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Wednesday
Feb242016

Ur-Energy to Release Annual Report for 2015 and Host Webcast and Teleconference 

Littleton, Colorado (PR Newswire – February 24, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) announces that it will host a webcast and teleconference on March 2, 2016 to discuss the Company’s year-end results, following the filing of its Annual Report on Form 10-K, which it anticipates filing on February 26, 2016.

The webcast and teleconference will be held on March 2, 2016 at 9:00 a.m. (MT) / 11:00 a.m. (ET).  A Q&A session will follow the presentation. Those wishing to participate by phone can do so by calling:

US Number  1-877-226-2859

Canada Number  1-855-669-9657

International Number  1-412-542-4134

Ask to be joined into the Ur-Energy call.
 

The call is being webcast by PR Newswire. The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by clicking here or by copying the following URL into your web browser: https://www.webcaster4.com/Webcast/Page/1186/13707

If you are unable to join the call, a link will be available following the webcast on the Company’s website www.ur-energy.com.

About Ur-Energy

Ur-Energy is a 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 design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. The Company has begun to submit applications for permits and licenses to operate Shirley Basin. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” 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

 

Jeffrey Klenda, Executive Director

866-981-4588     

 

866-981-4588

Rich.Boberg@ur-energy.com

 

 

Jeff.Klenda@ur-energy.com

Wednesday
Feb172016

UR-ENERGY ANNOUNCES COMPLETION OF BOUGHT DEAL FINANCING

Littleton, Colorado (PR Newswire – February 17, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) is pleased to announce that it has completed its previously-announced bought deal financing with a syndicate of investment dealers led by Cantor Fitzgerald Canada Corporation and including Raymond James Ltd. and Dundee Securities Ltd. (the “Underwriters”). The Underwriters purchased, on a bought deal basis, 12,921,000 common shares of Ur-Energy at a purchase price of US$0.50 per common share, for aggregate gross proceeds to the Company in the amount of US$6.46 million (the “Offering”), which includes 921,000 common shares acquired pursuant to the partial exercise of the Underwriters’ over-allotment option.

Ur-Energy plans to use the net proceeds of the Offering, (i) to advance the operations and development of the Lost Creek Project including wellfield construction and development as identified in the recently-completed Amended Preliminary Economic Assessment for the Lost Creek Property, (ii) for payment of ongoing debt service obligations, and (iii) for general corporate purposes.

Jeff Klenda, the Executive Director of the Company, purchased 1,000,000 common shares under the Offering for gross proceeds of US$500,000. Mr. Klenda’s participation constitutes a “related party transaction” as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The audit committee of the Company and the board of directors of the Company, excluding Mr. Klenda, approved the Offering including the related party transaction.  The Company did not file a material change report more than 21 days prior to closing. The shorter period was necessary in order to permit the Company to close the Offering in a timely manner.

The Offering was made pursuant to a short form prospectus in all Provinces in Canada, other than Quebec, and pursuant to an effective shelf registration statement of the Company previously filed with the U.S. Securities and Exchange Commission. The Offering was made by means of a prospectus supplement and the accompanying prospectus to that shelf registration statement.  A copy of the U.S. prospectus supplement and accompanying base prospectus relating to the Offering is available from the SEC website at www.sec.gov and a copy of the Canadian preliminary and final short form prospectuses for the Offering of the common shares in Canada is available on SEDAR at www.sedar.com. Alternatively, copies of the U.S. prospectus supplement and accompanying base prospectus can be obtained by contacting Cantor Fitzgerald & Co., attention: Equity Capital Markets, 110 East 59th Street, New York, New York 10022, telephone: 212-829-7122 and copies of the Canadian preliminary and final short form prospectus may also be obtained by contacting the Company at 866-981-4588.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Ur-Energy

Ur-Energy is a 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 design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. The Company has begun to submit applications for permits and licenses to operate Shirley Basin. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” 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

Jeff Klenda, Chairman/Executive Director
866-981-4588
jeff.klenda@ur-energy.com 

 

Cautionary Note Regarding Forward-Looking Information: This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the use of proceeds from the offering) 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, satisfaction of the conditions to closing of the offering, delays in obtaining required stock exchange or other regulatory approvals, commodity price volatility, the impact of general business and economic conditions, as well as 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.

 

Tuesday
Feb092016

Ur-Energy Issues Amended Preliminary Economic Assessment for Lost Creek Property

 

Littleton, Colorado (PR Newswire – February 9, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) announces that it has amended the Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming (as originally filed on January 19, 2016, the “Original PEA” and as amended on February 8, 2016, the “Amended PEA”).  At the request of the staff of the Ontario Securities Commission, the Amended PEA includes the addition of detailed Cash Flow and Operating Costs tables that supplement the disclosure already included in the Original PEA in the Summary Cash Flow and Operating Costs tables. The economic analysis remains unchanged from the Original PEA, and there are no other differences between the Amended PEA and the Original PEA, other than the addition of the two tables noted above and conforming changes to the related text.  

