LITTLETON, Colo., Aug. 2, 2018 /CNW/ -- Ur-Energy Inc. (NYSE
American:URG, TSX:URE) (the "Company" or "Ur-Energy") is
pleased to announce we are celebrating five years of production
operations at Lost Creek. The Company will host a webcast and
teleconference, Tuesday, August 7,
2018 to discuss the Company's operational results and
current events in the uranium industry, and to provide an update on
the Section 232 trade action.
Our flagship property, Lost Creek, began operations August 2, 2013 and, five years later, we have
produced, packaged and shipped more than 2.4 million pounds
U3O8 from the Project. We are fortunate
that our prolific first mine unit (MU1) permits us to
continue production from its 13 originally-planned header houses
after five years of operations in that mine unit. MU1 continues to
outperform expectations with nearly 92% recovered through Q2 –
2018. In recent months, having brought online the initial three
header houses in our second mine unit (MU2), we have increased
flowrates, and therefore production rates, returning to a daily
production rate at Lost Creek of approximately 900-1,000 pounds
U3O8. These first three of at least 13
planned header houses in MU2 have performed very well, exceeding
budgeted expectations in flow and headgrade. The first of the three
has already recovered approximately 80% of the underpattern
resources in only 10 months. The other two are operating at similar
rates. This can be attributed to both an excellent project orebody
as well as production system modifications allowing for more
uniform flows from patterns.
We look forward to improved uranium market conditions in order
to ramp up to nameplate production, and have maintained operational
readiness to do so. We have retained our experienced core
personnel at the Lost Creek site to be prepared for increased
production operations. The remainder of MU1 and MU2, which still
hold nearly 4.5 million pounds of an estimated mineral resource,
are permitted and ready for construction and operation when the
time is appropriate. These areas are exclusive of an additional 10
mine units detailed in the Lost Creek Property Preliminary Economic
Assessment (February 2016).
We are pleased that the Department of Commerce (the
"Department") initiated the investigation into the effects of
uranium imports on national security and the uranium mining
industry, as that investigation and resulting remedial measures are
even more important to our industry now than six months ago when we
and Energy Fuels Resources (USA)
Inc. filed the Section 232 Petition requesting the intervention of
the Department.
We will provide an update on our production operations, the
current state of the uranium industry and the Section 232 trade
action at our upcoming webcast and teleconference. The webcast and
teleconference will be held Tuesday, August
7, 2018 at 9:00 a.m. MT /
11:00 a.m. ET to provide an
operational update. A Q&A session will follow the
presentation.
Those wishing to participate by phone can do so by calling:
US Toll-free Number
1-877-226-2859
Canada Toll-free
Number 1-855-669-9657
International Number
1-412-542-4134
Ask to be joined into the Ur-Energy call.
The call is being webcast by PR Newswire. The webcast can be
accessed 10 minutes prior to the call. Pre-registration and
participation access is available by clicking here or by copying
the following URL into your web browser:
https://www.webcaster4.com/Webcast/Page/1186/26948.
If you are unable to join the call, a link will be available
following the webcast on the Company's website
www.ur-energy.com.
Mr. James Bonner, Ur-Energy
Vice President Geology, Certified Professional Geologist, American
Institute of Professional Geologists, and a Qualified Person as
defined by NI 43-101, has reviewed and approved the technical
disclosure contained in this news release.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek
in-situ recovery uranium facility in south-central
Wyoming. We have produced,
packaged and shipped more than 2.4 million pounds
U3O8 from Lost Creek since the commencement
of operations. Applications are under review by various agencies to
incorporate our LC East project area into the Lost Creek permits,
and 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 American under
the symbol "URG" and on the Toronto Stock Exchange under the symbol
"URE." Ur-Energy's corporate office is 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 CEO
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., results of
Lost Creek production, including whether mine unit two continues to
perform and realize production results similar to mine unit one;
when the uranium markets will improve, and whether anticipated
ramp-up of Lost Creek operations will proceed smoothly; the outcome
of the Department of Commerce Section 232 investigation, including
whether the Secretary of Commerce will make a recommendation to the
U.S. President, and the nature of the recommendation, whether the
President will act on the recommendation and, if so, the nature of
the action and remedy and the expected impacts of any remedial
measures on U.S. production and the U.S. uranium mining industry)
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; changes in exchange rates; 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.
View original content with
multimedia:http://www.prnewswire.com/news-releases/ur-energy-celebrates-five-years-of-lost-creek-operations-and-announces-webcast-and-teleconference-august-7-2018-300691530.html
SOURCE Ur-Energy Inc.