LITTLETON, Colo., March 25, 2013 /CNW/ - Ur-Energy Inc. (TSX:URE, NYSE
MKT:URG) ("Ur-Energy" or the "Company") is pleased to announce the closing
of a uranium sales transaction that provides an immediate payment to the
Company of approximately US$5.1 million. Proceeds from the transaction will
support the ongoing construction at the Company's flagship Lost Creek Project.
Ur-Energy, with the cooperation of one of its utility customers, assigned a
portion of its contractual delivery obligations to Traxys, a large uranium and
natural resource trading company, in exchange for a current cash payment.
Ur-Energy has retained additional future delivery obligations under this and
other previously announced uranium sales agreements.
Ur-Energy President and CEO Wayne Heili commented, "The Company is pleased to
have the assistance and support of our counter-parties in this transaction.
The transaction, which might best be understood as a sale of contractual
future product deliveries, has allowed the Company to raise funds without
dilution to our shareholder's interests or repayment obligations. The cash
infusion will help Ur-Energy in maintaining a steady construction pace at Lost
Creek while we await the finalization of the Wyoming Industrial Revenue Bond
The construction efforts at the fully licensed Lost Creek project are
continuing on-schedule for initial production this year. Electrical and
pipe-fitting work has been initiated within the plant building. Construction
of an auxiliary shop building is also underway. Two disposal wells have been
installed and developed. The construction of the first mine unit also remains
on schedule while the pipeline between the plant and mine unit facilities is
being installed. Updated photographs of the progress of construction at Lost
Creek are available at our website: www.ur-energy.com.
About Ur-Energy 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
|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 |
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 of completion of construction and commencement of
operations at Lost Creek; ability and timing to raise additional funds,
including the state bonds process) 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.
PRN Photo Desk, email@example.com
SOURCE: Ur-Energy Inc.
To view this news release in HTML formatting, please use the following URL:
CO: Ur-Energy Inc.
NI: MNG OIL UTI CST
-0- Mar/25/2013 21:59 GMT
Press spacebar to pause and continue. Press esc to stop.