The Amended PEA for the Lost Creek Property has been prepared for Ur-Energy by TREC, Inc., in accordance with NI 43-101 Standards of Disclosure for Mineral Projects. Completion of this Amended PEA was under the direction of Mr. Douglass H. Graves, P.E., representing TREC and Mr. James A. Bonner, C.P.G. (American Institute of Professional Geologists), Vice President Geology, Ur-Energy Inc.  Both individuals are Qualified Persons as defined by NI 43-101. Messrs. Graves and Bonner, Qualified Persons, have reviewed and approved the technical disclosure contained in this news release. 

The full report titled “Amended Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming” dated February 8, 2016, 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.

Cautionary statement: This Amended Preliminary Economic Assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is increased risk and uncertainty to commencing and conducting production without established mineral reserves that may result in economic and technical failure which may adversely impact future profitability. The estimated mineral recovery used in this Amended Preliminary Economic Assessment is based on recovery data from wellfield operations to date, as well as Ur-Energy personnel and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved.

About Ur-Energy

Ur-Energy is a 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 design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013.  Applications for permits and licenses to operate Shirley Basin have begun to be submitted to regulators.  Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” 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

 

Jeff Klenda, Chairman / Executive Director

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com           

 

jeff.klenda@ur-energy.com

 

Cautionary Note Regarding Forward-Looking Information: This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the technical and economic viability of the Lost Creek Property and other projections, as well as the mineral resource estimates contained in the Amended PEA; further development of the resources to be a part of production at Lost Creek; the minability and scalability of the project on a continuing, sustained basis at current and anticipated costs; timing and ability to advance all regulatory authorizations for the 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; 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,” “indicated mineral resource,” and “inferred 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 

 

Wednesday
Jan272016

Ur-Energy Announces Bought Deal Financing

Littleton, Colorado (PR Newswire – January 27, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the “Company” or “Ur-Energy”) is pleased to announce that it has entered into an agreement with a syndicate of investment dealers led by Cantor Fitzgerald Canada Corporation and including Raymond James Ltd. and Dundee Securities Ltd. (the “Underwriters”), which have agreed to purchase, on a bought-deal basis, 12,000,000 common shares of Ur-Energy at a purchase price of US$0.50 per common share, for aggregate gross proceeds to the Company in the amount of US$6 million. In addition, Ur-Energy has agreed to grant the Underwriters an over-allotment option exercisable at any time, in whole or in part, for a period of 30 days following the closing of the offering, to purchase up to 1,800,000 additional common shares at the issue price for gross proceeds of up to US$900,000.

Ur-Energy plans to use the net proceeds of the offering to advance the operations and development of the Lost Creek Project including wellfield construction and development as identified in the recently-completed Preliminary Economic Assessment for the Lost Creek Property, for payment of ongoing debt service obligations, and for general corporate purposes.

Jeff Klenda, the Executive Director of the Company, is expected to purchase 1,000,000 common shares under the Offering for gross proceeds of US$500,000. Mr. Klenda’s participation in the Offering will constitute a “related party transaction” as defined in Multilateral Instrument 61-101 respecting Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to insiders nor the consideration for such securities by insiders exceed 25% of the Company's market capitalization.

The common shares to be issued under the offering will be offered by way of a short form prospectus in all provinces in Canada, other than Quebec, and will be offered in the United States pursuant to a prospectus supplement to the Company’s shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). This news release will not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the common shares in any jurisdiction in which such offer, solicitation or sales would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

The offering is scheduled to close on or about February 17, 2016 and is subject to satisfaction of certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange, NYSE MKT LLC and the applicable Canadian and U.S. securities regulatory authorities. Ur-Energy has applied to list the common shares on the TSX and will also apply to list the common shares on the NYSE MKT. 

A copy of the U.S. prospectus supplement and accompanying base prospectus relating to the offering will be available from the SEC website at www.sec.gov and a copy of the Canadian preliminary and final short form prospectuses for the offering of the common shares in Canada will be available on SEDAR at www.sedar.com. Alternatively, once filed, copies of the U.S. prospectus supplement can be obtained by contacting Cantor Fitzgerald & Co., attention: Equity Capital Markets, 110 East 59th Street, New York, New York 10022, telephone: 212-829-7122 and copies of the Canadian preliminary and final short form prospectus may also be obtained by contacting the Company at 866-981-4588.

