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Wednesday
Oct082014

Ur-Energy Provides 2014 Q3 Operational Results

Littleton, Colorado (PR Newswire – October 08, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) provides the following report of operational results for third quarter 2014. 

Operational Highlights for Lost Creek

 

Units

                   

Quarter

 

YTD

 

 

2014 Q1

2014 Q2

2014 Q3

2014

 

 

 

 

 

 

U3O8 Captured

(‘000 lbs)

198.6

116.7

131.3

446.6

U3O8 Dried & Drummed

(‘000 lbs)

171.2

133.7

125.9

430.8

U3O8 Sold

(‘000 lbs)

110.0

207.8

100.0

417.8

 

 

 

 

 

 

Average Flow Rate

(gpm)

1,103

803

970

958

U3O8 Head Grade

(mg/l)

179

152

135

155

 

Lost Creek Uranium Production and Sales

During Q3 2014, production rates at the Lost Creek Project were increased over the previous quarter and maintained at levels that allowed the Company to fulfill its contractual sales requirements. The quarter included contractual product sales at 100,000 pounds U3O8. The product was sold at an average price of $59. 96 per pound.  Quarterly product sales revenues totaled $6.0 million.

Production flow was sourced from six header houses in the first mine unit.  Header house number six was the only new production area activated during the quarter.  Plant head grades continued to be significantly higher than projected while production flow rates were deliberately curtailed to manage uranium production rates and waste water generation.  For the quarter, 131,331 pounds of U3O8 were captured within the Lost Creek plant.  Plant operations matched the wellfield productivity as 125,915 pounds U3O8 were packaged in drums and 126,500 pounds U3O8 of drummed inventory were shipped out of the Lost Creek processing plant.

Upon the successful completion of the NI 43-101 Technical Report for the Company’s wholly owned Shirley Basin Project, the Company became eligible to draw an additional $3.5 million from our debt facility with RMBAH.  The funds were received in September 2014. 

Guidance for Q4 2014

The Q4 2014 production target for Lost Creek is 150,000 pounds U3O8 dried and drummed.  The Company anticipates completing contractual deliveries of 100,000 pounds during Q4 for gross revenues of approximately $6.5 million.  The production rate may be adjusted upward or downward based on the then-current uranium spot market pricing and other factors.    

About Ur-Energy

Ur-Energy is a junior 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 capacity.  Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. All currency figures in this announcement are in US dollars unless otherwise stated. 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

 

Wayne Heili, President and CEO

303-269-7707  

 

307-265-2373

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com           

 

wayne.heili@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., results of continued commissioning efforts at the Lost Creek facility, including water management; ability to meet production targets for Q4 and to timely deliver into existing contractual obligations) 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 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.

Click here for a PDF of this News Release

Thursday
Sep252014

Ur-Energy Engages MZ Group for Investor Relations

Littleton, Colorado (PR Newswire - September 25, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG)  ("Ur-Energy" or the "Company") announced today that they have engaged MZ Group North America as an investor relations advisor. MZ Group will assist the Company in executing a comprehensive investor relations program.

Jeffrey Klenda, Chairman of Ur-Energy, commented “As we continue to expand as an operating uranium producer, we are pleased to have the opportunity to engage with a broader audience utilizing the depth and experience of MZ Group.”

Founded in 1999, MZ Group combines capital markets intelligence, global investor targeting, IR technology, media and corporate communication and IR consulting. With a team of highly experienced senior professionals and an integrated service portfolio, MZ Group ensures that companies are provided with the right tools and strategies to interact effectively with the investment community and the media.

Ted Haberfield, President of MZ Group North America, added “We look forward to the association with this emerging uranium production story:  with its first production site just over a year old, Ur-Energy has done a great job in its efforts to de-risk by entering into several long-term sales agreements, securing future revenues, as they continue to ramp up production toward steady-state operations. Their anticipated expansion through the permitting and development of their second project, Shirley Basin, looks to be the next great chapter.”  


