LITTLETON, Colo., Oct. 15, 2018 /PRNewswire/ -- Ur-Energy
Inc. (NYSE American:URG) (TSX:URE) (the "Company" or
"Ur-Energy") is pleased to provide the following operational
results for Q3 2018.
Highlights
Lost Creek
Operations
|
|
Units
|
2018
Q1
|
|
2018
Q2
|
|
2018
Q3
|
|
2018
YTD
|
|
|
|
|
|
|
|
|
|
U3O8 Captured
|
('000
lbs)
|
84.0
|
|
89.2
|
|
80.6
|
|
253.9
|
U3O8 Dried &
Drummed
|
('000
lbs)
|
80.0
|
|
74.3
|
|
78.4
|
|
232.7
|
U3O8 Sold (produced)
|
('000
lbs)
|
10.0
|
|
0
|
|
0
|
|
10.0
|
U3O8 Sold
(purchased)
|
('000
lbs)
|
370.0
|
|
100.0
|
|
0
|
|
470.0
|
|
|
|
|
|
|
|
|
|
Average Flow
Rate
|
(gpm)
|
2,432
|
|
2,517
|
|
2,247
|
|
2,398
|
U3O8 Head Grade
|
(mg/l)
|
33
|
|
34
|
|
34
|
|
34
|
Lost Creek Uranium Production and Sales
For the quarter, the Company met its production targets at the high
end of guidance: 80,604 pounds of U3O8 were
captured within the Lost Creek plant, 78,441 pounds of
U3O8 were packaged in drums and 72,902 pounds
of U3O8 drummed inventory were shipped out of
the Lost Creek processing plant. At September 30, 2018, inventory at the conversion
facility was approximately 308,762 pounds
U3O8. During the period, all three of the new
header houses in Lost Creek's second mine unit (MU2) continued to
produce at or above budgeted expectations. Production operations at
Lost Creek, including flow and headgrades, have continued to
provide consistent performance throughout the year.
Corporate and Financing
In September, the Company announced a US$10
million public offering of common shares. The offering of
12,195,122 common shares and accompanying warrants to purchase up
to 6,097,561 common shares, at a combined public offering price of
US$0.82 per common share and
accompanying warrant, closed on September
25, 2018.
In July, the U.S. Department of Commerce (Department) initiated
its investigation into the threat posed to national security by
uranium imports, including from state owned and subsidized
enterprises in Russia,
Kazakhstan, and Uzbekistan. This investigation was sought by a
petition filed jointly by Ur-Energy USA and Energy Fuels Resources (USA) Inc. in January
2018. A public comment period related to the investigation
closed on September 25, 2018. By law,
the Department has 270 days from the initiation of its
investigation (April 15, 2019) in
which to complete its investigation and report to the President.
Thereafter, President Trump has 90 days (July 15, 2019) to act on the Department's
recommendations and, if necessary, to take action to "adjust the
imports" and/or pursue other lawful, non-trade related actions
necessary to address the import threat. As with any governmental
investigation, there can be no certainty of the outcome of the
investigation or the recommendation of the Department, and
therefore the outcome of this process is uncertain.
Continuing Guidance for 2018
As previously disclosed, we have now completed all deliveries into
our 2018 term contracts, which totaled 470,000 pounds at an average
price of approximately $49 per pound.
We continue to estimate Lost Creek U3O8
production of between 250,000 and 300,000 pounds for 2018, although
our production rate may be adjusted based on operational matters
and other indicators in the market. We will provide further
guidance in our Form 10-Q, which is currently anticipated to be
filed on Friday, October 26,
2018.
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 approximately 2.4 million pounds 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 submitted 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
+1 720-981-4588
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; recovery results from header
houses in MU2 at Lost Creek; the outcome of the Department of
Commerce Section 232 investigation, including whether or not the
Department will make a recommendation to the President and the
nature of the recommendation; whether or not the President will act
on the recommendation and, if so, the nature of the action and
remedy) 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, fluctuations in
commodity prices; capital and other costs varying significantly
from estimates; failure to establish estimated resources and
reserves; the grade and recovery of uranium 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;
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.