About Ur-Energy

Ur-Energy is a 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 design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. The Company has begun to submit applications for permits and licenses to operate Shirley Basin. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” 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

Jeff Klenda
866-981-4588
jeff.klenda@ur-energy.com 

Cautionary Note Regarding Forward-Looking Information: This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the anticipated size and closing date of the proposed offering and the use of proceeds from the offering) 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, satisfaction of the conditions to closing of the offering, delays in obtaining required stock exchange or other regulatory approvals, commodity price volatility, the impact of general business and economic conditions, as well as 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.

Tuesday
Jan192016

Ur-Energy Issues Updated Preliminary Economic Assessment for Lost Creek Property Life of Mine Extended to 2031

Littleton, Colorado (PR Newswire – January 19, 2016) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (“Ur-Energy” or the “Company”) is pleased to announce the completion of an updated Preliminary Economic Assessment (“PEA”) for its Lost Creek Property in Sweetwater County, Wyoming, which confirms the increase in mineral resources previously announced, see News Release December 7, 2015. The PEA also serves to update the economic analyses for the Property (December 2013), and replaces the most recent Canadian National Instrument 43-101 (NI 43-101) Technical Report on the Lost Creek Property, dated June 17, 2015, prepared by TREC, Inc. (TREC).

The primary purpose of this PEA is to confirm the updated mineral resource estimate prompted by 2015 drilling within Lost Creek’s Mine Unit 2 (MU2) and exploratory drilling at the Lost Creek and LC East Projects. Also included in this estimate is an increase to the overall Property resource total through a re-estimation of all previously-identified resources at a revised 0.20 grade-thickness (GT) cut-off.

The current mineral resource estimate for the Lost Creek Property, after subtracting 1.358 million pounds of uranium produced from MU1 through September 30, 2015, is 13.251 million pounds in the Measured and Indicated categories, and 6.439 million pounds in the Inferred category. The current resource estimate represents a net increase to the Lost Creek Property (all Projects) of:

  • 3.146 million pounds eU3O8 in the Measured and Indicated categories (after adjustment for MU1 production), or 31% increase when compared with the previous resource estimate in the June 17, 2015 Technical Report; and
  • 1.402 million pounds eU3O8 in the Inferred category, or a 28% increase to the last mineral resource.

The economic analyses within this PEA continue to demonstrate the potential economic viability of the project.  The analyses have been revised to evaluate the impact of additional identified resources with information and data acquired through two years of ISR operations at Lost Creek. Total future life of mine production is modeled to be 13.8 million pounds and with production operations ending in 2031. This represents a nine year life of mine extension from the forecast contained in the previous PEA.

James Bonner, Vice President, Ur-Energy commented, “We are very pleased with the continued growth and development of the Lost Creek mineral resource. Incorporation of data from existing wellfield pattern drilling and over two years of operations experience gives us a high level of confidence in these mineral resource estimates, and their impact to extend the life of mine at this low-cost producing facility.” 

The updated resource estimate is summarized here:

The economic analyses presented in the PEA provide both pre- and post-income tax data. This analysis estimates the Project will generate net cash flow over its life of US$510.9 million (before tax) and US$409.0 million (after taxes).  A summary of the economic analyses is presented here:

This PEA for the Lost Creek Property has been prepared for Ur-Energy by TREC, Inc., in accordance with NI 43-101 Standards of Disclosure for Mineral Projects. Completion of this PEA was under the direction of Mr. Douglass H. Graves, P.E., representing TREC and Mr. James A. Bonner, C.P.G. (American Institute of Professional Geologists), Vice President Geology, Ur-Energy Inc.  Both individuals are Qualified Persons as defined by NI 43-101. Messrs. Graves and Bonner, Qualified Persons, have reviewed and approved the technical disclosure contained in this news release. 

The full report titled “Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming” dated January 19, 2016, 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.

Cautionary statement: This Preliminary Economic Assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery used in this Preliminary Economic Assessment is based on recovery data from wellfield operations to date, as well as URE personnel and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved.

About Ur-Energy

Ur-Energy is a 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 design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013.  Applications for permits and licenses to operate Shirley Basin have begun to be submitted to regulators.  Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” 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

 

Jeff Klenda, Chairman / Executive Director

866-981-4588     

 

866-981-4588

rich.boberg@ur-energy.com           

 

jeff.klenda@ur-energy.com

Cautionary Note Regarding Forward-Looking Information: This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the technical and economic viability of the Lost Creek Property and other projections, as well as the mineral resource estimates contained in the PEA; further development of the resources to be a part of production at Lost Creek; the minability and scalability of the project on a continuing, sustained basis at current and anticipated costs; timing and ability to advance all regulatory authorizations for the 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; 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,” “indicated mineral resource,” and “inferred 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