Other U.S. Projects
Lost Soldier Project
The Lost Soldier project is located approximately 14 miles (22.5 kilometers) to the northeast of the Lost Creek project. The property has approximately 4000 historical drill holes defining 14 mineralized sandstone units. As identified in the July 2006 Technical Report on Lost Soldier, NI 43-101 compliant resources are 5.0 million pounds of U3O8 at 0.064% as a Measured Mineral Resource, 7.2 million pounds of U3O8 at 0.065% as an Indicated Mineral Resource and 1.8 million pounds of U3O8 at 0.055% as an Inferred Mineral Resource. The Company maintains 143 lode mining claims at Lost Soldier, totaling approximately 2,710 mineral acres. A royalty of 1%, which arises from a data purchase, is in place with respect to future production on certain claims within the project. The Company continues to anticipate regulatory applications for Lost Soldier will be made after the Company obtains the Lost Creek licenses and permit to mine, and as corporate priorities are determined for the exploration and development of the lands adjacent to Lost Creek.
Hauber Project LLC
The Company’s properties at its Hauber Project in Crook County, Wyoming are the subject of a venture agreement with a subsidiary of Bayswater Uranium Corporation (Bayswater). Bayswater joined the Hauber Project as the earn-in Member and Manager, effective December 2009. The Hauber Project consists of 205 unpatented lode mining claims and one state uranium lease, totaling approximately 4,570 mineral acres. Bayswater can earn a 75% interest by incurring eligible exploration expenditures of US$1 million over a four-year period. The first year’s expenditures included two core drill holes to test ISR amenability through selected mineralized zones. Positive results have been received from initial testing regarding the in situ amenability at the project. In January 2010, Bayswater completed an independent NI 43-101 mineral resource estimate on the Hauber Project which reports the properties hold approximately 1.45 million pounds eU3O8Indicated Mineral Resources in 432,000 tons at an average grade of 0.17% eU3O8.
The Bootheel Project, LLC
Crosshair Exploration & Mining Corp (Crosshair) completed its earn-in of a 75% interest in the Company’s subsidiary, The Bootheel Project, LLC, during third quarter 2009. Crosshair’s 75% interest was acquired by spending US$3.0 million in qualified exploration costs, and issuing 150,000 common shares to the Company. Ur-Energy retains a 25% interest in the project. Under the terms of the 2007 venture agreement, Ur-Energy contributed its Bootheel and Buck Point properties to the Bootheel Project. These properties cover an area of known uranium occurrences within the Shirley Basin, Wyoming. The Bootheel Project covers defined areas of approximately 8,524 gross, and 7,895 net, mineral acres.
Crosshair has announced its plans for a 2011 drill program, as well as the continuation of necessary wildlife surveys and other baseline monitoring at the project. Ur-Energy has elected to not participate financially in the 2011 program, subject to its reservation of all rights under the Project operating agreement.
Click on map for larger version
Nebraska Exploration Project
In January 2011 Ur-Energy announced it has extended its U.S. exploration activities into western Nebraska. The Company has leased approximately 55 square miles (142 sq. km) for initial exploration which will test new concepts in a geologic environment that is favorable for the discovery of uranium deposits. Ur-Energy senior geologists conducted a detailed study mapping the subsurface geology and host formations covering eleven counties in western Nebraska.
Cautionary Note to U.S. Investors: The terms “mineral resource,” “measured mineral resource,” “indicated mineral resource” and “inferred mineral resource,” as used on our website 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 on this website 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 urged to consider closely the disclosure in our Form 20-F which may be secured from us, or online at http://www.sec.gov/edgar.shtml.
20110715