Ur-Energy’s
2009 Lost Creek Drilling Program Resumes
Denver, Colorado (Marketwire –
July 30, 2009) Ur-Energy Inc.
(TSX:URE, NYSE Amex:URG) (“Ur-Energy” or “the Company”) is
pleased to announce the continuation of the 2009 drilling program at the Lost
Creek Project. Following a successful winter drilling program in the
first quarter of 2009, the Company has returned to the field with three drill
rigs to complete additional delineation drilling.
In 2008,
the Company delineated Mine Unit #1 for engineering well field
design. During the first quarter of 2009, a limited drilling program
was conducted to place seventeen (17) regional baseline and KM horizon test
wells. Many of those wells were subsequently utilized while
conducting regional hydrology testing on the KM horizon in preparation of a
future license/permit amendment to include the KM horizon as an approved mining
formation.
The 2009
summer drilling program at Lost Creek commenced, as planned, on July 20. The
program is focused on delineation of ISR recoverable uranium resources within
the planned Mine Unit #2 area. A detailed 200 drill-hole program has
been designed to obtain the geologic and mineralization data necessary for mine
planning within the HJ horizon in Mine Unit #2. A secondary objective
of the program is to continue to collect data from the underlying mineralized
horizons (KM and N) for future production planning.
“Our plan is to have the first three
mine units at Lost Creek delineated and fully designed for well installation and
construction prior to the start of production in Mine Unit #1. That gives us the
necessary time to obtain the permits for future production units,” said
Harold Backer, Executive Vice President of Geology and Exploration. “Early delineation and planning are
key to continued production at the desired rate of one million pounds per year
at the Lost Creek Project.”
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
1-720-981-4588, ext. 242
1-866-981-4588
dani.wright@ur-energyusa.com
|
Bill
Boberg, President and CEO
1-720-981-4588, ext. 223
1-866-981-4588
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) 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.