LITTLETON, Colo., July 11, 2019 /CNW/ -- Ur-Energy Inc.
(NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") is
pleased to provide the following operational results for second
quarter 2019.
Highlights
Lost Creek
Operations
|
|
Units
|
2019
Q1
|
|
2019
Q2
|
|
2019
YTD
|
|
|
|
|
|
|
|
U3O8 Captured
|
('000
lbs)
|
22.6
|
|
13.1
|
|
35.7
|
U3O8 Dried &
Drummed
|
('000
lbs)
|
21.0
|
|
13.3
|
|
34.3
|
U3O8 Sold (from produced
lbs)
|
('000
lbs)
|
48.8
|
|
165.0
|
|
213.8
|
U3O8 Sold (from purchased
lbs)
|
('000
lbs)
|
48.8
|
|
100.0
|
|
148.8
|
|
|
|
|
|
|
|
Average Flow
Rate
|
(gpm)
|
1,469
|
|
953
|
|
1,210
|
U3O8 Head Grade
|
(mg/l)
|
15
|
|
14
|
|
15
|
Lost Creek Operations and Uranium Production and
Sales
For the quarter, 13,146 pounds of
U3O8 were captured within the Lost Creek
plant, and 13,296 pounds of U3O8 were
packaged in drums at the Lost Creek processing plant. No shipments
of product were made to the conversion facility during the quarter.
At June 30, 2019, inventory at the
conversion facility was approximately 210,450 pounds
U3O8.
In Q2 2019, sales totaled $11.5
million from 265,000 pounds sold. Our price per pound sold
averaged $43.31. Early in 2019 Q2, we
delivered 100,000 pounds into a scheduled 2019 term contract
commitment and sold 165,000 pounds related to 2020 obligations
under existing term agreements.
Section 232 Trade Action
The Section 232 Trade Action
advanced during Q2, as the Department of Commerce ("DOC") submitted
its report to the White House on DOC's investigation into the
impact of uranium imports on national security. The report would
have contained DOC's findings and recommendations of a proposed
remedy, if any. Following receipt of the report, the President has
up to 90 days (July 13, 2019) to act
on the Secretary's report.
Continuing Guidance for 2019
As previously guided, we
expect to deliver a total of 665,000 pounds into our contracts in
2019 at an average price of approximately $48 per pound. By quarter, our remaining 2019
contractual sales are as follows: 122,500 pounds in Q3; and 180,000
pounds in Q4.
We anticipate filing our second quarter Form 10-Q on
August 2, 2019, at which time we will
provide further guidance for the year, as we have more fully
evaluated a decision on the Section 232 Trade Action.
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 2.5 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 to construct and
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 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; the
outcome of the Section 232 trade action) 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.