LITTLETON, Colo., Oct. 13, 2016 /CNW/ -- Ur-Energy Inc.
(NYSE MKT:URG, TSX:URE) (the "Company" or "Ur-Energy") is pleased
to provide the following operational results for third quarter 2016
and to advise that the Company will release its third quarter
results on October 28,
2016.
Highlights
Lost Creek
Operations
|
|
Units
|
2016 Q1
|
|
2016 Q2
|
|
2016 Q3
|
|
2016 YTD
|
|
|
|
|
|
|
|
|
|
U3O8 Captured
|
('000
lbs)
|
159.3
|
|
133.3
|
|
141.8
|
|
434.4
|
U3O8 Dried &
Drummed
|
('000
lbs)
|
173.8
|
|
130.3
|
|
145.9
|
|
450.0
|
U3O8 Sold
|
('000
lbs)
|
75.0
|
|
187.0
|
|
200.0
|
|
462.0
|
|
|
|
|
|
|
|
|
|
Average Flow
Rate
|
(gpm)
|
1,853
|
|
2,210
|
|
2,469
|
|
2,178
|
U3O8 Head Grade
|
(mg/l)
|
82
|
|
58
|
|
55
|
|
65
|
Lost Creek Uranium Production and Sales
For the
quarter, 141,774 pounds of U3O8 were captured
within the Lost Creek plant. 145,893 pounds of
U3O8 were packaged in drums and 149,540
pounds of drummed U3O8 inventory were shipped
out of the Lost Creek processing plant. At September 30, 2016, inventory at the conversion
facility was approximately 84,808 pounds of
U3O8. During the quarter, sales totaled
$9.5 million with contract sales of
200,000 pounds at an average price of $47.36 per pound. The Company will also recognize
$2.6 million of deferred revenue from
the first half of the assignment transaction that was completed in
2016 Q1. The second half will be recognized in 2016 Q4.
Production rates at Lost Creek during the quarter were within
the projected level of 140,000 to 170,000 dried and drummed
pounds. We continued to operate all Mine Unit 1 (MU1) header
houses throughout the quarter, including HH 1, which was first
brought online in August 2013. The
thirteenth and final originally-planned header house in MU1 was
brought online late in May. As previously reported, HH 13 and its
related patterns of production wells include certain refinements in
design and well completion techniques in an effort to increase
injectivity for even greater well performance. Results of HH 13's
operations continue to validate these refinements, which are now in
the process of being selectively applied to the other twelve header
houses within MU1. While leveling off, plant head grades from MU1
header houses continue to be higher than originally projected at
this phase of production.
The final general authorization for our Class V water treatment
system was received during the quarter. Pre-operational analyses
and tests are currently being concluded, after which the final,
operational approval will be given to commence use of the treatment
and disposal system. We expect operation of the Class V system to
commence during fourth quarter. In addition, routine plant and
wellfield maintenance continued as scheduled.
About Ur-Energy
Ur-Energy is a uranium mining company
operating the Lost Creek in-situ recovery uranium facility
in south-central Wyoming. The Lost
Creek processing facility has a two million pounds per year
nameplate design capacity. We have begun to submit applications for
permits and licenses to operate at our Shirley Basin Project.
Ur-Energy is engaged in uranium mining, recovery and processing
activities, including the acquisition, exploration, development and
operation of uranium mineral properties in the United States. Shares of Ur-Energy trade
on the NYSE MKT under the symbol "URG" and on the Toronto Stock
Exchange under the symbol "URE." Ur-Energy's corporate office is
located in Littleton, Colorado;
its registered office is in Ottawa,
Ontario. Ur-Energy's website is www.ur-energy.com.
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey Klenda, Chair and
Executive Director
866-981-4588
Jeff.Klenda@ur-energy.com
Cautionary Note Regarding Forward-Looking
Information
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., continuing results of Lost Creek operations; receipt
of final, pre-operational approval for the Class V system) 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; production rates, methods and amounts varying from
estimates; delays in obtaining or failures to obtain required
governmental, environmental or other project approvals; inflation;
fluctuations in commodity prices; delays in development and other
factors described in the public filings made by the Company at
www.sedar.com and www.sec.gov. 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.
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SOURCE Ur-Energy Inc.