About Ur-Energy

Ur-Energy is a junior mining company operating the Lost Creek in-situ recovery (ISR) uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate design capacity. Ur-Energy engages in the identification, acquisition, exploration, development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the NYSE MKT under the symbol "URG" and the Toronto Stock Exchange under the symbol "URE."  In addition, Ur-Energy's project pipeline is supported by an extensive, exploration database, providing for exploration and development potential.  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

Wayne Heili, President and CEO

303-269-7707

307-265-2373

866-981-4588

866-981-4588

rich.boberg@ur-energy.com

wayne.heili@ur-energy.com

Click here for a PDF of this News Release

Friday
Sep052014

Ur-Energy to Present at the Fourth Annual Euro Pacific Global Investment Conference in New York City September 9th

Littleton, Colorado (PR Newswire – September 5, 2014) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE)  (“Ur-Energy” or the “Company”) will be featured as a presenting company at the Fourth Annual Euro Pacific Capital Global Investment Conference.  The conference is being held September 9, 2014, at the Sofitel Hotel in New York City.

Jeff Klenda, Board Chairman, will provide an overview of the Company's business during his presentation and will be available to participate in one-on-one meetings with investors who are registered to attend the conference. 

Event:  Fourth Annual Euro Pacific Capital Global Investment Conference

Date:  Tuesday, September 9, 2014

Presentation Time:  2:30 PM

Location:  ODEON Track 3, Sofitel Hotel in New York City

Conference attendees are invited to contact Burt Gardner at conferenceinfo@europac.net in advance to set up one-on-one meetings.

About Ur-Energy

Ur-Energy is a dynamic junior mining company operating the Lost Creek in-situ recovery (ISR) uranium facility in south-central Wyoming.  The Lost Creek processing facility will have a two million pounds per year nameplate capacity.  Ur-Energy engages in the identification, acquisition, exploration, development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and the Toronto Stock Exchange under the symbol “URE.”  In addition, Ur-Energy’s project pipeline is supported by an extensive, exploration database, providing for exploration and development potential.  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-energy.com           

 

wayne.heili@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 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 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.

Click here for a PDF of this News Release 

Thursday
Aug282014

Ur‐Energy Completes Technical Report on Shirley Basin Uranium Project

Littleton, Colorado (PR Newswire – August 28, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) is pleased to announce the completion of a Technical Report for its Shirley Basin Uranium Project in Carbon County, Wyoming.  This report discloses an initial uranium resource estimate for the Project of 8,816,000 pounds U3O8 of Measured and Indicated Resources, averaging 0.23% eU3O8.   There are no material differences in the resources between this Technical Report and an earlier disclosure in our Press Release dated July 22, 2014.

Western Water Consultants, Inc., d/b/a WWC Engineering, was retained by the Company and its subsidiary, Pathfinder Mines Corporation (PMC), to oversee and supervise preparation of this Technical Report, in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).  Mr. Benjamin J. Schiffer, P.G., WWC Engineering, is the independent Qualified Person for the report.

This uranium resource analysis is based upon approximately 3,200 historic delineation drill holes (1.2 million feet of drilling) completed by PMC prior to its 1992 termination of mining operations in the Shirley Basin Mining District. The results of Ur‐Energy’s confirmation drilling program, completed in May 2014, are also included in the analysis. PMC’s historic drilling was focused on two resource areas that fall within the boundaries of the existing mining permit. These resource areas were identified as the FAB Trend and Area 5. As a result of the close‐spaced drilling in these resource areas (a 100‐ft grid of drill holes), 83% of the resources fall under the Measured Resource classification. Also because of the high drilling density at the site, there are no reported Inferred Resources. The average depth to the top of resources is 312 feet below the ground surface.

