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Thursday
Mar102011

Ur-Energy Announces Uranium Sales Agreement

Littleton, Colorado (March 10, 2011) – Ur-Energy Inc. (TSX:URE, NYSE Amex:URG)  (“Ur-Energy” or the “Company”) is pleased to announce that it has entered into its first long-term uranium sales agreement with one of the largest producers and transporters of energy in the United States. The purchaser has nuclear power plants in several states.

 The agreement relates to production from the Company’s Lost Creek project in Sweetwater County, Wyoming.  The long-term contract calls for deliveries over a three-year period at a defined price for the term of the agreement.

Bill Boberg, President and CEO, stated “We have had many opportunities over the past few years to enter into sales agreements for our future uranium production but we were not willing to do so until we developed greater regulatory clarity for our production timeline.  With the recent receipt of the draft license from the NRC, our production timeline is sufficiently clear that we are pursuing uranium sales opportunities. Stronger spot pricing will allow the Company to lock in favorable profits.  We are very pleased with this initial agreement.”

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 PR/HR  

303-269-7707

866-981-4588

Click here to send Rich an email.

Bill Boberg, President and CEO

303-269-7755

866-981-4588

Click here to send Bill an email

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future, including timetables at Lost Creek; the ability to complete additional uranium sales agreements, and on what terms; receipt of (and related timing of) the final NRC Source Material License, WDEQ Permit to Mine, record of decision from the BLM related to the Plan of Operations, and all other necessary permits and regulatory authority related to Lost Creek; sufficiency of cash to fund capital requirements; the sustainability and timeline of Lost Creek production, as well as anticipated completion of mine planning and permitting activities and production, the anticipated construction and capacity of an in situ uranium processing facility at Lost Creek, 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, whether the proposed offering is successful, whether required approvals are received, disruptions in the financial markets, changes in the anticipated or actual use of proceeds, 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, inability to obtain financing required to complete its projects on acceptable terms or at all and other factors. There can be no assurance that forward looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  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, except as required by applicable securities laws..  Additional risks relating to Ur-Energy may be found in the current and periodic reports filed by Ur-Energy with Canadian securities regulatory authorities on www.sedar.com and the SEC at http://www.sec.gov/edgar.shtml.

 

Click here for PDF of this News Release

Wednesday
Mar022011

Ur-Energy Provides Update on Closing Date for Offering

Littleton, Colorado (March 2, 2011) – Ur-Energy Inc. (TSX:URE, NYSE Amex:URG)  (“Ur-Energy” or the “Company”) announced on February 7, 2011 an agreement (the “Underwriting Agreement”) with a syndicate of underwriters (the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, pursuant to a short form prospectus filed in certain provinces of Canada, 10,000,000 common shares (the “Common Shares”) of the Company at a price of CAD$3.00 per Common Share for gross proceeds of CAD$30,000,000 (the “Offering”).  The Company filed a preliminary prospectus on February 11, 2011 and the closing of the Offering was anticipated to occur on or before March 1, 2011.  Further to the Company’s news release on February 25, 2011, the Company is working to confirm its disclosure record and closing of the Offering is now anticipated to occur in mid-March.

 

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 of

fice is in Ottawa, Ontario.  Ur-Energy’s website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT:   

Rich Boberg, Director PR/HR  

303-269-7707

866-981-4588

Click here to send Rich an email.

Bill Boberg, President and CEO

303-269-7755

866-981-4588

Click here to send Bill an email

 

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future, including the anticipated closing date of the Offering, statements regarding the anticipated offering and sale of the common shares, the over-allotment option, the anticipated use of proceeds, the approvals of the Toronto Stock Exchange and NYSE Amex and other regulatory approvals. These statements 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, whether the proposed offering is successful, whether required approvals are received, disruptions in the financial markets, changes in the anticipated or actual use of proceeds, 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, inability to obtain financing required to complete its projects on acceptable terms or at all and other factors. There can be no assurance that forward looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  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, except as required by applicable securities laws.  Additional risks relating to Ur-Energy may be found in the current and periodic reports filed by Ur-Energy with Canadian securities regulatory authorities on www.sedar.com and the SEC at http://www.sec.gov/edgar.shtml.

Click here for a pdf version of this news release

Friday
Feb252011

Ur-Energy Releases Amended Preliminary Assessment on Lost Creek

Littleton, Colorado (February 25, 2011) – Ur-Energy Inc. (TSX:URE, NYSE Amex:URG)  (“Ur-Energy” or the “Company”) announces that it has released an amended Preliminary Assessment in accordance with National Instrument 43-101 for the Company’s Lost Creek project located in Sweetwater County, Wyoming as required by the Ontario Securities Commission. 

