Home Corporate Projects Technical Reports Uranium Investor Info News Contact Us Careers Uranium Price Spot Price Ux Consulting: $36.75 TradeTech: $36.50 Long Term Price Ux Consulting: $44.00 TradeTech: $45.00 Ur-Energy Issues an Updated Preliminary Economic Assessment for Lost Creek Tuesday, December 31, 2013 at 4:10AM Littleton, Colorado (PR Newswire – December 31, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) is pleased to announce that it has confirmed the increase in resources at Lost Creek announced November 18, 2013, and has issued an updated Preliminary Economic Assessment (“PEA”) for the Lost Creek Property (the “Property”) which supersedes the April 30, 2012 National Instrument 43-101 Preliminary Economic Assessment titled “Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming.” The PEA was prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) by independent Qualified Persons, TREC, Inc., to provide an updated mineral resource estimate for the Lost Creek Property prompted by recent development drilling. This revised assessment confirms the following increase in mineral resources for the Property as previously announced by the Company on November 18, 2013: Measured resources increased by 16% from 4.20 to 4.85 million pounds U3O8; Indicated resources decreased by 8% from 4.15 to 3.80 million pounds U3O8 due to re-categorizing of resources within Mine Unit 1 and the planned second mine unit; and Inferred resources increased by 65% from 2.87 to 4.74 million pounds U3O8 Incorporating the new data gained from developing the Mine Unit 1 resources with close-spaced pattern wells resulted in a Measured Resource increase of approximately 672,000 pounds (40%) within the mine unit compared to the pre-development estimation. The PEA confirms that the latest close-spaced drilling revealed that the uranium mineralization is thicker, of higher grade and more extensive than previously estimated. The average grade recognized in Mine Unit 1 increased from approximately 0.055% to 0.066% eU3O8. An independent NI 43-101 PEA was required because the total mineral resource for the Property has now increased by more than 100% since the last independent review was issued March 16, 2011 (TREC, Inc., 2011). In addition to the update of mineral resources, the new PEA demonstrates that the Property is potentially viable. The economic assessment was updated to include actual capital expenditures at the Property through August 31, 2013. Construction of the plant and wellfields began in October 2012. Plant construction was completed in the third quarter of 2013. Wellfield drilling and construction activities have been completed to various levels with the majority of the work occurring in Mine Unit 1. The Lost Creek plant and Mine Unit 1 facilities were placed into production in August 2013. The economic analysis estimates the Project will generate net cash flow over its life, before income tax, of US$319.7 million. It is estimated that the Project has a calculated Internal Rate of Return (IRR) of 74.5% and a Net Present Value (NPV) of US$198.3 million applying an eight percent discount rate. The estimated operational cost for the project is US$11.54 per pound of uranium produced, while the total cost of uranium production including severance taxes and operational and capital spending is estimated at US$29.13 per pound. Steve Hatten, Vice President of Operations of the Company commented, “This PEA demonstrates the continued potential for expansion of the resource base within the Lost Creek Property. In addition, the updated economic estimate supports our position as a producer in the lowest quartile of operating costs worldwide. We very much look forward to ramping up our production to its full capacity over the upcoming months.” The current resources at the Property are as follows: LOST CREEK PROPERTY RESOURCE SUMMARY MEASURED INDICATED INFERRED PROJECT AVG GRADE SHORT TONS POUNDS AVG GRADE SHORT TONS POUNDS AVG GRADE SHORT TONS POUNDS % eU3O8 (X 1000) (X 1000) % eU3O8 (X 1000) (X 1000) % eU3O8 (X 1000) (X 1000) LOST CREEK 0.058 3,117 3,590 0.052 2,350 2,444 0.057 1,836 2,085 LC EAST 0.054 1,175 1,260 0.040 1,690 1,361 0.046 1,666 1,533 LC NORTH ----- ----- ----- ----- ----- ----- 0.049 489 482 LC SOUTH ----- ----- ----- ----- ----- ----- 0.042 710 603 LC WEST ----- ----- ----- ----- ----- ----- 0.109 17 37 EN ----- ----- ----- ----- ----- ----- ----- ----- ----- GRAND TOTAL 0.057 4,292 4,850 0.048 4,039 3,805 0.051 4,718 4,740 MEASURED + INDICATED = 8,332 8,655 Notes: 1. Sum of Measured and Indicated tons and pounds may not add to the reported total due to rounding. 2. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 3. Based on grade cutoff of 0.02 percent eU3O8 and a grade x thickness cutoff of 0.3 GT. 4. Typical ISR industry practice is to apply a GT cutoff in the range of 0.3 which has generally been determined to be a viable cut-off value. This 0.3 GT cutoff was used in this evaluation without direct relation to an associated price. 