Shirley Basin Project – July 2014 Resource Summary

RESOURCE

AREA 

MEASURED

INDICATED

AVG GRADE

% eU3O8

SHORT TONS

(X 1000)

POUNDS

(X 1000)

AVG GRADE

% eU3O8

SHORT TONS

(X 1000)

POUNDS

(X 1000)

FAB

TREND

0.280

1,172

6,574

0.119

456

1,081

AREA 5

0.243

  195

  947

0.115

93

  214

TOTAL

0.275

1,367

7,521

0.118

549

1,295

MEASURED & INDICATED

0.230

1,915

8,816

Notes:
1.    Sum of Measured and Indicated tons and pounds may not add to the reported total due to rounding.
2.    Based on grade cutoff of 0.02 percent eU3O8 and a grade x thickness cutoff of 0.25 GT.
3.    Measured and Indicated Mineral Resources as defined in Section 1.2 of NI 43-101 (the CIM Definition Standards (CIM Council, 2014)).
4.    All reported resources occur below the historical, pre-mining static water table.

 

The full report titled “Technical Report on Resources, Shirley Basin Uranium Project, Carbon County, Wyoming, USA” dated August 27, 2014, is available on the Company’s profile on SEDAR (www.sedar.com) and is also available on the Company’s website at www.ur-energy.com

Mr. Benjamin J. Schiffer, P.G., of WWC Engineering, a Qualified Person pursuant to the requirements of NI 43-101, has reviewed and approved the technical disclosure contained in this news release.

About Ur-Energy

Ur-Energy is a junior 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 capacity.  Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. All currency figures in this announcement are in US dollars unless otherwise stated. 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-energy.com           

 

wayne.heili@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., whether the estimated mineral resources at Shirley Basin may be economically recovered; ability to complete, and timing for, the further development of the Shirley Basin 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 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.

Cautionary Note to U.S. Investors:  The terms “mineral resource,” “measured mineral resource,” and “indicated mineral resource,” as used in this news release are Canadian mining terms that are defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). These Canadian terms are not defined terms under United States Securities and Exchange Commission (“SEC”) Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC by U.S. registered companies.  The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Accordingly, note that information contained in this news release describing the Company’s “mineral resources” is not directly comparable to information made public by U.S. companies subject to reporting requirements under U.S. securities laws.  U.S. investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into Mineral Reserves.  U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or online at http://www.sec.gov/edgar.shtml

Click here for a PDF of this News Release

Monday
Aug042014

Ur-Energy Releases 2014 Q2 Financial Results

 

Littleton, Colorado (PR Newswire – August 4, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) announces it has filed the Company’s Form 10-Q for the quarter ended June 30, 2014 with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities on SEDAR at www.sedar.com.  This filing also may be accessed on the Company’s website at www.ur-energy.com.

The second quarter of 2014 featured further increased levels of product sales at 208,000 pounds U3O8.  The product was sold to customer(s) under contractual terms at an average price of $34.64 per pound, which represents a premium to the average spot market price during the quarter of approximately 20%.  Quarterly product sales revenues totaled US$7.2 million.  Production costs were down $0.4 million from the previous quarter.  Production costs per pound rose this quarter compared with the previous quarter due to lower production levels.  This is also reflected in a higher cost per pound sold (up from $29.96 to $34.51).  The reported cost per pound for the quarter includes severance and ad valorem taxes which had not previously been included in inventory calculations. 

Wayne Heili, President and CEO of Ur-Energy, commented, “The second quarter financial results are in line with expectations.  The reduced production rate at Lost Creek resulted in lower overall costs but higher reported costs per pound sold.  As production levels are stabilized in future quarters, we expect to realize lower cost per pound figures.  Along with the significant production results at our flagship Lost Creek project, the Company invested substantial effort into our newly acquired Shirley Basin project to evaluate the project’s resources and commence with permitting activities.  We were pleased to report those results early in the third quarter.”

