing program are
beyond our control. It is important to understand that this will
impact all early applicants equally and is not a reflection on Ur-Energy’s Lost
Creek application. We feel our application is still on track to be
among the first to achieve license approval from the NRC. While the
shift in our production timeline expectation is significant, I want to assure
our shareholders that Ur-Energy remains in a strong financial position and has
the technical expertise to advance Lost Creek to production. Our plan
is to immediately review and modify our internal budgets and cash flow models as
necessary to make certain that the Company’s C$69 million of cash on hand will
be sufficient to achieve production in 2010.”
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 and
exploration 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 completion date of the GEIS, issuance of NRC license, the Lost Creek
production timeline and permitting schedule as well as the Company’s financial
status. Factors that could cause actual results to differ materially from
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.
