Q1
2009 Update
Lost
Creek Production Schedule Remains Late 2010
Denver, Colorado (Marketwire –
May 6, 2009) Ur-Energy Inc.
(TSX:URE, NYSE Amex:URG) (“Ur-Energy” or “the Company”) is
pleased to announce that the permitting and engineering work for its Lost Creek
project is progressing and production is still targeted for late
2010.
Management
of Ur-Energy invites you to join them for a webcast at 11:00 AM Eastern Time,
tomorrow, Thursday, May 7, 2009, to update interested shareholders on its
quarterly activities. Instructions for joining the webcast are as
follows:
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Date: Thursday, May 7,
2009
Time: 11:00 AM Eastern
Time
Dial-In
Numbers: Toll
Free - 1-888-679-8037
International - 1-617-213-4849
Passcode: 88069589
Pre-Registration
for Webcast:
To
pre-register for the event use the following link:
https://www.theconferencingservice.com/prereg/key.process?key=PCCAPBT7B
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This call
is being webcast by ThomsonReuters and can be accessed at Ur-Energy’s website at
www.ur-energy.com. 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.
HIGHLIGHTS
Corporate
As of
March 31, 2009, the Company held cash and cash equivalents, and short-term
investments of C$59.1 million. Financial results for Q1 2009 were
released on SEDAR and EDGAR on April 30, 2009. Audited 2008 year-end
financial results were released on SEDAR and EDGAR on March 27, 2009 and the
Company held its Annual and Special Meeting of Shareholders on April 28,
2009. The results of the Annual and Special Meeting of Shareholders
were filed on SEDAR and EDGAR on April 30, 2009. The Company remains
committed to exercising budgetary control to allow its cash position to be
sufficient to move the Lost Creek project into production.
Essential
personnel continue to be added to the Ur-Energy team, placing Ur-Energy at the
top among the North American juniors in the uranium mining industry for having
assembled such an elite technical team. Ur-Energy is especially
pleased to announce the addition of two new employees who will be based out of
the Company’s Casper, Wyoming office. They are Sam Talbott, Chief
Geologist, and Dr. Charles Kelsey, Radiation Safety
Officer.
Bill
Boberg, President and CEO, stated, “I am thrilled to have these two quality
professionals join our team. Their extensive experience and skills fit
perfectly with our current team of very strong technical professionals and I
look forward to working with them as they help us bring our projects into
production and expand our property portfolio.”
Sam Talbott – Chief Geologist
– Sam comes from Uranium Energy Corp where he was the District Exploration
Manager for Wyoming. He has thirty years of experience in uranium
exploration and mining and four years in the coal bed methane
industry. His years of experience include having been Manager of
Exploration & Development with Mesteña Uranium; Senior Geologist for URI,
Inc.; Drilling Supervisor/Geologist in the coal bed methane industry; Well Field
Engineer for Crow Butte Resources, Inc. and Total Minerals Corporation; Chief
Geologist for Malapai Resources Company; and a Geologist for Tenneco Uranium
Corp. Sam has a B.S. in Geology from the University of Wyoming and a
B.A. in Earth Science and Biology from Chadron State College.
Dr. Charles Kelsey – Radiation
Safety Officer (RSO) – Chuck comes from the U.S. Army where he retired with the
rank of Lieutenant Colonel. He held the following positions during his 21 years
of service: Radiation Safety Officer for the Office of the Director of
Army Safety/Office of U.S. Army Chief of Staff; Chief, Radiation Safety
Division/Radiation Safety Officer; Chief, Medical Physics, Office of the Command
Surgeon, Radiation Protection Officer; Radiation Protection Officer/Chief,
Health Physics Office; Chief, Radiological Hygiene Branch and 7th Medical
Command Radiological Hygiene Consultant; Nuclear Medical Science Officer. Chuck
has the following Radiation Safety Training: RadAccidents Med Personnel,
Laser-RF Hazards, ABHP Exam Prep, Internal Dose Estimates, ABHP Exam Part II
Prep, AMEDD Rad Health Sciences, ABHP Exam Part II Prep, and passed Part I ABHP
Certification Exam. Chuck has a B.A. in Zoology, an M.A. in Biology, an
M.S. in Health Physics, and a Ph.D. in Botany/Plant Ecology. He will
initially be working out of our Casper office and will move to the Lost Creek
site when production begins.
Lost Creek
Project
The
Company continues to advance matters to obtain an NRC Source Material License
for the Lost Creek project. The Company submitted responses to all of
the NRC Technical Report Requests for Additional Information (“RAI”) during this
fiscal quarter. In March 2009, the NRC provided an RAI for the
Environmental Report portion of the Application for which the Company
anticipates submitting a complete response in the second quarter of 2009.
