Exhibit
99.1
Ur-Energy
to Discuss Q3 Activities - Webcast Tomorrow
Denver, Colorado (Marketwire –
November 12, 2008) Ur-Energy
Inc. (TSX:URE) (NYSE Alternext US:URG) (“Ur-Energy” or the
“Company”) will have a webcast tomorrow, November 13, 2008 at 11:00 a.m. Eastern
Time to discuss the following activities that have taken place during the third
quarter 2008 and to date, as well as future objectives. A Q&A
session will follow management’s presentation.
Those
wishing to attend by phone can do so by calling:
| Dial In
Number |
888.713.4213 |
| International Dial
In Number |
617.213.4865 |
| Passcode |
76835622 |
This call
is being webcast by ThomsonReuters. Pre-registration and
participation access is available by visiting Ur-Energy’s website www.ur-energy.com, by
clicking here
or by copying the following URL into your web browser:
https://www.theconferencingservice.com/prereg/key.process?key=P6C7KR8FQ
The
webcast is also being distributed through the Thomson StreetEvents Network.
Individual investors can listen to the call at www.earnings.com. Institutional
investors can access the call via Thomson StreetEvents (www.streetevents.com),
a password-protected event management site.
Lost Creek
Project
Ur-Energy
has completed the 2008 drilling program at its Lost Creek
Project. The Company commenced drilling at the project site early May
2008 with an aggressive program designed to further delineate known resources,
explore the permit area for potential extensions of the main mineral trend and
to install the monitoring wells required for the first mine unit.
The 2008
scope of activities at Lost Creek involved drilling 459 drill holes for a total
of 303,040 feet (92,367 meters), which included delineation drill holes,
monitoring wells and exploration drill holes as follows:
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300
delineation holes within the proposed Mine Unit #1 area to provide
detailed information for mine
planning.
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Installation
of 46 monitor wells and 2 pump test wells for the first proposed mine
unit. These wells will be maintained long-term and will
eventually be utilized for production
monitoring.
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10
additional regional baseline monitoring wells were installed at the
request of the Wyoming Department of Environmental Quality
(“WDEQ”). The average well depth is approximately 380 feet (116
meters).
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99
exploration boreholes were drilled to test for potential extensions of
mineral trends in the area. Drill hole depths ranged from 600
to 1,200 feet for a total of approximately 91,675 feet (27,943
meters). Highlights of the exploration drilling program
included:
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Wide-spaced
drilling identified potential extensions of the main mineral trend to the
south; and,
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A
new roll front system was identified around 850 feet in depth that
included a drill intercept of 9.5 feet with a Prompt Fission Neutron
(“PFN”) value of 0.137% pU3O8.
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2
additional water supply wells were drilled, cased and
completed.
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The field
activities were conducted by Ur-Energy staff geologists and field
personnel. The program employed seven contract drill rigs throughout
the six-month drilling program. Two geophysical logging units were
also contracted to provide measurements of down-hole equivalent uranium
mineralization. These were complemented by the Company’s
PFN
logging truck, capable of providing down-hole chemical uranium measurements
referred to as pU3O8. The
Company also obtained core samples from several holes. Chemical
uranium analyses of the core samples will be used as referee and quality control
measurements to be compared to the down-hole logging measurements of
mineralization. Leach testing will also be conducted on selected core
samples. All wells were cased in accordance with WDEQ
guidelines and regulations. Likewise, all exploration and delineation boreholes
were properly plugged and permanently abandoned.
“The
successful completion of the 2008 drilling program at Lost Creek provides
another measure of the capabilities of the Ur-Energy team. It is a
great pleasure working with such a dedicated and competent technical group,”
stated Wayne Heili, Vice President of Mining and Engineering.
In
September, as a result of an announced extension to the proposed completion of
the Generic Environmental Impact Statement for In-Situ Leach Uranium Milling
Facilities (“GEIS”) as guided by the Nuclear Regulatory Commission (“NRC”), the
Company revised its expectation for issuance of Lost Creek’s NRC license from
second quarter 2009 to fourth quarter 2009. First production is now
anticipated to occur in the second half of 2010.
In early
November the NRC completed its initial Technical Review of the Lost Creek
Application for a Source Material License and provided a Request for Additional
Information. At this time, Ur-Energy is reviewing and assembling the
necessary responsive information to provide to the NRC. The Company
continues to work with the WDEQ in completing the Technical Review of the Lost
Creek Applications for an In Situ Permit to Mine and License to
Mine.
Lost Soldier Project and
Other U.S. Properties
The
Company’s engineering staff continues its evaluation of the Lost Soldier
Project. Detailed engineering and geologic studies are underway by in-house
personnel as part of the permitting and licensing applications
process.
