Ur-Energy
Congratulates Crosshair Exploration and Mining on Completion
of
its Earn-In to The Bootheel Project, LLC
Denver, Colorado (Marketwire –
October 21, 2009) Ur-Energy
Inc. (TSX:URE, NYSE Amex:URG) (“Ur-Energy” or the “Company”)
offers the Company’s congratulations to Crosshair Exploration & Mining
Corporation (TSX:CXX, NYSE Amex:CXZ) (“Crosshair”) on its completion of earn-in
to a 75% interest in The Bootheel Project, LLC (“Bootheel Project”) in the
Shirley Basin Wyoming.
The
Bootheel Project was initially formed in 2007 with Target Exploration &
Mining Corp. (“Target”). Effective March 31, 2009, Target became a
wholly-owned subsidiary of Crosshair through a plan of
arrangement. Crosshair earned its 75% interest in the Bootheel
Project by spending US$3.0 million in exploration costs, and issuing 125,000
common shares of Target to the Company.
The
Bootheel Project comprises the Bootheel property and Buck Point property, and
currently covers defined areas of approximately 8,524 gross, and 7,895 net,
mineral acres (the statement of net mineral acres with regard to the Bootheel
property arises as a part of the 2008 agreements to which the lessor has a 75%
mineral interest). The properties of Bootheel Project cover an area
of known uranium occurrences within the Shirley Basin.
In
addition, Crosshair recently announced the results of an independent National
Instrument 43-101 mineral resource estimate on the Bootheel
property. This NI 43-101 resource estimate reports that the Bootheel
property contains an indicated resource of 1.09 million pounds U3O8 and an
inferred resource of 3.25 million pounds U3O8 at an
average grade of 0.037% U3O8.
Bill
Boberg, President and CEO, stated, “Crosshair has been a very diligent
partner, and we are very pleased with the work that they have been conducting on
the Bootheel Project. We congratulate them on the completion of the
earn-in on the project and look forward to working with them to advance the
project. We are also pleased that the Bootheel Project demonstrates
another example of how Ur-Energy continues to obtain value from historic
databases and other non-core assets.”
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., the completion and timing of
exploration programs including at Bootheel or Buck Point; risks associated with project
development; the need for additional financing) 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.
