Ur-Energy's Shirley Basin In Situ
Uranium Project Receives All Major Permits
Effectively Doubling Licensed and
Permitted Production Capacity of Company
Littleton,
CO -- May 6, 2021 -- InvestorsHub NewsWire
-- Ur-Energy
Inc. (NYSE American: URG) (TSX: URE) (the "Company" or "Ur-Energy")
is pleased
to announce
that
the
State of Wyoming and the
EPA have completed their
respective reviews of the Shirley Basin In Situ
Uranium Project (the
"Project") and have issued the
final
Source and
Byproduct Material License, Permit to
Mine, and Aquifer Exemption
for the
Project. These three approvals
represent the final major permits required
to begin construction of the Shirley Basin
project. We received
BLM final
approval of the Project, following its NEPA review
process, in April
2020.
In addition
to the recent receipt of
a
License Amendment to include the LC East and KM amendment
areas in our existing Lost Creek
license
(See
Ur-Energy News
Release, March 29, 2021), these Shirley Basin license
and
permit
approvals effectively
double our authorized
Wyoming-based uranium
recovery production
capacity.
The
Shirley Basin Project hosts 8.8M
pounds of Measured and Indicated Uranium Resources contained in
1.915M short tons at an average grade of 0.23% U3O8
as disclosed in
our Preliminary Economic Assessment Shirley Basin Uranium Project
(January 27, 2015). The Company plans three relatively shallow
mining units at the Project, where we have the option of either
building out a complete processing plant with drying facilities or a
satellite plant with the ability to send loaded ion exchange resin
to our Lost Creek
Project for processing.
The Shirley
Basin processing facility throughput shall not exceed an average
daily flow rate equivalent to 6,000 gallons per minute or a maximum
instantaneous flow rate of 6,500 gallons per minute, excluding
restoration flow. The annual production of
dried
yellowcake (U3O8)
from wellfield production and toll processing of loaded resin or
yellowcake slurry shall not exceed 2M pounds equivalent of
dried U3O8
product. The brownfield Project is
within an historic mining district with existing
access,
power, waste disposal facility and shop buildings onsite.
The
Project
is construction
ready, since delineation
and
exploration drilling
were
completed historically.
Additionally,
all
wellfield,
pipeline
and header house layouts are finalized. Historic production from the Shirley
Basin mine, including 1.5M pounds U3O8
from in situ
mining, was 28.3M pounds U3O8.
Company
Chairman
and CEO Jeff Klenda stated, "The in situ technology
now used to recover
uranium across the globe
was
likely
first commercially
utilized
at the Shirley
Basin Mine beginning in 1963 with two successful mine
units. We are excited to bring this technology
back to
its
birthplace and believe our
predecessors
would be proud of how far their
technology has come."
The Company remains prepared to expand
wellfield
production
within the
already fully permitted areas of
Lost
Creek to
an annualized run rate of approximately
one
million
pounds when
conditions warrant. Our long-tenured
operational and professional
staff
have significant
levels of experience and
adaptability which will
allow for an
easier transition back to full operations. Lost Creek
operations can increase to full
production rates in as
little as six
months following a
"go" decision, simply by
developing additional header houses within the fully permitted
Mine
Unit 2 ("MU2"). Development expenses during
the six-month
ramp up period
in MU2 are estimated to be
approximately $14 million and
are
almost
entirely related to
further
well
installation and header house
construction costs. We are prepared to ramp up
and to deliver our Lost Creek production inventory to the
national uranium
reserve being established by
the U.S. Department
of
Energy
pursuant to funding and directive of
Congress. (See
Ur-Energy News Release,
December 22, 2020.)
In February
2021, we raised gross proceeds of $15.2 million
through
an underwritten
public offering. Our
cash position
as of February
24, 2021, was $18.6
million.
In addition to
our strong cash position, we
have nearly 285,000 pounds of finished, ready-to-sell inventory,
worth approximately
$8.6 million at
recent
spot prices.
The financing
allows us to preserve
our
existing inventory for higher
prices. The financing
provides
us
adequate funds to maintain and
enhance operational readiness, for possible future acquisitions, and for general
working capital purposes.
John
K. Cooper,
Ur-Energy Senior
Geologist,
SME
Registered
Member,
and
a
Qualified
Person
as
defined
by NI 43-101,
has reviewed
and approved
the technical
disclosure
contained in this news release.
About
Ur-Energy:
Ur-Energy
is a
uranium mining
company operating the Lost Creek in-situ
recovery
uranium
facility
in south-central
Wyoming. We have produced, packaged, and shipped
approximately
2.6 million pounds from Lost Creek since
the commencement of operations.
Ur-Energy
now
has all
major
permits and
authorizations
to begin
construction at
Shirley
Basin, the Company's second in
situ recovery uranium facility in Wyoming and is in the
process of obtaining remaining amendments
to Lost Creek
authorizations for expansion of
Lost
Creek. 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. The primary trading
market for Ur-Energy's common shares is
on the
NYSE American under the symbol
"URG." Ur-Energy's common shares also
trade on the Toronto Stock
Exchange under the symbol "URE." Ur-Energy's
corporate
office is located in Littleton,
Colorado and its registered
office is located in Ottawa,
Ontario.
For
further information, please contact:
Jeffrey T. Klenda,
Chairman and CEO
+1 720-981-4588
Jeff.Klenda@Ur-Energy.com
Cautionary
Note
Regarding
Forward-Looking Statements:
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
timing for
remaining authorizations
amending
the
Lost Creek
permits, to allow for recovery in
the
KM horizon and
LC East Project; the timing for establishment
of
the
national
uranium
reserve, its impact on the domestic
uranium
market, and the Company's role in the
program;
the timing to determine future operational
plans to
ramp up
production at Lost Creek and/or
to develop and construct for operations at Shirley Basin; the
ability to readily and
cost-effectively
ramp up
at
Lost
Creek at
currently
projected development expenses; anticipated life of mine at Shirley Basin
Project; and whether the Company's recent financing provides
adequate funds to maintain operational readiness and support
possible acquisitions) and are
based
on
current expectations
that, while
considered reasonable by
management at this time,
inherently involve a number of significant business,
economic, technical
and competitive
risks, uncertainties and contingencies. Generally, forward-looking
statements can be
identified
by the use
of
forward-looking terminology such as
"plans," "expects," "does not expect,"
"is expected," "is likely," "estimates,"
"intends," "anticipates," "does not anticipate," or
"believes," or variations
of
the
foregoing, or statements that
certain
actions,
events or
results "may," "could," "might"
or
"will
be taken," "occur," "be achieved"
or
"have
the
potential to." All statements, other than statements of historical
fact, are considered to be
forward-looking statements.
Forward-looking
statements
involve
known and unknown
risks,
uncertainties and
other
factors which may cause the actual
results, performance or achievements of
the Company to be materially different from any future
results,
performance
or achievements express or
implied by the
forward-looking
statements. 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; fluctuations in commodity
prices; failure to establish
estimated
resources;
the grade and recovery
of
mineral
resources which are 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;
changes to regulatory
and
legal
requirements; inflation;
changes
in
exchange rates; 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.
10758 W. Centennial Rd. Suite
200
Littleton, CO 80127
Phone: 720.981.4588
Fax:
720.981.5643
www.ur-energy.com
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