The Preliminary Assessment of the Lost Creek project, initially prepared in 2008 by Lyntek Incorporated (“Lyntek”), is being re-released in amended form following a review of the Preliminary Assessment by the Ontario Securities Commission, which required the correction of certain deficiencies under the National Instrument. When prepared in 2008, the Preliminary Assessment relied upon an earlier resource estimate, prepared by C. Stewart Wallis (Technical Report on the Lost Creek Project, Wyoming, June 15, 2006)(the “2006 Report”).  Mr. Wallis is also the author of an earlier Technical Report on the Lost Creek project that reviewed historical data:  Technical Report on the Great Divide Basin Uranium Properties, Wyoming (June 15, 2005, as revised October 20, 2005).

Mr. Wallis is now co-author of the Amended NI 43-101 Preliminary Assessment for the Lost Creek Project, Sweetwater County, Wyoming (dated April 2, 2008, as amended February 25, 2011)”(the “Amended Report”), with Lyntek, and he has analyzed certain drill data from the project generated by the Company between June 2006 - March 2008, which was not previously included in the report.  Mr. Wallis’s analysis of that drill data is now contained within the Amended Report. See Item 11, and Table 11.1 Amended Report 

The addition of drill results from drilling completed between June 2006 – March 2008 results in the following resource estimate information (Table 17.1 Amended Report):

Resource

Classification

Tons

Millions

Mineralized

Zone Average Thickness (Ft.)

Grade  %U3O8

Pounds U3O8

Millions

Indicated

8.6

20.2

0.053

9.2

Inferred

0.5

11.4

0.066

0.7

Compared to the original 2006 resource estimate, shown below, the indicated in-situ pounds and the inferred in-situ pounds have decreased by 6% and 4%, respectively. 

Resource

Classification

Tons

Millions

Mineralized

Zone Average Thickness (Ft.)

Grade  %U3O8

Pounds U3O8

Millions

Indicated

8.5

19.5

0.058

9.8

Inferred

0.7

9.6

0.076

1.1 

Terminology in the report (e.g., use of “ore,” “reserve”) was amended to more correctly reflect the nature of the mineral resource (e.g., “mineralization” and “resource”) at Lost Creek. Several items in the report which previously had relied upon and made reference to the 2006 Report have been amended to include independent analysis.  See Items 11-15 Amended Report.  There is also clarification provided as to reliance on other experts in the Amended Report.  See Item 17 Amended Report; see also Item 23 Amended Report.  Mr. Kyle, Vice President of Lyntek, and co-author, has conducted an additional site visit in connection with the preparation of the Amended Preliminary Assessment to verify the drilling program.  See Item 2 Amended Report.  Additional detail has been added to Item 20 of the Amended Report to provide specific budget recommendations. 

The purpose of the technical report remains as an independent analysis of the potential economic viability of the mineral resources of Lost Creek.  Lyntek has evaluated the change in the economics due to the resource reduction and confirms  the economic viability of the mineral resource at Lost Creek at prices above US$40/lb U3O8  and affirms this in the Amended Report.  The amended analysis performed by Lyntek results in an approximate 6% decrease in anticipated production from six mine units (6.5 million to 6.1 million pounds).  See Item 1 Amended Report 

The full report titled “Amended NI-43-101 Preliminary Assessment for the Lost Creek Project, Sweetwater County, Wyoming (dated April 2, 2008, as amended February 25, 2011)” is available on the Company’s profile on SEDAR (www.sedar.com) and here on the Company website. 

W. William Boberg, President and CEO of the Company, a Professional Geologist, and Qualified Person as defined by National Instrument 43-101, supervised the preparation of and reviewed the technical information contained in this release.  Messrs. John I. Kyle, PE, and C. Stewart Wallis, P.Geo., also have reviewed this 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 PR/HR  

303-269-7707

866-981-4588

Click here to send Rich an email.

Bill Boberg, President and CEO

303-269-7755

866-981-4588

Click here to send Bill an email

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future, including the timetables at Lost Creek, sufficiency of cash to fund capital requirements, receipt of and related timing of all necessary permits, licenses and authorizations to proceed, the anticipated completion of mine planning and permitting activities and production, the anticipated construction and capacity of an in situ uranium processing facility at Lost Creek and the sustainability and timeline of Lost Creek production. These statements 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, whether the proposed offering is successful, whether required approvals are received, disruptions in the financial markets, changes in the anticipated or actual use of proceeds, 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, inability to obtain financing required to complete its projects on acceptable terms or at all and other factors. There can be no assurance that forward looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  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, except as required by applicable securities laws..  Additional risks relating to Ur-Energy may be found in the current and periodic reports filed by Ur-Energy with Canadian securities regulatory authorities on www.sedar.com and the SEC at http://www.sec.gov/edgar.shtml.

