Current Report Filing (8-k)
January 21 2016 - 5:06PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported): January 19, 2016
UR-ENERGY
INC.
(Exact name of registrant as specified in
its charter)
Canada |
001-
33905 |
Not
applicable |
(State or other jurisdiction of
incorporation or organization) |
(Commission
File Number) |
(I.R.S. Employer
Identification
Number) |
10758
W Centennial Road, Suite 200
Littleton,
Colorado 80127
(Address of principal executive offices)
(Zip code)
Registrant’s
telephone number, including area code: (720) 981-4588
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On January 19, 2016, Ur-Energy Inc. (the
“Company” or “Ur-Energy”) announced the completion of a preliminary economic assessment (the “Report”)
for its Lost Creek Property in Sweetwater County, Wyoming (the “Lost Creek Property”), which confirms the increase
in mineral resources previously announced by the Company on December 7, 2015 (and filed on Form 8-K on December 10, 2015). The
Report updates the resource base of the Lost Creek Property with data through October 15, 2015 and production from the Company’s
operating Mine Unit 1 (“MU1”) through September 30, 2015. The Report also serves to update the previous economic analyses
for the Property (December 2013), and replaces the most recent Canadian National Instrument 43-101 (NI 43-101) Technical Report
on the Lost Creek Property, dated June 17, 2015.
The purpose of
the Report is to confirm the updated mineral resource estimate prompted by 2015 drilling within Lost Creek’s Mine Unit 2
(MU2) and exploratory drilling at the Lost Creek and LC East Projects. Also included in the estimate is an increase to the overall
Lost Creek Property resource total through a re-estimation of all previously-identified resources at a revised 0.20 grade-thickness
(GT) cut-off. The current mineral resource estimate for the Lost Creek Property, after subtracting 1.358 million pounds of uranium
produced from MU1 through September 30, 2015, is 13.251 million pounds in the Measured and Indicated categories, and 6.439 million
pounds in the Inferred category. The current resource estimate represents a net increase to the Lost Creek Property (all Projects)
of:
| · | 3.146 million pounds eU3O8 in the Measured and Indicated categories (after
adjustment for MU1 production), or 31% increase when compared with the previous resource estimate in the June 17, 2015 Technical
Report; and |
| · | 1.402 million pounds eU3O8 in the Inferred category, or a 28% increase to
the last mineral resource when compared with the previous resource estimate in the June 17, 2015 Technical Report. |
The analyses have been revised to evaluate
the impact of additional identified resources with information and data acquired through two years of ISR operations at Lost Creek.
Total future life of mine production is modeled to be 13.8 million pounds and with production operations ending in 2031. This represents
a nine year life of mine extension from the forecast contained in the previous preliminary economic assessment.
Cautionary statement: The Preliminary
Economic Assessment referred to above is preliminary in nature, and 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery
used in the Preliminary Economic Assessment is based on recovery data from wellfield operations to date, as well as Ur-Energy personnel
and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved.
Cautionary Note to U.S. Investors Concerning
Estimates of Measured, Indicated and Inferred Mineral Resources
The information set forth in this Form
8-K uses the terms “Measured Mineral Resources” and “Indicated Mineral Resources” and “Inferred Mineral
Resources.” We advise U.S. investors that while these terms are recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize these terms. U.S. investors are cautioned not to assume that any part
or all of the mineral deposits in this category will ever be converted into Mineral Reserves. Our Measured and Indicated Mineral
Resources have been estimated in compliance with definitions set out in NI 43-101.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. |
|
Description |
23.1 |
|
Consent of TREC, Inc., dated as
of January 21, 2016 |
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: January 21, 2016
|
Ur-Energy Inc. |
|
|
|
|
|
|
|
|
|
By: |
/s/ Penne A. Goplerud |
|
|
Name: |
Penne A. Goplerud |
|
|
Title: |
Corporate Secretary and General Counsel |
EXHIBIT INDEX
Exhibit No. |
|
Description |
23.1 |
|
Consent of TREC, Inc., dated as of January 21, 2016 |
EXHIBIT 23.1
CONSENT OF TREC,
Inc.
We hereby consent to
the incorporation by reference of any mineral resource estimates or other analysis performed by us in our capacity as an independent
consultant to Ur-Energy Inc. (the “Company”), which are set forth in the Company’s Current Report on Form 8-K
dated on or about the date hereof, in the Company’s Registration Statements on Form S-3 (File Nos. 333-193316 and 333-198232)
and on Form S-8 (File Nos. 333-153098, 333-168589, 333-168590 and 333-181380), any prospectuses or amendments or supplements
thereto, and in any amendment to any of the foregoing.
Date: January 21, 2016 |
TREC, Inc. |
|
|
|
|
|
/s/ Douglass H. Graves P.E. |
|
Name: |
Douglass H. Graves P.E. |
|
Title: |
Principal |
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