5. Measured, Indicated, and Inferred Mineral Resources as defined in Section 1.2 of NI 43-101 (the CIM Definition Standards). 6. Resources are reported through August 31, 2013. Cautionary Statement: This Preliminary Economic Assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The estimated mineral recovery used in this Preliminary Economic Assessment is based on site-specific laboratory recovery data as well as URE personnel and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved. The Lost Creek Property The full report titled “Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming, December 30, 2013” is available on the Company’s profile on SEDAR (www.sedar.com) and on EDGAR (http://www.sec.gov/edgar.shtml). The PEA is also available on the Company’s website at www.ur-energy.com. This technical report supersedes the April 30, 2012 “Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming”. Mr. Douglass Graves, P.E., of TREC, Inc., a Qualified Person pursuant to the requirements of NI 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Steve Cutler, C.P.G., of Roughstock Mining Services, a Qualified Person pursuant to the requirements of NI 43-101, has reviewed and approved the technical disclosure contained in this news release. Messrs. Graves and Cutler are the authors of the “Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming, December 30, 2013.” Mr. Cutler has verified the sampling, analytical and test data underlying the mineral resource estimate disclosed in this news release and in the PEA. 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”. 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 Click here to email Rich Click here to email Wayne Cautionary Note to U.S. Investors Concerning Resource Estimates This press release uses the terms “measured mineral resource,” “indicated mineral resource” and “inferred mineral resource.” The Company advises US investors that while these terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. US investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their legal and economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. US Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically minable. 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., the technical and economic viability of the Lost Creek Property; further development of the resources to be a part of production at Lost Creek; the potential to develop additional resources at the Lost Creek Property; timing and ability to ramp up to full production capacity at Lost Creek; and the amenability of certain of the resources to in situ recovery methods) 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. Email Article | Share Article | Print Article Ur-Energy Completes First Uranium Sales Monday, December 23, 2013 at 5:54AM Littleton, Colorado (PR Newswire – December 23, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur‑Energy” or the “Company”) is pleased to announce the completion of its first product sales from the operations of the Lost Creek ISR Project. A total of 90,000 pounds of U3O8 were sold at an average price of $62.92 per pound for gross revenues of $5.7 million. Two US-based utility companies each purchased a portion of the delivered product. Pricing was based on the terms of multi-year supply agreements between Ur-Energy and the buyers. Wayne W. Heili, President and CEO of Ur-Energy commented, “Recording our first revenue as a Company is indeed a milestone event. Ur-Energy has achieved tremendous growth in the past year. Starting with the initiation of construction at the Lost Creek Project in October of 2012 and carrying forward into first production and sales, the Company’s team has demonstrated their competence and dedication. With the first corporate revenues realized, Ur-Energy will now be focusing on strengthening the production performance at Lost Creek and the additional growth opportunities held in the Company’s project portfolio.” 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 with a one million pound annual rate planned from the mining areas at Lost Creek. 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”. 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 Click here to email Rich Click here to email Wayne 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., the ability and timing for ramp-up to full production capacity at Lost Creek for the strengthening of production performance; additional growth potential of the company’s project portfolio) 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. Email Article | Share Article | Print Article Ur-Energy Concludes Acquisition of Pathfinder Mines and Closes Private Placement and Loan Facility Redraw Monday, December 23, 2013 at 5:06AM Littleton, Colorado (PR Newswire – December 23, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) is pleased to announce the acquisition of Pathfinder Mines Corporation (“Pathfinder”). The Company announced