Early
stage exploration drilling of 12 holes for a total of 11,370 feet (3,466 meters)
was completed at the EN project in August and early September. Roll
fronts and mineralization were identified in several horizons of
sandstones. In addition, over the summer, more than 746 miles (1,200
kilometers) of airborne geophysical surveys were completed in
Wyoming. The Company put its other U.S. properties, including LC
North and North Hadsell projects, on hold to further advance the development of
the Lost Creek Project. In September, the Company dropped exploration
lands in South Dakota (approximately 72,000 acres (29,137 hectares) while
maintaining in excess of 67,000 acres (27,114 hectares) in Wyoming and
Arizona. An in-house team of geologists continues to evaluate the
extensive well log and exploration database owned by the Company for generating
new exploration targets.
The
Bootheel Project, LLC (the “Bootheel Project”), in which Target Exploration
& Mining Corp. (“Target”) is earning into a 75% interest over a four-year
period, now covers a defined area of approximately 10,500 acres with the
completion earlier in 2008 of agreements for additional rights and leased lands.
In October, Target confirmed its completion of 93 drill holes for a 50,163 foot
(15,290 meter) drilling program. The purpose of the program was to
bring the historic resources into NI 43-101 compliance.
Trigon
Uranium Corp. (“Trigon”) tendered its resignation as a Member and Manager of the
Hauber Project LLC (the “Hauber Project”) effective August 1,
2008. Trigon contracted for several outside geologic and hydrologic
analytical projects which were completed and submitted during the first half of
2008. The contractors employed abundant historic data to define the
geologic setting and assess the potential of the Hauber Project for the recovery
of uranium through ISR mining methods. Further analysis of these
reports is underway by the Company.
Canadian
Properties
Several
targets were examined and prioritized during the 2008 summer program at the Bugs
Project located in the Baker Lake Basin, Nunavut. Radon sampling
techniques, prospecting and rock sampling were all utilized. This
work, completed in early August, led to interpreted areas of hydrothermal
alteration, elevated radioactivity and high radon flux. From late
August to mid-September 2008, a total of 2,905 feet (885 meters) of exploration
drilling consisting of six drill holes was completed. The program was
terminated early due to drilling equipment problems. Results of the
program are being evaluated by the Company’s Canadian Exploration office, and
drill core assays are pending.
The
Company continues its ongoing discussions with First Nations groups and
Aboriginal owned business corporations to secure an exploration agreement for
the Screech Lake Project in the Thelon Basin, Northwest Territories, which would
allow the Company to proceed with a re-filing of a drilling
proposal.
Other Corporate
Considerations
The
Company remains committed to exercising budgetary control to ensure its current
cash position of C$66 million is sufficient to move the Lost Creek Project into
production and to further develop the Lost Soldier Project. Ur-Energy
does continue, however, to review strategic opportunities that are presented as
a result of current market conditions.
On
November 7, the Company announced that its board of directors approved the
adoption of a shareholder rights plan (the “Rights Plan”) designed to encourage
the fair and equal treatment of shareholders in connection with any take-over
bid for the Company's outstanding securities. The Rights Plan is
intended to provide the Company’s board of directors with adequate time to
assess a take-over bid, to consider alternatives to a take-over bid as a means
of maximizing shareholder value, to allow competing bids to emerge, and to
provide the Corporation's shareholders with adequate time to properly assess a
take-over bid without undue pressure.
Although the Rights Plan will take
effect immediately, in accordance with the TSX requirements the Company will
seek approval and ratification by Ur-Energy shareholders at the next annual and
special meeting of shareholders to be held no later than six months from
November 7, 2008. If the Rights Plan is not ratified within the next six months,
the Rights Plan and all of the Rights outstanding will
terminate. [See press release dated November 7,
2008 for additional information. The Rights Plan, in its entirety, is
posted on SEDAR and EDGAR.]
W.
William Boberg, President and CEO, a Professional Geologist and 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 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 NYSE Alternext, formerly known as 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: |
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| |
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| Dani Wright,
Manager, Investor/Public Relations |
Bill Boberg,
President and CEO |
| 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 (e.g. production
rates, timetables and methods at Lost Creek; receipt of an NRC Source Material
License, WDEQ Permit and License to Mine; the Lost Creek production timeline and
the Company’s financial status; the completion and timing of
exploration programs, etc.) 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; 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.
Cautionary
Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred
Resources: The information presented uses the terms "measured", "indicated" and
"inferred" mineral resources. United States investors are advised that while
such terms are recognized and required by Canadian regulations, the United
States Securities and Exchange Commission does not recognize these terms. United
States investors are cautioned not to assume that all or any part of measured or
indicated mineral resources will ever be converted into mineral reserves. United
States investors are also cautioned not to assume that all or any part of an
inferred mineral resource exists, or is economically or legally
mineable.