During the six months ended June 30, 2014, 315,281 pounds of U3O8 were captured within the Lost Creek plant. 304,917 of those pounds were packaged in drums and 333,963 pounds of the drummed inventory were shipped to the conversion facility where 317,760 pounds were sold to utility customers for sales revenues of $13.9 million.  In addition, the Company recognized $1.3 million of sales from the delivery during the period by a third party of 100,000 pounds of uranium under a contractual delivery commitment assigned to that third party in 2013.

Production levels and costs (after adjustments for severance and ad valorem taxes as mentioned) along with sales figures for the Lost Creek Project are presented in the following table: 

Results

Unit

2014 Q21

2014 Q1

Year to date2

 

 

 

 

 

Pounds captured

lb.

116,708

198,573

315,281

Cash cost per pound captured

$/lb.

$9.63

$6.03

$7.36

Non-cash cost per pound captured

$/lb.

$11.56

$6.80

$8.56

Wellfield cash cost 3

$000

$1,124

$1,197

$3,057

Wellfield non-cash cost3

$000

$1,350

$1,350

$2,699

 

 

 

 

 

Pounds packaged in drums

lb.

133,684

171,233

304,917

Cash cost per pound drummed

$/lb.

$12.15

$11.11

$11.57

Non-cash cost per pound drummed

$/lb.

$3.76

$2.94

$3.30

Plant cash cost 4

$000

$1,625

$1,902

$3,527

Plant non-cash cost4

$000

$502

$503

$1,005

 

 

 

 

 

Pounds shipped to conversion facility

lb.

163,747

170,216

333,963

Cash cost per pound shipped

$/lb.

$0.71

$0.89

$0.81

Distribution cost 5

$000

$117

$152

$269

 

 

 

 

 

Pounds sold

lb.

207,760

110,000

317,760

Average realized spot price 6

$/lb.

n/a

n/a

n/a

Average realized long-term contract price

$/lb.

$34.64

$61.12

$43.81

Average realized price

$/lb.

$34.64

$61.12

$43.81

U3O8 Sales

$000

$7,197

$6,723

$13,920

Delivered by third party under assignment agreement

$000

$1,254

n/a

$1,254

 

 

 

 

 

Cash cost per pound sold

$/lb.

$22.05

$19.38

$21.09

Non-cash cost per pound sold

$/lb.

$8.91

$10.08

$11.66

Total cost per pound sold

$/lb.

$30.96

$29.46

$32.75

Cost of sales 7

$000

$7,109

$3,240

$10,409

 

Notes:

1                    The cash costs for the second quarter represent the actual costs for the quarter under the corrected treatment of severance and ad valorem taxes and do not reflect the out of period adjustments.

2                    Year to date amounts have been adjusted to include effects of out of period (2013) adjustments.

3                    Wellfield costs include all wellfield operating costs, severance and ad valorem taxes plus amortization of the related mineral property acquisition costs and depreciation of the related asset retirement obligation costs.  Wellfield construction and development costs, which include wellfield drilling, header houses, pipelines, power lines, roads, fences and disposal wells, are treated as development expense and are not included in wellfield operating costs.

4          Plant costs include all plant operating costs, site overhead costs and depreciation of the related plant construction and asset retirement obligation costs.

5       Distribution costs include all shipping costs and costs charged by the conversion facility for weighing, sampling, assaying and storing the U3O8 prior to sale.  There are no non-cash costs associated with distribution.

6       There were no spot sales in the six months ended June 30, 2014.

7       Cost of sales include all production costs (notes 1, 2 and 3) adjusted for changes in inventory values.

Cash cost per pound and non-cash cost per pound for produced and sold U3O8 presented in the table above are non-US GAAP measures.  These measures do not have a standardized meaning or a consistent basis of calculation under US GAAP.  These measures are used to assess business performance and may be used by certain investors to evaluate the Company’s extraction and processing performance. To facilitate a better understanding of these measures, the table below presents a reconciliation of these measures to the financial results as presented in our financial statements.

