Ur-Energy Upgrades Lost Creek Property Mineral Resource Estimate
March 02 2012 - 6:20AM
PR Newswire (Canada)
LITTLETON, Colo., March 2, 2012 /CNW/ - Ur-Energy Inc. ("Ur-Energy"
or the "Company") is pleased to announce that it has issued a
mineral resource update for the Company's Lost Creek Property. The
Company has prepared a technical report to update the mineral
resource estimate following the 2011 drill program and further
evaluation of historical drilling records on the Property. The
updated resource estimate results in notable increases of all three
categories of mineral resources (Measured, Indicated and Inferred)
at the Lost Creek Property. This result does not yet include an
evaluation of the property interests recently acquired and
announced on February 29, 2012. The Company anticipates the
preparation of a further update of the mineral resource estimate
and the economic analysis of the Lost Creek Property in respect of
these new property interests. (Photo:
http://photos.prnewswire.com/prnh/20120302/LA63438) (Logo:
http://photos.prnewswire.com/prnh/20110913/LA67628LOGO) Ur-Energy
is currently completing mine planning and permitting activities to
bring Lost Creek into production. At this time, the Lost Creek
Project awaits the sole remaining regulatory approval, the Record
of Decision from the U.S. Bureau of Land Management, in respect of
the project's Plan of Operations. Based on agency guidance, the
Record of Decision should be forthcoming in early summer, 2012. The
Company plans to begin construction at the Lost Creek Project
during the summer of 2012 and begin production in the spring of
2013. Ur-Energy generated this technical report of the Lost Creek
Property in accordance with Canadian National Instrument 43-101 (NI
43-101) Standards of Disclosure for Mineral Properties. This
technical report supersedes the March 16, 2011 NI 43-101
Preliminary Assessment prepared by TREC, Inc. and Behre Dolbear
& Company (USA), Inc. The February 29, 2012 technical report
presents the following mineral resource estimate using the GT
contour method. Resource Tons Grade Pounds U3O8 %U3O8
Classification (Millions) Millions Measured 2.69 0.055 2.94
Indicated 2.4 0.058 2.82 2.06 0.052 2.02 Inferred Notes: 1. Sum of
Measured and Indicated tons and pounds may not add to the reported
total due to rounding. 2. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. 3. Based on
grade cutoff of 0.02 percent eU3O8and a grade x thickness cutoff of
0.3 GT. 4. Typical ISR industry practice is to apply a GT cutoff in
the range of 0.3 which has generally been determined to be an
economical cutoff value. This 0.3 GT cutoff was used in this
evaluation without direct relation to an associated price. 5.
Measured, Indicated, and Inferred Mineral Resources as defined in
Section 1.2 of NI 43-101 (the CIM Definition Standards). The
resources classified as Measured and Indicated occur entirely
within the Lost Creek Project area. The Lost Creek Project area
also has 1.02 million pounds of Inferred Mineral Resource contained
in 938,800 short tons with an average grade of 0.054% eU3O8. No
resources had been reported previously for the LC North or LC South
Project areas. However, geologic evaluation of the historic data
and wide-spaced testing of fronts during the 2010 and 2011 drilling
programs revealed several occurrences of "ore quality"
mineralization within those project areas. As a result, 1.00
million pounds of Inferred Mineral Resource, contained in 1,124,000
short tons with an average grade of 0.045% eU3O8( )are reported in
the new technical report. The new Inferred Mineral Resources are
mainly the result of wide spaced spot-testing of identified
alteration fronts. As such, additional exploration and close spaced
drilling will be pursued to determine their potential. Ur-Energy
Vice President of Exploration John Cash stated, "This is the first
time Ur-Energy has reported NI 43-101 compliant resources on the
adjoining project areas that make up the Lost Creek Property. The
recognition of these resources demonstrates the potential for
resource expansion on Ur-Energy's greater Lost Creek Property
area." The economic analysis performed in March 2011 as part of the
Preliminary Assessment (TREC) has been verified to be within the
sensitivities contemplated at the time. It was determined that the
2011 economic analysis is still valid, and the review and
verification is presented in this Preliminary Economic Assessment.
The analysis is based on the Lost Creek Project main mineral trend
resource and production estimates. The 2011 drilling program was
largely focused on areas outside of the main mineral trend and
therefore had no significant impact, positive or negative, on the
mineral resources that formed the basis of the March 2011 economic
analysis completed by TREC, Inc. Based upon historic drill data
owned by the Company as well as data received with the newly
acquired properties, Ur-Energy anticipates the release of a further
resource estimate and updating of the economics of the Lost Creek
Property. Wayne Heili, President and CEO of the Company stated,
"While this technical report affirms both the technical and
economic viability of the Lost Creek Project, it also brings the
welcome result of a substantial upgrade to the resource base
available on the Property. Ur-Energy's shareholders can now look
forward to forthcoming updates to the Lost Creek Preliminary
Economic Assessment that will include the geologic evaluation of
our substantial 2012 property acquisitions." In compliance with NI
43-101, the reader should be advised that the Preliminary Economic
Assessment is preliminary in nature, that it includes inferred
mineral resources that are considered too speculative geologically
to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves, and there is no
certainty that the preliminary economic assessment will be
realized. The full report titled "Preliminary Economic Assessment
of the Lost Creek Property, Sweetwater County, Wyoming," dated
February 29, 2012 is available on the Company's profile on SEDAR
(www.sedar.com) and on EDGAR (http://www.sec.gov/edgar.shtml). John
K. Cooper, SME Registered Member, and Catherine L. Bull, P.E., each
a Qualified Person, and authors of the February 29, 2012
"Preliminary Economic Assessment of the Lost Creek Property,
Sweetwater County, Wyoming," have supervised the preparation of and
reviewed the technical information in this news release. About
Ur-Energy Ur-Energy is a junior uranium company currently
completing mine planning and permitting activities to bring its
Lost Creek Wyoming uranium deposit into production. Permitting also
will allow the construction of a two-million-pounds-per-year in
situ uranium processing facility. Engineering for the process
facility is complete and mine planning is at an advanced stage for
the first two mine units. 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; its registered office is in Ottawa, Ontario.
Ur-Energy's website is www.ur-energy.com. FOR FURTHER INFORMATION,
PLEASE CONTACT
_______________________________________________________________________________________________________________________________________________________________________________________________________________________________
|Rich Boberg, Director, IR/PR |Wayne Heili, President and CEO |
|_______________________________________________________________________________________________________________|_______________________________________________________________________________________________________________|
|303-269-7707 |307-265-2373 |
|_______________________________________________________________________________________________________________|_______________________________________________________________________________________________________________|
|866-981-4588 |866-981-4588 |
|_______________________________________________________________________________________________________________|_______________________________________________________________________________________________________________|
|rich.boberg@ur-energyusa.com|wayne.heili@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., the technical and
economic viability of the Lost Creek Project (including the
projections contained in the preliminary economic analysis);
receipt of (and related timing of) the Record of Decision of the US
Bureau of Land Management, and the Company's related timing for
commencement of construction and operations; the Lost Creek Project
will advance to production and the production timeline; the
potential to develop additional resources on the various projects
forming the Lost Creek Property) 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. 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. SOURCE Ur-Energy
Inc. Ur-Energy Inc. CONTACT:
http://www.ur-energy.comhttp://photos.prnewswire.com/prnh/20120302/LA63438http://photos.prnewswire.com/prnh/20110913/LA67628LOGOAP
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