Lost
Creek Makes Significant Progress on Permitting
Denver, Colorado (Marketwire –
November 9, 2009) Ur-Energy
Inc. (TSX:URE, NYSE Amex:URG) (“Ur-Energy” or “the Company”)
is pleased to announce favorable progress in the ongoing permitting process for
its Lost Creek uranium project in Wyoming. Ur-Energy, through its
wholly owned subsidiary, Lost Creek ISR, LLC “Lost Creek ISR” continues to make
significant progress on the permitting front.
Wayne
Heili, Vice President of Mining & Engineering, noted, “Ur-Energy’s professional staff is
executing a well coordinated effort to permit, build and start production from
our advanced stage development project at Lost Creek. Our team
is pursuing all available
pathways that support our aggressive construction and development plans for the
project. Further, our focused effort to obtain all the required
licenses and permits is clearly yielding results.”
The
Nuclear Regulatory Commission (NRC) is required to complete two reports, the
Safety and Environmental Report (SER) and the Supplemental Environmental Impact
Statement (SEIS), prior to issuing a Source Material License. NRC
staff has informed the Company that there are currently no outstanding requests
for additional information and that NRC staff is presently drafting the Safety
and Environmental Report. The NRC has also confirmed that it is on
schedule with the development of the Supplemental Environmental Impact Statement
for the Lost Creek Project. Issuance of the license remains on track
for June 2010.
The
permitting process with the Wyoming Department of Environmental Quality (WDEQ)
is also nearing completion with the submittal of significant responses to WDEQ
comments during October. Lost Creek ISR intends to respond to a few
remaining questions as well as submit the data package for the first mine unit
in the coming weeks. Issuance of the WDEQ Permit to Mine is expected
well in advance of receiving the NRC license.
The
Bureau of Land Management (BLM) has determined that its project review and
approval will be independent of the environmental review process carried out by
the NRC. In response to this decision, Lost Creek ISR submitted a
Plan of Operations to BLM in October 2009. BLM has appointed a
coordinator for the review process and the review is scheduled to begin
immediately.
Several
other permit applications, including the Sweetwater County Development Plan, Air
Quality application, and Class I UIC Disposal Well application are under review
by the respective agencies with approvals expected before the end of
2009.
Bill
Boberg, President & CEO, stated, “We started this permitting process
four years ago knowing that it would be a demanding process. The
regulatory agencies have taken a significantly more rigorous approach than in
the past and our highly professional staff has been task-driven to assure that
we fully satisfy the requirements of the agencies. We are very
pleased where we are at this stage in the process now that we can see that the
finish line for Ur-Energy is more clearly defined than it has been for some
time.”
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 all other necessary permits related to
Lost Creek, including
without limitation those referred to in this release; procurement and construction
plans, and the Lost Creek production timeline) 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
