Ur-Energy
Realizes US$1,000,000 Value from Sale of Historic Database
Denver, Colorado (Marketwire –
October 20, 2009) Ur-Energy
Inc. (TSX:URE, NYSE Amex:URG) (“Ur-Energy” or the “Company”)
announces the sale of one of its historic databases for
US$1,000,000.
The
Company completed the sale of the “Moorcroft Database” to Peninsula Minerals
Limited (“Peninsula”) (ASX:PEN) for US$1,000,000,
and a royalty on future production from a broad-ranging project area in the
Eastern Powder River Basin of Wyoming in which Peninsula reports that it
currently controls mineral rights and/or surface access rights over a combined
land holding of 23,400 acres, and that it is the dominant mineral rights holder
in the area. The Company obtained the Moorcroft Database as a part of
its acquisition of NFU Wyoming, LLC in 2005, which also included several other
historic databases.
Bill
Boberg, President and CEO, stated, “Ur-Energy geologists have been evaluating
the extensive historic databases owned by the Company on an ongoing basis, both
for purposes of generating new exploration targets and achieving value through
sales like this one to other companies who control the land
position. This in-house evaluation will continue for both
purposes. We are pleased to be able to assist Peninsula in moving
their project forward and will continue to work toward creating additional value
from our databases.”
The
Moorcroft Database originates from the NuBeth joint venture of the 1970s and
1980s between Nuclear Dynamics Inc. and Bethlehem Steel Corporation, and
contains drill data on more than 5,000 exploration and development drill
holes. Additionally, the database includes geologic maps, cross
sections and technical reports, as well as ISL pilot plant reports on the
permitting and commissioning of the historic pilot plant, to further Peninsula’s
work at its Lance project on a more efficient basis. Peninsula has
just announced that their review of some 1,780 historic holes in the Moorcroft
Database, which Peninsula had previously identified as having no data or being
barren, resulted in a re-evaluation of 657 holes as being
mineralized. Peninsula started conducting environmental baseline
studies on its Lance project in July 2009 and on October 6, 2009 submitted a
Notice of Intent with the US Nuclear Regulatory Commission that it intends to
file a license application for Source Material License for an in situ recovery
operation on or before December 1, 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 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., realizing
additional value from the Company’s historic databases or from the royalty
reserved on the sale of the Moorcroft Database) 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.