the execution of the Share Purchase Agreement (“SPA”) on July 24, 2012 to purchase all the issued and outstanding shares of Pathfinder from its sole shareholder, an AREVA affiliate (“AREVA”). Subsequently, on December 16, 2013, the Company announced revised terms of the transaction. Ur-Energy closed the transaction based on those revised terms comprising a cash payment, following pre-closing adjustments, of US$5,318,562, in addition to the escrow amount of $1,325,000 paid in 2012. The revised transactional terms also result in a royalty on future production from Pathfinder’s Shirley Basin property determined by the following market conditions: (i) if the reported spot price exceeds $55 prior to June 30, 2016 the 5% gross royalty is capped at US$6,625,000; (ii) if the reported spot price exceeds $45, but does not exceed $55 prior to June 30, 2016 the royalty cap is reduced to US$3,700,000; (iii) if the reported spot price does not exceed $45 prior to June 30, 2016 the royalty is terminated. The amount of production royalty, if triggered, may be purchased back at any time. Wayne W. Heili, President and CEO of Ur-Energy commented, “The current temporary downturn in the uranium market has provided Ur-Energy with an excellent opportunity to make this strategic acquisition at a favorable cost. Adding Pathfinder Mines is an important step toward achieving our corporate objectives of growing our production profile and diversifying our project portfolio. This transaction brings an accretive set of assets and historic mineral resources to Ur-Energy, as the Pathfinder assets hold clear growth synergies with our current Wyoming holdings. We believe that Pathfinder’s Shirley Basin property is host to an exceptionally high-grade ISR-amenable uranium deposit that has similar characteristics to our producing Lost Creek Project.” The Company’s geologic team has been assigned to compile all historic drilling data, confirm the data quality and initiate development planning for the Shirley Basin mineral trends. The result of these efforts will culminate in a NI 43-101 Technical Report. Concurrently, the Company will initiate the environmental baseline studies necessary to license the project as an in-situ recovery facility. Ur-Energy also closed its previously announced (December 19, 2013) private placement for gross proceeds of approximately US$5.18 million from the sale and issuance of 4,709,089 units at a purchase price of US$1.10 per unit. Each unit consists of one common share and one-half of a warrant to purchase one common share at an exercise price of US$1.35 per share. The warrants are exercisable for three years. The securities are subject to a statutory four-month hold period. In connection with the financing, the Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission registering the resale of the common shares issued as part of the units and the common shares issuable upon exercise of the warrants. Roth Capital Partners acted as lead placement agent for the transaction and co-placement agents were GVC Capital LLC and H.C. Wainwright & Co., LLC. A cash commission of 4.5% of the gross proceeds of the private placement was paid to the agents. Jeffrey Klenda, Chairman of the Company, stated, “This financing enabled us to complete the acquisition of Pathfinder, which is an important component in Ur-Energy’s long-term development strategy. Moreover, one of our primary Company objectives has been to achieve an optimal balance between debt and equity in our financing efforts this year allowing us to recognize our operational and strategic growth objectives with minimal dilution in a challenging marketplace.” Ur-Energy and certain of its U.S. subsidiaries also have closed on a US$5.0 million redraw of the previously-announced secured loan facility (the “Amended Loan Facility”) with RMB Australia Holdings Ltd. (“RMBAH”). The Amended Loan Facility includes the following terms: scheduled repayments of principal commence March 31, 2014 at the rate of US$1,250,000 per quarter; currently, repayment is scheduled to conclude on December 31, 2014. As previously arranged, the Amended Loan Facility has an interest rate of LIBOR plus 7.5% per annum calculated quarterly. The Amended Loan Facility includes a security interest over the Pathfinder assets and other customary terms as set forth in the transaction documents. Ur-Energy has used portions of the proceeds from the private placement and Amended Loan Facility to satisfy payments due in connection with the consummation of the acquisition of Pathfinder Mines Corporation. Other proceeds will be used for operations of Lost Creek and general working capital purposes. About Pathfinder Mines Corporation Pathfinder owns the Shirley Basin and Lucky Mc (pronounced “Lucky Mac”) mine sites in the Shirley Basin and Gas Hills mining districts of Wyoming, respectively, from which it historically produced more than seventy-one million pounds of uranium, primarily from the 1960s through