Click here for a pdf version of this news release

Monday
Feb072011

Ur-Energy Inc. Announces CAD$30,000,000 Bought Deal Common Share Financing

  

 

Littleton, Colorado (February 7, 2011) – Ur-Energy Inc. (TSX:URE, NYSE Amex:URG)  (“Ur-Energy” or the “Company”) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, pursuant to a short form prospectus filed in certain provinces of Canada, 10,000,000 common shares (the “Common Shares”) of the Company at a price of CAD$3.00 per Common Share for gross proceeds of CAD$30,000,000 (the “Underwritten Offering”).  In addition, the Company will grant the Underwriters an option to purchase additional Common Shares at the Offering price to raise additional gross proceeds of up to 15% of the Offering (the “Over-Allotment Option”) exercisable for a period of up to 30 days after the closing date (the “Over-Allotment Option”, and together with the Underwritten Offering, the “Offering”).

In connection with this Offering the Underwriters will receive a cash fee of 6% of the gross proceeds raised.

The proceeds from the Offering are expected to be used by the Company to finance development of its properties, possible acquisitions, and for general working capital and corporate purposes.

Closing of the Offering is anticipated to occur on or before March 1, 2011 and is subject to certain conditions including, but not limited to, the completion of satisfactory due diligence by the Underwriters and the receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange and the NYSE Amex.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:   

Rich Boberg, Director PR/HR  

303-269-7707

866-981-4588

Click here to send Rich an email.

Bill Boberg, President and CEO

303-269-7755

866-981-4588

Click here to send Bill an email

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future, including statements regarding the anticipated offering and sale of the common shares, the anticipated closing date of the offering, the over-allotment option, the anticipated use of proceeds, the approvals of the Toronto Stock Exchange and NYSE Amex and other regulatory approvals, anticipated completion of mine planning and permitting activities and production, the anticipated construction and capacity of an in situ uranium processing facility at Lost Creek. These statements 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, whether the proposed offering is successful, whether required approvals are received, disruptions in the financial markets, changes in the anticipated or actual use of proceeds, 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, inability to obtain financing required to complete its projects on acceptable terms or at all and other factors. There can be no assurance that forward looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  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, except as required by applicable securities laws..  Additional risks relating to Ur-Energy may be found in the current and period ic reports filed with Canadian securities regulatory authorities and the SEC by Ur-Energy.

Click here for a pdf version of this news release 

Wednesday
Jan262011

Ur-Energy Files Amended Form 20-F (Annual Information Form) for Year-End 2009 and Amended Audited Consolidated Financial Statements

Littleton, Colorado (Marketwire – January 26, 2011) Ur-Energy Inc. (TSX:URE, NYSE Amex:URG)  (“Ur-Energy” or the “Company”) announces it has filed an amended Form 20-F (Annual Information Form) for Year-End 2009 (“Form 20-F/A”) and Amended Audited Consolidated Financial Statements.

An Amendment No. 1 (“Amendment No. 1”) to the Company’s Annual Report on Form 20-F (Annual Information Form) filed with the Securities and Exchange Commission (“SEC”) for the fiscal year ended December 31, 2009 is being filed to include (i) a map showing the locations of the Lost Creek and Lost Soldier projects, (ii) a table providing the spot and long-term contract prices of uranium, (iii) information of quantity and grade with respect to certain exploration targets, and (iv) a further explanation of Indicated Mineral Resources and Mineral Reserves in connection with our technical reports.  In addition, this Amendment No. 1 changes throughout our Annual Report on Form 20-F (Annual Information Form) our references to the Company as a development stage company to an exploration stage company to comply with the SEC Industry Guide 7 definitions.  This has also resulted in a similar reference change in the audited consolidated financial statements for the year ended December 31, 2009 (“Financial Statements”) and the accompanying Management Discussion and Analysis (“MD&A”). The amendments to the Annual Report on Form 20-F (Annual Information Form), Financial Statements and MD&A have no material impact on the business of the Company.

Other than the additions and changes mentioned above and conforming changes related thereto, no part of the Annual Report on Form 20-F (Annual Information Form), Financial Statements or MD&A filed on www.sedar.com and www.sec.gov is being amended.  The filing of these amended documents should not be understood to mean that any statements contained therein are true or complete as of any date subsequent to the original date identified in each document.  Accordingly, these documents should be read in conjunction with the current continuous disclosure documents filed with, or furnished to, the Canadian securities regulators and the SEC by the Company. 

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 PR/HR  

303-269-7707

866-981-4588

Click here to send Rich an email.

Bill Boberg, President and CEO

303-269-7755

866-981-4588

Click here to send Bill an email

 

 

This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future 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.

Click here for a pdf version of this news release