FORM
51-102F3
MATERIAL
CHANGE REPORT
|
1.
|
Name
and Address of Company
|
Ur-Energy
Inc.
40 Elgin
Street, Suite 1400
Ottawa,
Ontario K1P 5K6
|
2.
|
Date
of Material Change
|
May 29,
2009
|
3.
|
News
Release
|
Attached
as Schedule A is a copy of the news release issued by Ur-Energy Inc. (the
“Corporation” or “Ur-Energy”) on May 29, 2009 at Denver, Colorado via
Marketwire.
|
4.
|
Summary
of Material Change
|
Ur-Energy
received new guidance from the Nuclear Regulatory Commission (NRC) concerning
the NRC’s schedule for the first three pending applications for In Situ Recovery
(ISR) operations which includes the Corporation’s application for its Lost Creek
Project. The Corporation expects that this new guidance will have minimal effect
on timing for the start of construction and commencement of production at its
Lost Creek Project.
All
pending ISR applications with the NRC have all been tied to the ISR Generic
Environmental Impact Statement (GEIS), which was originally scheduled for
publication in January 2009 and is now scheduled for formal release in early
June 2009. The intent of the NRC is to use the ISR GEIS to more
efficiently process the many applications that the NRC has been expecting to
receive for new ISR operations. Originally, the NRC planned on
tiering site-specific Environmental Assessments (EA) for each application off
the ISR GEIS and expected that licenses could be issued within a few months of
publication of the GEIS. The NRC has now determined that it will
complete a site-specific Supplemental Environmental Impact Statement (SEIS) for
each of the ISR applications rather than an EA. The additional
requirements for completing an SEIS for each application has necessitated a new
NRC schedule which calls for completion of an SEIS for each of the first three
pending applications by April 2010 and probable issuance of licenses by June
2010.
|
5.
|
Full
Description of Material Change
|
Ur-Energy
received new guidance from the Nuclear Regulatory Commission (NRC) concerning
the NRC’s schedule for the first three pending applications for In Situ Recovery
(ISR) operations which includes the Corporation’s application for its Lost Creek
Project. The Corporation expects that this new guidance will have minimal effect
on timing for the start of construction and commencement of production at its
Lost Creek Project.
All
pending ISR applications with the NRC have all been tied to the ISR Generic
Environmental Impact Statement (GEIS), which was originally scheduled for
publication in January 2009 and is now scheduled for formal release in early
June 2009. The intent of the NRC is to use the ISR GEIS to more
efficiently process the many applications that the NRC has been expecting
to
receive
for new ISR operations. Originally, the NRC planned on tiering
site-specific Environmental Assessments (EA) for each application off the ISR
GEIS and expected that licenses could be issued within a few months of
publication of the GEIS. The NRC has now determined that it will
complete a site-specific Supplemental Environmental Impact Statement (SEIS) for
each of the ISR applications rather than an EA. The additional
requirements for completing an SEIS for each application has necessitated a new
NRC schedule which calls for completion of an SEIS for each of the first three
pending applications by April 2010 and probable issuance of licenses by June
2010.
Official
NRC correspondence stated, “The schedule adjustments are being
made since NRC plans, to more clearly meet the requirement for completing an EIS
for new ISR facilities and in response to public concerns, to issue supplemental
environmental impact statements (SEIS) rather than environmental assessments
(EA), for new in situ uranium recovery applications. I’d like to
stress that while this expected revision is a change to the original strategy
and there are some impacts to the schedule, the overall strategy provides for
more certainty in the schedule for completion. Specifically, the revision
eliminates the potential for unanticipated schedule delays due to having to
complete an EIS when significant effects are determined from an EA and provides
a more solid basis for decision-making.”