Ur-Energy expects to satisfactorily respond to all questions of the NRC in
advance of June 2009 when the Generic Environmental Impact Statement for In-Situ
Leach Uranium Milling Facilities (“GEIS”) is expected to be issued by the
NRC. Unless site specific issues are raised, with the aid of the
GEIS, the Company expects the NRC to complete the licensing action, and issue
the license, for the Lost Creek project within about three months of the GEIS
being issued. Ur-Energy anticipates the issuance of Lost Creek’s NRC Source
Material License in the fourth quarter 2009.
The
Company continues the effort to obtain a WDEQ Permit to Mine for the Lost Creek
project. On January 30, 2009, the WDEQ provided the Company a set of
Technical Review comments. Ur-Energy is currently in the process of
preparing responses for the WDEQ Technical Review. The Company
anticipates submitting its responses in the second quarter of
2009. Ur-Energy anticipates the issuance of Lost Creek’s WDEQ Permit
in the fourth quarter 2009.
Ur-Energy
is taking positive steps in the preparation of a Permit Application for future
waste water disposal wells to be located within the Lost Creek Permit
Area. The Company acquired detailed data including formation
stratigraphy, reservoir extent and properties, water quality
and
assessment
of well injection rates from a deep test well drilled in late
2008. The data set will be utilized to beneficially support a
second-quarter 2009 permit submittal.
The
Company continues the development program at the Lost Creek project site; the
first quarter program included:
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Drilling
and installation of 16 monitoring wells (11,770 feet – 3,586 meters) to
obtain and monitor baseline water quality for the purpose of permitting a
mineralized horizon (the KM horizon) underlying the horizon presently
being permitted for mining (the
HJ horizon)
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Completion
of groundwater sampling of an approximately 10,000 foot (3,048 meter) deep
test well
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Mechanical
integrity testing on the network of installed baseline and monitoring
wells and installed submersible pump equipment to facilitate ongoing water
sampling activities
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In the
first quarter of 2009, the Company’s engineering staff, assisted by TREC
Engineering, completed the detailed designs and specifications for all
components of the Lost Creek ISR Plant. Requests for quotations for
all major process equipment were prepared and solicited from vendors and
contractors. Bids are currently being evaluated and procurement will
be ongoing throughout 2009. Construction at the Lost Creek site is
planned to begin as soon as practical after receipt of the necessary
permits.
Bill
Boberg, President and CEO, stated “Our work effort on Lost Creek is continuing
as planned. We are still on track for getting into production during
Q4 2010 with the funds on hand and will be ordering the long lead time items for
the plant throughout 2009 to assure that required equipment will be available
when needed. In some regards we may be getting some advantage from
the current financial crisis with some bids already coming in below
budget.”
The Bootheel Project,
LLC
In
January 2009, Target Exploration & Mining Corp. (“Target”), the Manager of
The Bootheel Project, LLC, announced that it had completed the acquisition of
the final historic data package in behalf of the Bootheel
Project. The data package, purchased from Cameco Resources, comprises
geophysical and geological data from approximately 290,000 feet (88,390 meters)
of drilling carried out by Cameco, Kerr McGee and Uradco. The data
set is currently being compiled by Target's geological team and will be combined
with the results from more than 50,000 feet (15,240 meters) of drilling
completed by Target at the Bootheel property in 2008. This compilation will
allow Target to complete a National Instrument 43-101 resource estimate on the
Bootheel Project.
In
February 2009, Target issued 50,000 additional shares of its stock to Ur-Energy
to complete the stock-based earn-in obligations (third and fourth installments)
of the operating agreement of the Bootheel Project. Target is currently earning
a 75% interest in the Bootheel Project, LLC, which is currently owned 100% by
the Company. Effective March 31, 2009, Target became a wholly-owned subsidiary
of Crosshair Exploration & Mining Corp (TSX: CXX) through a Plan of
Arrangement.
W.
William Boberg, President and CEO of Ur-Energy, 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 Amex under the symbol “URG”. Ur-Energy’s
corporate office is located in Littleton, Colorado and its registered office is
in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.
FOR
FURTHER INFORMATION, PLEASE CONTACT:
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Dani
Wright-Jones, Manager, Investor/Public Relations
1-720-981-4588, ext.
242
1-866-981-4588
dani.wright@ur-energyusa.com
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Bill
Boberg, President and CEO
1-720-981-4588, ext.
223
1-866-981-4588
bill.boberg@ur-energyusa.com
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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; sufficiency of cash to fund capital
requirements; receipt of (and related timing of) an NRC Source Material License
and WDEQ Permit to Mine and other necessary permits related to Lost Creek;
procurement and construction plans, and the Lost Creek production
timeline; 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.
