Presentations
Overview
Mountain Lake Property
Dismal West Property

Presentations

Canada Uranium Projects (pdf document, 2.4 MB)

Overview
On April 27, 2006 Ur-Energy announced that it had optioned its Mountain Lake and West Dismal Properties to Triex Minerals Corporation. At Mountain Lake, Ur-Energy holds 41 claims covering about 38,545 hectares (95,242 acres) that adjoin 8 claims held by Triex. The Triex ground hosts the Mountain Lake Deposit, the largest uranium deposit found to date in the Hornby Bay Basin. Near the west end of Dismal Lakes, Ur-Energy’s Property comprises two groups of 17 mineral claims totaling approximately 13,920 hectares (34,400 acres). The claim groups cover part of an historic field of uranium mineralized boulders located 40 kilometres northwest of the Mountain Lake deposit. Triex has made a cash payment of $25,000 to Ur-Energy and must spend $200,000 on exploration of the Properties by September 22, 2006. In order to exercise the option, Triex must incur a further $500,000 in exploration by September 30, 2007. Ur-Energy will retain a 5% NSR royalty interest in the Properties with Triex having the right to purchase one-half of the royalty for $5,000,000. Management of Ur-Energy is very pleased to enter into this agreement with Triex Minerals. It allows for the uranium potential of our two Properties to be evaluated by experienced explorers with a strong presence in the Hornby Bay Basin and allows us to focus our Canadian exploration on the Screech, Eyeberry and Gravel Hill Properties in the Thelon Basin.”

Visit the Triex Minerals Corporation website here.

Mountain Lake Property
Triex is working in this region in a 50:50 joint venture with Pitchstone Exploration Ltd. The Joint Venture’s Mountain Lake Claim Group is located 100 km southwest of the coastal community of Kugluktuk, Nunavut. It comprises 8 mineral claims totaling 6,647 hectares centered on the Mountain Lake Deposit. The stratabound deposit is hosted within sandstone of the Proterozoic Dismal Lakes Group. During the 1970s and 1980s, Esso Minerals Canada and Cominco Ltd. drilled more than 190 holes, totaling approximately 22,000 metres. There is an Inferred Resource of 8.2 million pounds U3O8 with an average grade of 0.23% U3O8 contained in 1.6 million tonnes of rock (see Triex’s NI 43-101 Technical Report on SEDAR). Depth of mineralization is between 28 and 136 metres. Additional mineralization within the deposit and along the structural trends is considered prospective. A 3,100 metre drill program is currently underway to test for extensions of the known deposit and test for additional deposits nearby (Triex News Release of April 18, 2006). In 2005 Ur-Energy completed a GEOTEM survey covering the Mountain Lake Property which outlined broad areas of conductivity and several moderate conductors of possible bedrock origin in the northern portion of the property. This data has been given to Triex for further refinement and interpretation.

Dismal West Property
At West Dismal, Ur-Energy’s Property provides the Triex-Pitchstone Joint Venture with an established target to test for the existence of a new uranium occurrence. The following summary data are from NWT Assessment File 81310, by A.H. Grant, 1980. Three radioactive boulders were discovered near the west end of Dismal Lake in 1978 and the area was staked by Esso Minerals Canada in 1979. Some 450 radioactive boulders were mapped and described over an area approximately 4 km long by 1.5 km wide during the next two years. Radioactive counts ranged from 200 cps to over 15,000 cps (SPP2 scintillometer). The mineralogy is complex and includes iron and copper sulfides and cobalt and nickel arsenides. Average transport distance of the boulders was interpreted to be between 2.5 km and 8.1 km. A study in 1981 by K.G. Steele focused on glacial transport indicators for the boulder field and defined a probable source area that was recommended for drilling. This recommendation was not followed up, as uranium exploration programs in the Hornby Basin were abandoned. Ur-Energy completed a GEOTEM survey over its West Dismal Property in 2005. The Joint Venture intends to follow up on this survey by conducting an airborne radiometric survey and ground-based mapping, prospecting and geochemistry during 2006. Drill testing is anticipated for the spring of 2007. In 2005 Ur-Energy completed a GEOTEM survey which outlined four apparently strataform conductors on the Dismal West Property. Two of these conductors are situated directly up-ice from the radioactive boulder field. The strongest of the GEOTEM conductors is located beneath the west end of Dismal Lakes and has been detected from lake-bottom subcrop to a vertical depth of 600 metres. It appears to be strataform and dipping shallowly to the north. Esso made three attempts to drill a conductor from the ice here in 1981 but failed to penetrate bouldery overburden on the lake bottom.

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