LITTLETON, Colo., April 13, 2015 /PRNewswire/ -- Ur-Energy
Inc. (NYSE MKT:URG, TSX:URE) (the "Company" or "Ur-Energy")
provides the following report of operational results for first
quarter 2015.
Highlights
Lost Creek
Operations
|
|
Units
|
2015 Q1
|
|
2014 Q4
|
|
|
|
|
|
U3O8 Captured
|
('000
lbs)
|
192.3
|
|
149.6
|
U3O8 Dried &
Drummed
|
('000
lbs)
|
177.1
|
|
117.2
|
U3O8 Sold
|
('000
lbs)
|
146.0
|
|
100.0
|
|
|
|
|
|
Average Flow
Rate
|
(gpm)
|
1,681
|
|
1,145
|
U3O8 Head Grade
|
(mg/l)
|
110
|
|
123
|
Lost Creek Uranium Production and Sales
For a sixth
straight quarter, the Company's Lost Creek Project made sales to
meet its contractual commitments. This included product sales of
146,000 pounds U3O8, which were sold at an
average price of $50.55 per pound.
Quarterly product sales revenues totaled $7.4 million.
Although production rates at the Project were slowed slightly
during the latter part of the quarter while maintenance was
conducted on several process circuits, captured pounds increased
29% over the previous quarter. Production flow increased by 47%
quarter-over-quarter by sourcing from nine header houses in the
first mine unit. Header houses 8 and 9 were brought on line during
the first quarter. A tenth header house in the first mine unit is
under construction. Plant head grades continue to be significantly
higher than projected. For the quarter, 192,280 pounds of
U3O8 were captured within the Lost Creek
plant. 177,057 pounds U3O8 were packaged in
drums and 171,505 pounds U3O8 of drummed
inventory were shipped out of the Lost Creek processing plant.
Pending Exploration Results and Additional Operational
Highlights
During the quarter, the exploration team
initiated an exploration drill program south of the production area
for which results are currently being analyzed. Thus far, the
program has included 91 holes, of which 34 holes encountered
uranium intercepts with either strong mineralization or what
the Company characterizes within its technical reports specific to
the property as "ore-quality" mineralization (namely, GT ≥ 0.30,
grade ≥ 0.020% eU3O8). We anticipate
completing the 150-hole program during third quarter.
In addition to the plant maintenance and refinements which were
completed during the period, Lost Creek water management practices
continue to improve: the third deep disposal well and the reverse
osmosis circuits became operational during the period.
Continuing Guidance for 2015
The Q2 2015 production
target for Lost Creek is 210,000 pounds U3O8
dried and drummed. The production rate may be adjusted based on
continuing operational refinements, and indicators in the market,
including uranium spot market pricing and other
factors.
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. Shirley
Basin, our newest project, is one of the Pathfinder Mines
assets we acquired in 2013. Baseline studies necessary for
permitting and licensing of the project are currently being
advanced. 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
Rich Boberg, Senior
Director IR/PR
|
|
Jeffrey Klenda,
Executive Director,
|
|
|
Acting CEO
|
866-981-4588
|
|
866-981-4588
|
Rich.Boberg@ur-energy.com
|
|
Jeff.Klenda@ur-energy.com
|
NI 43-101 Review of Technical Information
John K. Cooper, Ur-Energy Project Geologist,
P.Geo., SME Registered Member and Qualified Person as defined by
National Instrument 43-101, reviewed and approved the technical
information contained in this release.
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 continued commissioning, maintenance and
operational activities at the Lost Creek facility, including water
management practices; ability to meet production targets for second
quarter) 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.