LITTLETON, Colo., Aug. 28, 2014 /CNW/ -- Ur-Energy Inc.
(TSX:URE, NYSE MKT:URG) ("Ur-Energy" or the "Company") is pleased
to announce the completion of a Technical Report for its Shirley
Basin Uranium Project in Carbon
County, Wyoming. This report discloses an initial
uranium resource estimate for the Project of 8,816,000 pounds
U3O8 of Measured and Indicated Resources,
averaging 0.23% eU3O8. There are
no material differences in the resources between this Technical
Report and an earlier disclosure in our Press Release dated
July 22, 2014.
Western Water Consultants, Inc., d/b/a WWC Engineering, was
retained by the Company and its subsidiary, Pathfinder Mines
Corporation (PMC), to oversee and supervise preparation of this
Technical Report, in accordance with Canadian National Instrument
43-101 Standards of Disclosure for Mineral Projects (NI
43-101). Mr. Benjamin J.
Schiffer, P.G., WWC Engineering, is the independent
Qualified Person for the report.
This uranium resource analysis is based upon approximately 3,200
historic delineation drill holes (1.2 million feet of drilling)
completed by PMC prior to its 1992 termination of mining operations
in the Shirley Basin Mining District. The results of Ur‐Energy's
confirmation drilling program, completed in May 2014, are also included in the analysis.
PMC's historic drilling was focused on two resource areas that fall
within the boundaries of the existing mining permit. These resource
areas were identified as the FAB Trend and Area 5. As a result of
the close‐spaced drilling in these resource areas (a 100‐ft grid of
drill holes), 83% of the resources fall under the Measured Resource
classification. Also because of the high drilling density at the
site, there are no reported Inferred Resources. The average depth
to the top of resources is 312 feet below the ground surface.
Shirley Basin Project – July
2014 Resource Summary
RESOURCE
AREA
|
MEASURED
|
INDICATED
|
AVG GRADE
%
eU3O8
|
SHORT TONS
(X 1000)
|
POUNDS
(X 1000)
|
AVG GRADE
%
eU3O8
|
SHORT TONS
(X 1000)
|
POUNDS
(X 1000)
|
FAB
TREND
|
0.280
|
1,172
|
6,574
|
0.119
|
456
|
1,081
|
AREA
5
|
0.243
|
195
|
947
|
0.115
|
93
|
214
|
TOTAL
|
0.275
|
1,367
|
7,521
|
0.118
|
549
|
1,295
|
MEASURED &
INDICATED
|
0.230
|
1,915
|
8,816
|
Notes:
1.
Sum of Measured and Indicated tons and pounds may not add to the
reported total due to rounding.
2.
Based on grade cutoff of 0.02 percent eU3O8
and a grade x thickness cutoff of 0.25 GT.
3.
Measured and Indicated Mineral Resources as defined in Section 1.2
of NI 43-101 (the CIM Definition Standards (CIM Council,
2014)).
4.
All reported resources occur below the historical, pre-mining
static water table.
|
The full report titled "Technical Report on Resources,
Shirley Basin Uranium Project, Carbon
County, Wyoming, USA" dated August 27, 2014, 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.
Mr. Benjamin J. Schiffer, P.G.,
of WWC Engineering, a Qualified Person pursuant to the requirements
of NI 43-101, has reviewed and approved the technical disclosure
contained in this news release.
About Ur-Energy
Ur-Energy is a junior 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 capacity.
Ur-Energy engages in the identification, acquisition, exploration
development, and operation of uranium projects in the United States and Canada. Shares of
Ur-Energy trade on the Toronto Stock Exchange under the symbol
"URE" and on the NYSE MKT under the symbol "URG". All currency
figures in this announcement are in US dollars unless otherwise
stated. 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
IR/PR
|
|
Wayne Heili,
President and CEO
|
303-269-7707
|
|
307-265-2373
|
866-981-4588
|
|
866-981-4588
|
rich.boberg@ur-energy.com
|
|
wayne.heili@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., whether the estimated mineral resources at
Shirley Basin may be economically
recovered; ability to complete, and timing for, the further
development of the Shirley Basin
project) 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 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," and "indicated
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.
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SOURCE Ur-Energy Inc.