Court Denies Petitioner's Request to Stay Ur-Energy's Lost Creek Construction
LITTLETON, Colo., March 4, 2013 /CNW/ - Ur-Energy Inc. (TSX: URE, NYSE MKT:
URG) ("Ur-Energy" or the "Company") provides the following update regarding
its Lost Creek Project (the "Project") and the current legal action seeking
review of the BLM's Record of Decision (see Ur-Energy News Release, January
On March 1, 2013 the U.S. District Court for Wyoming denied the petitioner's
motion for preliminary injunction, which had sought to halt the ongoing
construction and operations at the Lost Creek Project. In a 24-page order,
the Court determined that the petitioner failed to satisfy any of the legal
elements required to obtain the injunction. In making the determination, the
Court recognized the comprehensive five-year, multi-agency regulatory approval
process conducted for the Lost Creek Project and the substantial progress of
construction at the Project prior to the initiation of the legal challenge.
The Court's order also includes a detailed finding that the petitioner "has
not shown a substantial likelihood of success on the merits" of the case
requesting the review of the BLM Record of Decision. With the Court's order,
Ur-Energy will continue construction at the Lost Creek Project as planned
while the formal merits review of the BLM Record of Decision proceeds.
Ur-Energy President and CEO Wayne Heili commented, "The Company is glad to
receive the Court confirmation that our construction activities may continue
at Lost Creek. I am very pleased with the steady progress made at the Project
site and the focus and professionalism shown by the Ur-Energy team throughout
the construction effort. Our team and the selected contractors have worked
diligently to maintain the schedule we set out. We look forward to achieving
first production at Lost Creek later this year."
At the Lost Creek Plant, the foundation work is complete, the large equipment
has been set in place, and the building exterior is fully enclosed. Multiple
trades are currently working on the interior of the plant facilities. The
development of the first mine unit and other auxiliary facilities also remain
on schedule. Photographs of the progress of construction at Lost Creek are
available at our website: www.ur-energy.com.
Ur-Energy is a junior uranium mining company currently constructing its first
in-situ recovery (ISR) uranium mine in south- central Wyoming at its fully
licensed and permitted Lost Creek project. The Lost Creek processing facility
will have two million pounds per year capacity and is anticipated to be in
production mid-year 2013. Ur-Energy engages in the identification,
acquisition, exploration and development 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". 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
Wayne Heili, President and CEO 307-265-2373 866-981-4588
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., timing and outcome of the challenge to the BLM Record of
Decision; timing of completion of construction and commencement of operations
at Lost Creek) 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.
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SOURCE: Ur-Energy Inc.
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-0- Mar/04/2013 11:30 GMT
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