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Wednesday
Apr302014

Ur-Energy Reports Results of Annual and Special Shareholders’ Meeting

Littleton, Colorado (PR Newswire – April 30, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG)  (“Ur-Energy” or the “Company”) is pleased to announce the results of the Company’s Annual and Special Meeting of Shareholders held April 29, 2014, including the election of Directors.

Each of the nominee Directors listed in the Company's management proxy circular dated March 20, 2014 was elected as a Director. The Company received proxies with regard to voting on the six Directors nominated for election, as follows:

Nominee

Vote For

%

Votes Withheld

%

Jeffrey T. Klenda

35,678,714

92.29

2,982,146

7.71

Wayne W. Heili

36,762,742

95.09

1,898,118

4.91

Paul Macdonell

30,851,907

79.80

7,808,953

20.20

W. William Boberg

35,120,727

90.84

3,540,133

9.16

James M. Franklin

37,245,988

96.34

1,414,872

3.66

Thomas Parker

35,721,160

92.40

2,939,700

7.60

 

Additionally, there were 35,291,852 non-votes in the election.

Also at the Annual and Special Meeting of Shareholders, the Company’s Stock Option Plan was approved for renewal by a majority of the votes represented (90.35%), after the exclusion of votes held by certain insiders and their affiliates. 

The Company’s independent auditors PricewaterhouseCoopers LLP were reappointed by the Shareholders and the Directors of the Company were authorized to fix the remuneration of the auditors.

The “say on pay” vote to approve executive compensation was approved with 91.74% of the votes cast voting for the non-binding advisory vote.  The Company’s first advisory vote on preferred frequency of voting on executive compensation, or “say when on pay,” was returned with a vote of 43.92% for every year; 36.35% for every two years; 18.24% for every three years (with 1.49% abstaining).  The Board of Directors has adopted the preference expressed by the shareholders in this advisory vote and will conduct advisory votes on executive compensation every year until the Company’s next say when on pay vote in 2020. 

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”. 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

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; 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 PDF of this News Release

 

Tuesday
Apr222014

Ur-Energy Provides 2014 Q1 Operational Results

Littleton, Colorado (PR Newswire – April 22, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) provides the following report of operational results for the first quarter 2014. 

Operational Highlights for Lost Creek

 

 

Quarter

YTD

 

 

2013 Q4

2014 Q1

2014

 

 

 

 

 

U3O8 Captured

(‘000 lbs)

141.2

198.6

198.6

U3O8 Dried & Drummed

(‘000 lbs)

131.2

171.2

171.2

U3O8 Sold

(‘000 lbs)

90.0

110.0

110.0

 

 

 

 

 

Average Flow Rate

(gpm)

694

1,103

1,103

U3O8 Head Grade

(mg/l)

211

179

179

Average U3O8 Daily Production

(lbs/day)

1,535

2,206

2,206

 

Uranium Production at Lost Creek

The Lost Creek project continues to produce and sell U3O8.  The project demonstrated quarter-over-quarter improvement in the average daily production rate as reflected by the captured, dried and sold product results.  Plant head grades continued to be significantly higher than projected. Production flow was sourced from five header houses in the first mine unit.  During the quarter, 198,573 pounds of U3O8 were captured within the Lost Creek plant.  171,233 of those pounds were packaged in drums and 170,216 pounds of drummed inventory were shipped to the conversion facility where 110,000 pounds were sold to our customers under long term contractual terms at an average price of $61.12 per pound.

As previously reported, the production flow has been controlled at a lower rate than budgeted to effectively manage the processing rate while plant and auxiliary system commissioning continues and operational issues are identified and addressed.  Project operational rates were adjusted downward again to implement corrective measures related to waste water management concerns.  The project continues to capture uranium in the process plant while implementing these measures.  We anticipate that more routine production levels will be resumed by the end of April.

Shirley Basin Drilling

The drill program at Shirley Basin commenced during the quarter, with 10 holes being drilled:  six are stratigraphic test holes; four are being completed as monitor wells.  Weather and ground conditions have delayed the program’s completion, which will resume when conditions improve.    

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 the commissioning efforts at the Lost Creek facility, including water management issues and resumption of production levels; timing and results of the Shirley Basin drill program) 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 PDF of this News Release 

Monday
Mar312014

Ur-Energy Announces New Vice President of Geology

Littleton, Colorado (PR Newswire – March 31, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG)  (“Ur-Energy” or the “Company”) is pleased to announce that James A. Bonner has joined Ur-Energy as the Company’s Vice President, Geology.  He will be located in our Casper, Wyoming office. 