Sales per the statement of operations include revenue from sources other than the sale of U3O8.  The sales footnotes in the financial statements separate the U3O8 sales from other revenues. 

Average Price Realized Per Pound Reconciliation

Unit

2014 Q2

2014 Q1

Year to date

 

 

 

 

 

U3O8 Sales (a) 1

$000

$7,197

$6,723

$13,920

 

 

 

 

 

Pounds sold (b)

lb.

207,760

110,000

317,760

 

 

 

 

 

Average price realized per pound (a ÷ b)

$/lb.

$34.64

$61.12

$43.81

 

Note:       1 Gross sales amounts are used for all periods.  Does not include $1.3 million recognized from the gain on assignment of deliveries under long-term contracts or the out of period adjustments because the additional revenue would distort the average realized price per pound.


Cost Per Pound Sold Reconciliation

Unit

2014 Q2

2014 Q1

Year to date

 

 

 

 

 

Wellfield costs

$000

$2,474

$2,547

$5,021

Plant costs

$000

$2,127

$2,404

$4,532

Distribution costs

$000

$117

$152

$269

Out of period adjustment

$000

$736

-

$736

Inventory change

$000

$1,715

$(1,863)

$(149)

 

 

 

 

 

Cost of sales (a)

$000

$7,169

$3,240

$10,409

Pounds sold (b)

lb.

207,760

110,000

317,760

 

 

 

 

 

Cost per pound sold (a ÷ b)

$/lb.

$34.51

$29.96

$32.75

The table above reflects both the cash and non-cash costs identified above which are combined as cost of sales in the statement of operations included in this filing.  Overall, costs of sales per pound were higher in Q2 2014 due to the decrease in production necessitated by the remediation of the water disposal issue as well as the inclusion of the severance and ad valorem taxes and adjustments incurred during the quarter.  As many of our costs are fixed, a lower production level will result in a higher cost per pound.  We would expect to see the cost per pound decrease as production sales levels stabilize.

Operating costs including exploration, evaluation, development and administrative expenses for the quarter were $3.0 million.  This result is $1.6 million less than the budget plan and $0.9 million less than the previous quarter. 

Interest expense of $0.6 million on the RMB and State loan facilities was paid in June.  The Company’s first principle payment ($0.8 million) for RMB was also paid in June. Offsetting interest and other expenses was the $0.8 million mark-to-market adjustment for the US$ denominated warrants.

At June 30, our cash position was $1.6 million and we had $7.2 million in accounts receivable. We received $3.6 million of the account receivable in early July and received another $3.6 million at the end of July.  Our current cash position is approximately $6.1 million.

Looking Ahead

Production rates at Lost Creek were deliberately controlled at levels that allowed us to fulfill our contractual sales requirements through June 30, 2014 without participating in a weak uranium spot market.  As a result, we now expect to produce approximately 0.7 million pounds of U3O8 in 2014 which will allow the Company to meet its contractual commitments in the second half of 2014 and participate in the uranium spot market minimally, if necessary.  As announced on May 22, 2014, we expect to sell approximately 518,000 pounds U3O8 at an average realizable sales price of $51.10 per pound in 2014 and approximately 630,000 pounds U3O8 at an average realizable price of $50.10 per pound in 2015.  Any additional sales will be late in the year at then-existing spot prices unless new contract sales are put in place.  The spot sales market has remained weak with current spot prices below $30 per pound.  Our next two contract sales will be at significantly higher prices than the contract we delivered under this quarter.

About Ur-Energy

Ur-Energy is a junior 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 capacity.  Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. All currency figures in this announcement are in US dollars unless otherwise stated. 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-energy.com           

 

wayne.heili@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., timing and results of continuing commissioning efforts at the Lost Creek facility; ability to timely deliver into existing contractual obligations and possibly make spot sales; whether production costs continue to decrease as production rates continue to ramp up and are stabilized) 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 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.

Click here for a PDF of this News Release