Littleton, Colorado (Marketwire
- January 6, 2011) Ur-Energy Inc. (TSX:URE, NYSE Amex:URG) ("Ur-Energy" or the
"Company") announces completion of a 2.5 month drilling
campaign on its Lost Creek permit area in the Great Divide Basin,
Wyoming. This drilling campaign
accomplished several goals, the most significant of which was the
delineation of deeper resources in the KM stratigraphic
horizon of the Lost Creek deposit, which lie below Mine Unit #1 resources
contained in the HJ stratigraphic
horizon. The Lost Creek permit
area is currently in the advanced stages of obtaining permits to mine
uranium by means of In-situ Recovery (ISR) from the HJ stratigraphic
horizon.
Earlier in 2010, a separate drilling program focused
on delineating a second well field (Mine Unit #2) in the HJ horizon (Ur-Energy Press Release dated March 17,
2010). Delineation
drilling for the first well field (Mine Unit #1) was completed in 2008.
The latest 2010 activities at Lost Creek were aimed
at advancing the permitting process.
A total of 39,061 feet (11,905 m) of drilling was completed with
four rotary drill rigs. This
recent drilling program accomplished the following: 45 drill holes to
complete delineation of resources within the KM horizon beneath Mine Unit
#1; improvements to 19 monitoring wells; installation of 2 new monitoring
wells; and 6 wide-spaced
exploration holes to test deeper horizons.
Mine Unit #1 is currently being permitted to
recover uranium only within the HJ stratigraphic
horizon, a unit that starts at about 325 feet (99 m) deep. Resources within the underlying KM stratigraphic
horizon, with the top of the horizon at about 475 feet (145 m) deep, will
be permitted and mined as a separate future mine unit. Because some resources within the KM
horizon underly
Mine Unit # 1 they required delineation before mining Mine Unit #1. Mineral intercepts averaged 14.1 feet (4.3 m) of 0.049% eU3O8.
Recompletion work-overs
were conducted on 19 monitoring wells, 18 of which are within Mine Unit
#1. This was carried out at the
request of the Wyoming Department of Environmental Quality (WDEQ) in
conjunction with their review of Ur-Energy's application for the Permit to
Mine which will include Mine Unit #1. The drilling also included the
installation of two new observation monitor wells. This concludes the pre-mining
installation of regional and Mine Unit #1 monitoring wells that will be
used for operational monitoring.
There are now a total of 157 installed monitoring and baseline wells
within the Lost Creek permit area.
Six deep, wide-spaced exploration holes were drilled in the southwest area of the property which is
approximately 1 to 1? miles (1.6-2.4 km) south of the main ore trend. Drilling depths were to 1200 feet
(366 m). These holes were
intended to test for potential roll fronts in the HJ, KM, and deeper
horizons. The drill results
confirmed the presence of the redox fronts which will provide
guidance for future exploration activities on these targets.
Bill Boberg, President & CEO, stated "This program demonstrates our focus on advancing Lost Creek
through the permitting process and preparing the resources for
production. Once our permits
are all in hand we will be able to start construction and mine unit
development."
W. William Boberg,
President and CEO, a Professional Geologist, and Qualified Person as
defined by National Instrument 43-101, supervised the preparation of and
reviewed the technical information contained in this release.
About Ur-Energy
Ur-Energy is a
junior uranium company currently completing mine planning and permitting
activities to bring its Lost Creek Wyoming uranium deposit into
production. Permitting also
will allow the construction of a two-million-pounds-per-year in situ
uranium processing facility. Engineering for the process facility is
complete and mine planning is at an advanced stage for the first two mine
units. Ur-Energy engages in the identification, acquisition and exploration
of uranium properties in both Canada and the United States. Shares of
Ur-Energy trade on the Toronto Stock Exchange under the symbol
"URE" and on the NYSE Amex 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
Public Relations Bill
Boberg, President and CEO
303-269-7707 303-269-7755
866-981-4588 866-981-4588
rich.boberg@ur-energyusa.com
bill.boberg@ur-energyusa.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 (e.g. timetables at Lost Creek; sufficiency of cash to fund
capital requirements; receipt of (and related timing of) an NRC Source
Material License and WDEQ Permit to Mine and all other necessary permits
and regulatory authority related to Lost Creek; and the sustainability and
timeline of Lost Creek production) 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.