LITTLETON, Colo., April 4, 2012 /PRNewswire/ -- Ur-Energy Inc.
(TSX:URE, NYSE Amex:URG) ("Ur-Energy" or the
"Company") is pleased to report an upgrade to the National
Instrument (NI) 43-101 Mineral Resource estimate on the Lost Creek
Property. This resource update has been achieved by reviewing
the Company's historical drill-hole database related to property
interests recently incorporated into the Lost Creek Property
through acquisition and claim staking. The resource estimate
was completed as a part of an update to the Preliminary Economic
Assessment now underway for the Lost Creek Property.
(Photo: http://photos.prnewswire.com/prnh/20120404/LA82063)
(Logo:
http://photos.prnewswire.com/prnh/20110913/LA67628LOGO)
The updated compliant resource estimate of 8.35 Mlbs U3O8 in the
Measured and Indicated categories represents a 45% increase from
the previous estimate dated February
29, 2012. Resources reported in the Inferred category
have also been increased by 42% to an updated total of 2.87 Mlbs
U3O8. The new total resource for the Lost Creek Property is
shown in the table below:
Lost Creek Property Mineral
Resources as of April 4, 2012
Category
|
Avg.
Grade
%
eU3O8
|
Tons
x1,000
|
Pounds
eU3O8
Millions
|
Measured
|
0.055
|
3,850
|
4.20
|
Indicated
|
0.053
|
3,965
|
4.15
|
Inferred
|
0.049
|
2,989
|
2.87
|
Notes:
- Sum of Measured and Indicated tons and pounds may not add to
the reported total due to rounding.
- Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
- Based on grade cutoff of 0.02 percent eU3O8 and a grade x
thickness cutoff of 0.3 GT.
- 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. A 0.3 GT cutoff was used in this
report without direct relation to an associated price.
- Measured, Indicated, and Inferred Mineral Resources as defined
in NI 43-101, section 1.2 (CIM Definition Standards).
Wayne Heili, the Company's
President and CEO commented, "Ur-Energy began accumulating portions
of the Lost Creek Property and regional data package in 2005 and
has continued building this property by regularly improving the
land position. Our understanding of the local and regional
geology has allowed us to continually expand and upgrade the
compliant resource base, culminating in the substantially improved
estimate announced today."
On February 29, 2012 Ur-Energy
announced that the Company's wholly-owned subsidiary NFU Wyoming,
LLC had completed an Asset Exchange Agreement with Uranium One
Americas, Inc. which provided for the transfer to Ur-Energy of
specific federal mining claims and State
of Wyoming mineral leases located in the immediate vicinity
of Ur-Energy's Lost Creek Project. Those property interests,
along with 253 recently staked federal mining claims nearby, have
been incorporated into the Lost Creek Property as the LC East and
LC West Projects. The Company has completed an initial
resource estimate for the LC East and LC West Project areas
utilizing a Company-owned database of over 1,100 historic drill and
numerous core holes. The estimated resource is shown in the
table below:
New Resources Added to the Lost
Creek Property, April 4,
2012*
Category
|
Avg.
Grade
%
eU3O8
|
Tons
x1,000
|
Pounds
eU3O8
Millions
|
Measured
|
0.054
|
1,158
|
1.26
|
Indicated
|
0.043
|
1,551
|
1.33
|
Inferred
|
0.048
|
928
|
0.85
|
*See Notes 1, 2, 3, 4, and 5
above
The newly incorporated resources constitute a 45% increase in
the Measured and Indicated resources (combined) and a 42% increase
in Inferred resources. A majority of the new resources are
located in close proximity to the proposed Lost Creek plant site
and are contained within the HJ and KM Horizons below the water
table at depths ranging from 200 to 500 feet. Additionally,
resources (included above) were also identified in the FG, L and M
Horizons.
While the majority of the mineralization added is contained in
the Measured and Indicated categories, reflecting close spaced
drilling density, the Company regards the Lost Creek Property as
having a high potential for further resource expansion.
Numerous identified roll fronts with ore grade mineralization have
relatively low drilling densities associated with them and warrant
additional exploration. Also, most of the historic drilling
in this region targeted shallow uranium mineral trends with the
intention to conduct open pit mining. The deeper L, M and N
Horizons at Lost Creek and the recently acquired properties have
sparse drilling and are presently inadequately tested for their
potential as In-Situ Recovery (ISR) candidates. The Lost
Creek Property resources are classic roll-front type deposits in
which the uranium is introduced via groundwater flow and
precipitated at chemical oxidation/reduction (redox) boundaries
after the host rock deposition.
John Cash, V.P. of Regulatory
Affairs, Exploration and Geology stated, "We are delighted that the
geologic mapping and resource estimates have confirmed the presence
of substantial additional shallow resources as well as numerous
exploration targets on the Lost Creek Property. The Company's
longstanding strategic plan to acquire high potential properties
and databases has resulted in a dominant land position with
significant resources and potential within the Great Divide
Basin."
A Lost Creek Property map depicting the newly defined project
areas is shown below. The new resources added to the Lost
Creek Property are located within the LC East and LC West Project
areas.
(Photo: http://photos.prnewswire.com/prnh/20120404/LA82063)
John Cooper, Ur-Energy Production
Geologist, P.Geo. and SME Registered Member, and a Qualified Person
as defined by NI 43-101, has reviewed and approved the technical
disclosure contained in this news release. Mr. Cooper has
verified the sampling, analytical and test data underlying the
Mineral Resource estimate disclosed in this news release. An
updated NI 43-101 compliant estimate will be filed in a Preliminary
Economic Assessment on SEDAR within 45 days.
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
|
Cautionary Note to U.S. Investors Concerning Resource
Estimates
This press release uses the terms "measured mineral resource,"
"indicated mineral resource" and "inferred mineral resource."
The Company advises US investors that while these terms are
recognized and required by Canadian regulations, the United States
Securities and Exchange Commission (SEC) does not recognize
them. US investors are cautioned not to assume that any part
or all of the mineral deposits in these categories will ever be
converted into mineral reserves. "Inferred mineral resources"
have a great amount of uncertainty as to their existence, and great
uncertainty as to their legal and economic feasibility. It
cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of feasibility or pre-feasibility studies, except in
rare cases. US Investors are cautioned not to assume that
all or any part of an inferred mineral resource exists or is
economically minable.
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., the further
development of the resources to be a part of the production at the
Lost Creek mine; the potential to develop additional resources on
the Lost Creek Property; the amenability of certain of the
resources to in-situ recovery methods; and the technical and
economic viability of the Lost Creek Project) 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.