Bill
Boberg, President & CEO of the Corporation stated, “While this decision of the NRC
extends our timeline for the receipt of our license we recognize that the NRC is
being cautious and trying to ensure that all licenses granted for new ISR
operations in the US will be based on solid engineering, scientific,
environmental and legal foundations. We are taking steps to mitigate
the potential for extending our production timeframe beyond that set for Q4 2010
and have determined that we should be able to be in production within only a few
months beyond our current plans, keeping us essentially within our original
budget and enabling us to reach production with funds currently on
hand. Our Q4 2010 production timeframe was already based on
commencing construction in the spring of 2010 and not Q4 2009 because of the
potential for severe winter weather at the site. As a result, this
schedule change of the NRC only affects the timing of our license issuance but
does not significantly change the timing for the start of construction or
commencement of production.”
|
6.
|
Reliance
on subsection 7.1(2) or (3) of National Instrument
51-102
|
Not
applicable.
|
7.
|
Omitted
Information
|
Not
applicable.
|
8.
|
Executive
Officer
|
|
Paul
G. Goss
General
Counsel & Corporate Secretary
Ur-Energy
Inc.
10758
W. Centennial Road, Suite 200
Littleton,
Colorado 80127
Telephone:
(720) 981-4588
|
9. Date
of Report
June 1, 2009
Schedule
A
 |
Nuclear
Regulatory Commission Adds New Schedule Requirements
for
Early In Situ Recovery Applications
Denver, Colorado (Marketwire –
May 29, 2009) Ur-Energy Inc.
(TSX:URE, NYSE Amex:URG) (Ur-Energy or the Company) has
received new guidance from the Nuclear Regulatory Commission (NRC) concerning
the NRC’s schedule for the first three pending applications for In Situ Recovery
(ISR) operations which includes the Company’s application for its Lost Creek
Project. The Company expects that this new guidance will have minimal effect on
timing for the start of construction and commencement of production at its Lost
Creek Project.
The
pending ISR applications with the NRC have all been tied to the ISR Generic
Environmental Impact Statement (GEIS), which was originally scheduled for
publication in January 2009 and is now scheduled for formal release in early
June 2009. The intent of the NRC is to use the ISR GEIS to more
efficiently process the many applications that the NRC has been expecting to
receive for new ISR operations. Originally, the NRC planned on
tiering site-specific Environmental Assessments (EA) for each application off
the ISR GEIS and expected that licenses could be issued within a few months of
publication of the GEIS. The NRC has now determined that it will
complete a site-specific Supplemental Environmental Impact Statement (SEIS) for
each of the ISR applications rather than an EA. The additional
requirements for completing an SEIS for each application has necessitated a new
NRC schedule which calls for completion of an SEIS for each of the pending
applications by April 2010 and probable issuance of licenses by June
2010.
Official
NRC correspondence stated, “The schedule adjustments are being
made since NRC plans, to more clearly meet the requirement for completing an EIS
for new ISR facilities and in response to public concerns, to issue supplemental
environmental impact statements (SEIS) rather than environmental assessments
(EA), for new in situ uranium recovery applications. I’d like to
stress that while this expected revision is a change to the original strategy
and there are some impacts to the schedule, the overall strategy provides for
more certainty in the schedule for completion. Specifically, the revision
eliminates the potential for unanticipated schedule delays due to having to
complete an EIS when significant effects are determined from an EA and provides
a more solid basis for decision-making.”
Bill
Boberg, President & CEO stated, “While this decision of the NRC
extends our timeline for the receipt of our license we recognize that the NRC is
being cautious and trying to ensure that all licenses granted for new ISR
operations in the US will be based on solid engineering, scientific,
environmental and legal foundations. We are taking steps to mitigate
the potential for extending our production timeframe beyond that set for Q4 2010
and have determined that we should be able to be in production within only a few
months beyond our current plans, keeping us
essentially within our original budget and enabling us to reach production with
funds currently on hand. Our Q4 2010 production timeframe was already
based on commencing construction in the spring of 2010 and not Q4 2009 because
of the potential for severe winter weather at the site. As a result,
this schedule change of the NRC only affects the timing of our license issuance
but does not significantly change the timing for the start of construction or
commencement of production.”
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:
|
Dani
Wright-Jones, 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; 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, 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.