the 1990s. Internal historic reports prepared by Pathfinder estimate the presence of remaining resources at the two projects totalling approximately 15 million pounds U3O8. These historic reports estimate that the Shirley Basin project holds over 10 million pounds U3O8 at a GT (grade-thickness) cut off of 0.25 ft%. The average grade reported for the property is 0.21% U3O8. Lucky Mc holds an additional 4.7 million pounds U3O8 at similar grade. These historic resource calculations were reviewed by Ur-Energy during a due diligence investigation but a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves under National Instrument 43-101 and Ur-Energy is not treating the historic estimate as current mineral resources or mineral reserves. The tailings facility at the Shirley Basin site is one of the few remaining facilities in the U.S. that is licensed by the United States Nuclear Regulatory Commission (“NRC”) to receive and dispose of byproduct waste material from other in-situ uranium mines. 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 with a one million pound annual rate planned from the mining areas at Lost Creek. 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”. 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 Click here to email Rich Click here to email Wayne 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., the proposed use of proceeds from the private placement and loan arrangements, anticipated expansion of resources and operations as a result of the assets acquired; the accretive value of the acquisition; the timing and results of data analyses toward a mineral resource technical report and permitting applications) 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. Email Article | Share Article | Print Article Ur-Energy Raises $5.18 Million Private Placement Financing Thursday, December 19, 2013 at 7:05AM Littleton, Colorado (PR Newswire – December 19, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur‑Energy” or the “Company”) today announced that it has entered into definitive agreements with a number of new and existing accredited investors in connection with a private placement, or PIPE, financing. Upon closing of the PIPE financing, Ur-Energy will receive gross proceeds of approximately $5.18 million resulting from the sale and issuance of approximately 4,709,089 units at a purchase price of US$1.10 per unit. Each unit consists of one common share and one-half of a warrant to purchase one common share at an exercise price of US$1.35 per share. The warrants are exercisable for three years. The financing, which is expected to close prior to the close of business on December 20, 2013, is subject to the satisfaction of certain customary closing conditions contained in the securities purchase agreement, including receipt of applicable regulatory approvals. In connection with the financing, the Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission registering the resale of the common shares issued as part of the units and the common shares issuable upon exercise of the warrants. Ur-Energy expects to use the proceeds to partially satisfy payments due in connection with the consummation of the Company’s previously announced acquisition of Pathfinder Mines Corporation. Roth Capital Partners acted as lead placement agent for the transaction and co-placement agents were GVC Capital LLC and H.C. Wainwright & Co., LLC. Blackrock, Inc. (“Blackrock”), an insider of the Company, through one of its investment advisory subsidiaries, is expected to subscribe for 1,818,181 units under the financing. The participation of Blackrock in the financing constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) of the Securities Act (Ontario). The board of directors of the Company determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 and, along with the audit committee, unanimously approved the financing, including Blackrock’s participation. The material change report in respect of the transaction was not filed 21 days in advance of the closing of the financing. The shorter period was necessary in order to permit the Company to sign and close the financing in a timeframe consistent with usual market practice for transactions of this nature. This press release shall not constitute an offer to sell or the solicitation of the offer to buy securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act of 1933 and applicable state securities laws. 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 with a one million pound annual rate planned from the mining areas at Lost Creek. 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". 