Mr. Bonner is a Professional Geologist with 23 years in the uranium exploration and development industry, 3 years in the oil and gas industry and 13 years in environmental engineering consulting.  He comes to Ur-Energy having most recently served as Vice President of Exploration for Powertech (USA), Inc.  He previously worked as a consulting geologist, was employed as a Senior Geologist for Gordon Environmental in Albuquerque, NM, and worked for 16 years in uranium exploration for Rocky Mountain Energy Company throughout the western U.S.  Mr. Bonner is a Registered Professional Geologist and a Certified Professional Geologist, and is a member of the Geological Society of America, the American Institute of Professional Geologists and the Society for Mining, Metallurgy and Exploration.  Mr. Bonner received a Bachelor of Science in Geology from the University of Wyoming.

Wayne Heili, President and CEO of Ur-Energy stated, “We welcome Jim Bonner at this exciting time in Ur-Energy’s growth and development.  He brings to the job decades of experience in uranium exploration and development at a time when we will be developing our new Shirley Basin project and continuing the expansion of the greater Lost Creek property.  This addition will also allow John Cash to focus his expertise in environmental permitting to the ongoing regulatory efforts at both projects.”    

John Cash, who has served as Vice President Regulatory Affairs, Exploration and Geology since 2011, will continue to serve the Company as Vice President, Regulatory Affairs.  He and his staff are currently advancing amendments to existing Lost Creek permits and licenses to include the LC East project and the KM horizon for production within existing permits.  His team is also advancing environmental baseline studies and permitting activities for the Company’s Shirley Basin project acquired as part of the Pathfinder Mines Corporation acquisition in December 2013.

About Ur-Energy

UrEnergy is a junior uranium mining company operating the Lost Creek insitu recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate capacity with a one million pound annual rate planned from the mining areas at Lost Creek. UrEnergy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada. Shares of UrEnergy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. UrEnergy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. UrEnergy’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

Click here to email Rich                                                                      Click here to email Wayne

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 (e.g., the ability and timing to complete planned amendments to permits and licenses at Lost Creek; ability and timing to complete baseline studies and permitting activities at Shirley Basin). 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 PDF of this News Release

Wednesday
Mar192014

Ur-Energy Completes Amendment to RMBAH Loan Facility

Littleton, Colorado (PR Newswire – March 19, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG)  (“Ur-Energy” or the “Company”) is pleased to announce the completion of an amendment to the secured loan facility (the “Amended Loan Facility”) with RMB Australia Holdings Limited (“RMBAH”) (see also Press Release December 23, 2013). 

The Amended Loan Facility makes available another US$1.5 million in addition to the $5.0 million that the Company drew down in December 2013, which enabled the acquisition of Pathfinder Mines Corporation.  The repayment schedule has been extended from one year to two years, effectively lowering the quarterly principal and interest payments. The first of eight quarterly repayments of principal and interest was deferred from March 2014 to June 2014 and the Amended Loan Facility will now mature in March 2016.  The interest rate was amended to a rate of LIBOR plus 8.5% per annum, calculated quarterly. 

Roger Smith, CFO of the Company, stated, “We would again like to express our appreciation to RMB for its commitment to our projects and our Company.  We continue to value our relationship with this well-respected banking partner, as we work to achieve our strategic goals at Lost Creek and Shirley Basin.” 

The Amended Loan Facility also will permit the Company to draw down an additional US$3.5 million following the completion of an independent NI 43-101 mineral resource estimate at its newly-acquired Pathfinder Shirley Basin Project.  This second tranche of funding is being made available to the Company on a revolving basis throughout the term of the loan facility and is intended to provide flexibility during the development of the Shirley Basin Project. The Company is currently engaged in a review of the historical geologic and engineering data and reports from Shirley Basin. The Company also commenced a limited drill program of confirmatory holes in February related to the preparation of the NI 43-101 report.

The Amended Loan Facility includes a security interest over the Pathfinder assets and other customary terms as set forth in the transaction documents.  The proceeds are available to the Company both for the development of Shirley Basin and for other general corporate and working capital purposes.

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 with a one million pound annual rate planned from the mining areas at Lost Creek.  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”. 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., the proposed use of proceeds from the loan arrangement; the timing and results of data analyses toward a mineral resource technical report; the flexibility provided by the facility for development of Shirley Basin) 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 of this News Release

Monday
Mar032014

Ur‐Energy Releases 2013 Year End Results

 

Littleton, Colorado (PR Newswire – March 3, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG)  (“Ur-Energy” or the “Company”) announces it has filed the Company’s Annual Report, Consolidated Financial Statements, and Management’s Discussion & Analysis on Form 10-K, all for the year ended December 31, 2013, 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. These filings also may be accessed on the Company’s website at www.ur-energy.com. Shareholders of the Company may receive a hard copy of the audited consolidated financial statements, free of charge, upon request to the Company.

