Ur-Energy
Announces New Venture
at
its Hauber Project with Bayswater Uranium
Denver, Colorado (Marketwire –
December 1, 2009) Ur-Energy
Inc. (TSX:URE, NYSE Amex:URG) (“Ur-Energy” or the “Company”)
is pleased to announce that Bayswater Uranium Corporation (TSX-V:
BAY)(“Bayswater”) has joined the Company’s wholly-owned subsidiary, Hauber
Project LLC (the “Hauber Project”), as an earn-in member and
Manager.
The
Company’s properties at the Hauber Project, in Crook County Wyoming, include 205
unpatented lode mining claims and one State of Wyoming Uranium Lease, for a
combined total of approximately 5160 acres. The properties occur in
an area of identified uranium occurrences in the Lakota and Fall River
formations, and are along the trend of the nearby historic Hauber mine, operated
by Homestake Mining from 1958 to 1966. During that period, Homestake
produced over 2.6 million pounds of U3O8 by
underground mining methods.
Pursuant
to the terms of the operating agreement, Bayswater has joined the Hauber Project
as the earn-in member and Manager, and can earn a 75% interest by incurring
eligible exploration expenditures of US$1 million dollars over a four-year
period. The first year’s expenditures will include at least two core
drill holes for the purpose of testing the in situ recovery (ISR) amenability
through selected mineralized zones.
Bill
Boberg, President and CEO of Ur-Energy, stated, “We are pleased Bayswater has joined
us at the Hauber Project, and look forward to the NI 43-101 resource report that
Bayswater has commissioned from International Nuclear. As with our
other strategic alliances, this relationship will allow us to advance our
exploration properties on multiple fronts, while maintaining the focus on
bringing our Lost Creek Project into production.”
Ur-Energy
successfully ventured its Bootheel and Buck Point properties in the Shirley
Basin Wyoming with Crosshair Exploration & Mining Corp, which earlier this
year completed its earn-in to The Bootheel Project, LLC, having incurred more
than US$3 million at the Bootheel property which included extensive drilling and
the successful completion of an NI 43-101 resource report.
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:
|
Investor/Public
Relations
info@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., completion
and timing of exploration programs at Hauber Project; risks associated with project
development; or
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.