Ur-Energy
Selects General Contractor for Plant Construction
Denver, Colorado (Marketwire –
November 4, 2009) Ur-Energy
Inc. (TSX:URE, NYSE Amex:URG) (“Ur-Energy” or “the Company”)
is pleased to announce the selection of a firm to serve as the General
Contractor in the construction of the process plant facilities at its Lost Creek
uranium project in Wyoming.
Bill
Boberg, Ur-Energy President & CEO, stated, “The selection of the General
Contractor for Lost Creek is an important step in implementing our plan to
optimize our schedule of putting Lost Creek into
production. Selecting the contractor at this time allows them the
time to be fully prepared to start construction as soon as we receive all of our
permits by mid 2010.”
Ur-Energy,
through its wholly owned subsidiary, Lost Creek ISR, LLC, has progressed
sufficiently with the permitting and regulatory process that it is proceeding
with its plans for construction of the process plant facilities at Lost
Creek. Following an extensive screening process, Fagen Inc.,
headquartered in Granite Falls, Minnesota, has been awarded the contract to
provide the General Contracting services to Lost Creek. This timely
selection of the General Contractor provides assurance that ample lead time
exists for the optimization and finalization of the purchasing and construction
schedules prior to the commencement of construction in mid
2010. Ur-Energy’s engineering group has already started the process
of purchasing long lead-time equipment items and finalizing bids for mid-term
and short lead-time items.
Fagen,
Inc. is a national industrial contractor with an excellent record of customer
satisfaction. They have been involved in hundreds of major projects
across the United States since 1988. Wayne Heili, Ur-Energy Vice President of
Mining & Engineering, stated, “Ur-Energy is very pleased to be
able to work with a firm with the vast experience of Fagen, Inc. to construct
our facilities at Lost Creek. Fagen’s proven track record over the
years will pay off for Ur-Energy as we move Lost Creek toward
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.
About Fagen,
Inc.
Fagen,
Inc. is
the largest, most respected merit shop green energy design-builder in the United
States. Utilizing a database of over 25,000 civil, mechanical, and electrical
direct-hire employees, Fagen, Inc. has constructed 60% of the ethanol production
capacity in the United States, multiple wind farms, and significant upgrades to
power plants. The unmatched standard for safety, quality, and service
has led Fagen, Inc. to be listed in the top 40 largest contractors in the United
States by Engineering News
Record. Information about Fagen, Inc. can be found by visiting www.fageninc.com.
FOR
FURTHER INFORMATION ABOUT UR-ENERGY, PLEASE CONTACT:
|
Dani
Wright-Jones, Investor/Public Relations
1-720-981-4588, ext. 242
1-866-981-4588
dani.wright@ur-energyusa.com
|
Bill
Boberg, President & CEO
1-720-981-4588, ext. 223
1-866-981-4588
bill.boberg@ur-energyusa.com
|
FOR
FURTHER INFORMATION ABOUT FAGEN, INC., PLEASE CONTACT:
Dave
Brymer, Estimator
1-970-879-8310
ext. 4208
dbrymer@fageninc.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.