Commenting on the evolution of Ur-Energy in 2013, the Company’s President and CEO Wayne Heili stated:  “We are emerging from a significant and transformative year for the Company.  The start of production at our state-of-the-art Lost Creek Project places us as the world’s newest uranium producer.  Our strong production results in the fourth quarter demonstrate the quality of the project we have developed and the ability of our staff to continuously deliver positive outcomes for the Company.  Additionally, the successful completion of the Pathfinder Mines acquisition will provide growth opportunities for Ur-Energy beginning with the establishment of Shirley Basin as our next project to advance.  Capping a year filled with highlights and accomplishments, Ur-Energy realized its first corporate revenues from the sale of finished product in late December.”

As expected, 2013 was a capital intensive year for the Company.  Construction of an innovative in-situ uranium recovery facility at the Lost Creek Project was completed during the year.  We also conducted development drilling and completed related construction in the first Mine Unit during the year.  Various aspects of process automation and equipment integration at the facility continued throughout the commissioning phase and into 2014.  We incurred $55.5 million in construction, equipment purchases and wellfield development costs through December 31, 2013.

Uranium production was initiated in August and the daily recovery rate surpassed 2,200 pounds of U3O8 at a flow rate of 1,800 gallons per minute in September.  Production head grades exceeded technical projections reaching levels of 200 mg/l U3O8 in October.  Flow rates were intentionally reduced to effectively manage production rates while the new plant and water management systems were being commissioned.  By year-end, all plant production circuits were operating and the daily recovery rate was 2,700 pounds of U3O8 at a flow rate of 830 gallons per minute with a grade of 270 mg/l U3O8.  

During 2013, 190,365 pounds of U3O8 were captured within the Lost Creek plant. Of those, 131,216 pounds were packaged in drums and 94,827 pounds of the drummed inventory were shipped to the conversion facility.  We sold 90,000 pounds to our customers under long term sales agreements in the latter part of December 2013.  While we incurred a full-quarter of production costs in 2013 Q4, we did not have a full quarter of product sales due to the early stage of the project.  The reported cash cost per pound sold ($21.98) included a full quarter of production costs (approximately $2.0 million) over sales of 90,000 pounds of U3O8.  Consequently, the average cost per pound sold is somewhat elevated as compared to what we would expect to see going forward.  Inventory, production and sales figures for the Lost Creek Project are as follows:

Uranium Sales and Production

Highlights

Unit

2013

2012 1

Change

 

 

 

 

 

Pounds captured within the plant

Lb

190,365

n/a

n/a

 

 

 

 

 

Pounds packaged in drums

Lb

131,216

n/a

n/a

 

 

 

 

 

Pounds shipped to conversion facility

Lb

94,827

n/a

n/a

 

 

 

 

 

Pounds sold

Lb

90,000

n/a

n/a

Average long-term contract price

$/lb

$62.92

n/a

n/a

Average price

$/lb

$62.92

n/a

n/a

Average realized price 2

$/lb

$55.34

n/a

n/a

Net sales 2

$000

$4,981

n/a

n/a

 

 

 

 

 

Cash cost per pound sold

$/lb

$21.98

n/a

n/a

Non-cash cost per pound sold

$/lb

$12.41

n/a

n/a

Total cost per pound sold

$/lb

$34.40

n/a

n/a

Cost of sales 3

$000

$3,096

n/a

n/a

 

Notes:

1               Lost Creek commenced production in 2013.  There was no production in 2012

2               Net sales revenues and the average realized price are net of county ad valorem and state severance taxes and do not include $2,635,000 recognized from the gain on assignment of deliveries under long-term contracts because the additional revenue would distort the average realized price per pound.

3               Cost of sales include all production costs adjusted for changes in inventory values. 

Ad valorem and severance taxes are calculated on the average price per pound of uranium that we sell but are also a function of the pounds extracted (captured) rather than the quantity of sales.  Therefore, the amount of the tax will fluctuate depending on the price of uranium we receive and the rate of extraction.  Because of this relationship to the price of uranium, the taxes are deducted from sales revenues when determining the average realized price per pound sold.  The 2013 average realized price per pound sold, after deducting the value-based ad valorem and severance taxes, was $55.34. 

 

Cash cost per pound and non-cash cost per pound for produced and sold uranium presented in the table above are non-U.S. GAAP measures.  These measures do not have a standardized meaning or a consistent basis of calculation under U.S. GAAP.  The measures are used to assess business performance and may be used by certain investors to evaluate performance. 

 

To facilitate a better understanding of these measures, the tables below present a reconciliation of the measures to the financial results as presented in our financial statements.

 

Average Price Realized Per Pound Reconciliation

Unit

2013

2012

 

 

 

 

Sales 1

$000

$5,663

n/a

Ad valorem and severance taxes

$000

$(682)

n/a

Net sales (a)

$000

$4,981

n/a

 

 

 

 

Pounds sold (b)

lb

90,000

n/a

 

 

 

 

Average price realized per pound (a ÷ b)

$/lb

$55.34

n/a

 

Notes:

1                     Does not include $2,635,000 recognized from the gain on assignment of deliveries under long-term contracts because the additional revenue would distort the average realized price per pound.

 


Cost Per Pound Sold Reconciliation

Unit

2013

2012

 

 

 

 

Wellfield costs

$000

$2,509

n/a

Plant costs

$000

$2,352

n/a

Distribution costs

$000

$33

n/a

Inventory change

$000

($2,053)

n/a

Cost of sales (a)

$000

$3,096

n/a

 

 

 

 

Pounds sold (b)

lb

90,000

n/a

 

 

 

 

Cost per pound sold (a ÷ b)

$/lb

$34.40

n/a

 

Our Outlook for 2014

In January 2014, production head grade continued to exceed technical projections averaging levels of 219 mg/l U3O8.  All primary plant and disposal systems were functioning including both disposal wells and dryers.  During January, 80,396 pounds of U3O8 were captured within the Lost Creek plant.  Of those, 34,063 pounds were packaged in drums and 65,607 pounds of the drummed inventory were shipped to the conversion facility where 40,000 pounds were sold to utility customers under existing long-term contracts.

In mid-January, maintenance of existing systems commenced to improve plant efficiencies based on lessons learned throughout the commissioning process.  Plant systems up to and including the product dryers were operated during the maintenance program, but at reduced rates.  The maintenance is anticipated to be completed in late February or early March, after which time the systems will again be available to operate at full production levels.  Production rates in the first quarter of 2014 are therefore projected to be slightly lower than the planned annual rate.

During the year, we expect to produce approximately 1.0 million pounds of U3O8.  Based on the long-term contracts we have in place, we expect to sell approximately one third of the production into those fixed price contracts.  The remainder of the sales will be at existing spot prices unless additional contract sales are put in place.  Production costs are expected to be consistent with past results and technical projections, and the total cost per pound sold is expected to decrease between 5% and 15% as production and sales quantities rise to targeted rates.

Pathfinder Mines Acquisition

In 2012, we executed a Share Purchase Agreement to acquire Pathfinder Mines Corporation (“Pathfinder”) from an AREVA Mining affiliate for $13,250,000.  In December of 2013 the agreement was renegotiated, reducing the cash consideration by 50% while introducing a 5% production royalty under certain market conditions.  The transaction closed on the revised terms and the Company satisfied the closing cash requirements by paying the seller $5.3 million in addition to the escrow amount of $1.3 million paid in 2012.

As a part of the Pathfinder acquisition, we now own the Shirley Basin and Lucky Mc mine sites from which Pathfinder and its predecessors historically produced more than seventy-one million pounds of uranium.  Historic reports of Pathfinder indicate that both properties contain remaining historic resources, although the resources are not yet compliant with NI 43-101.  We believe that the resources at Shirley Basin are suitable for low cost in-situ recovery methods comparable and complementary to our Lost Creek project.  Efforts in 2014 will be made to calculate an NI 43-101 compliant resource for Shirley Basin and to begin environmental baseline studies that will form the basis for our applications for permits and licenses for production activities at the project.  In addition, the existing tailings facility at Shirley Basin is one of the few remaining facilities in the United States that is licensed to receive and dispose of byproduct waste material from other in-situ mines.  We have assumed the operation of the disposal facility and are accepting deliveries under several existing contracts.

Ending Financial Condition

The Company ended the year with a cash and cash equivalents balance of $1.6 million.  In addition, the Company held an accounts receivable balance of $5.8 million from our December sales which was subsequently paid to the Company in January 2014.  Our uranium product inventory at year end was valued at $2.1 million. 

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., the projected cash flow and internal rate of return for the Lost Creek Project; anticipated completion of a technical report on the Shirley Basin property) 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 sedar.com and 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