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 Click here to email Rich Click here to email Wayne 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., the closing of the offering and the use of proceeds from the proposed offering) 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, necessary regulatory approvals, 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. Additional risks relating to Ur-Energy may be found in current and periodic reports filed by Ur-Energy with Canadian securities regulatory authorities on www.sedar.com and the U.S. Securities and Exchange Commission at http://www.sec.gov/edgar.shtml. Click here for PDF of this News Release Email Article | Share Article | Print Article Ur-Energy Updates on Pathfinder Mines Acquisition Monday, December 16, 2013 at 4:39PM Littleton, Colorado (PR Newswire – December 16, 2013) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur‑Energy” or the “Company”) is providing an update on the progress to closing the previously announced agreement to acquire Pathfinder Mines Corporation (“Pathfinder”). Significantly, in recognition of current market conditions, Ur-Energy has reached an agreement with the seller to revise the terms of the transaction. The parties are working to satisfy the remaining closing conditions to progress to a closing. On July 24, 2012 the Company announced the execution of a Share Purchase Agreement (“SPA”) to acquire Pathfinder (see Company news release “Ur-Energy Enters into Definitive Agreement to Acquire Pathfinder Mines Corporation”). The transaction called for the purchase of all issued and outstanding shares of Pathfinder from its sole shareholder, COGEMA Resources, Inc., an AREVA affiliate (“COGEMA”), for US$13,250,000. An initial escrow payment of US$1,325,000 was made upon execution of the SPA and is being held by COGEMA. The Company also agreed to assume certain existing reclamation obligations at the Pathfinder licensed projects. Under the revised terms, the cash purchase price is reduced by 50% in exchange for a conditional 5% gross royalty on production from Pathfinder’s Shirley Basin property. Payment of the royalty is conditional on the future spot market price for U3O8 achieving certain levels, and is subject to an adjustable cap. The revised terms of the transaction are as follows: A cash payment of approximately US$6,625,000, including: the US$1,325,000 escrow payment, currently held by COGEMA; and an additional US$5,300,000 cash payment at closing; subject to A 5% gross royalty on Pathfinder’s Shirley Basin property, upon the following conditions: if the reported spot price exceeds $55 prior to June 30, 2016 the royalty is capped at US$6,625,000; if the reported spot price exceeds $45, but does not exceed $55 prior to June 30, 2016 the royalty cap is reduced to US$3,700,000; if the reported spot price does not exceed $45 prior to June 30, 2016 the royalty is terminated; and Wayne W. Heili, President and CEO of Ur-Energy commented, “I greatly appreciate the thoughtful cooperation of AREVA in arriving at the revised agreement terms. Much time has passed since we first agreed to complete this transaction, and many circumstances have changed, but the respectful relationship between AREVA and Ur-Energy has never been in question. I am pleased to be at the stage of finalizing the closing arrangements at this time. Adding the Shirley Basin and Lucky Mc properties to our flagship Lost Creek Property and other exploration projects provides Ur-Energy excellent prospects for the expansion of our operations over coming years. This transaction brings a highly accretive set of assets and historic mineral resources.” About Pathfinder Mines Corporation Pathfinder owns the Shirley Basin and Lucky Mc (pronounced “Lucky Mac”) mine sites in the Shirley Basin and Gas Hills mining districts of Wyoming, respectively, from which it historically produced more than seventy-one million pounds of uranium, primarily from the 1960s through the 1990s. Internal historic reports prepared by Pathfinder estimate the presence of remaining resources at the two projects totalling approximately 15 million pounds U3O8. These historic reports estimate that the Shirley Basin project holds over 10 million pounds U3O8 at a GT (grade-thickness) cut off of 0.25 ft%. The average grade reported for the property is 0.21% U3O8. Lucky Mc holds an additional 4.7 million pounds U3O8 at similar grade. These historic resource calculations were reviewed by Ur-Energy during a due diligence investigation but a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves under National Instrument 43-101 and Ur-Energy is not treating the historic estimate as current mineral resources or mineral reserves. The tailings facility at the Shirley Basin site is one of the few remaining facilities in the U.S. that is licensed by the United States Nuclear Regulatory Commission (“NRC”) to receive and dispose of byproduct waste material from other in-situ uranium mines. 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 with a one million pound annual rate planned from the mining areas at Lost Creek. 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”. 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 Click here to email Rich Click here to email Wayne 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., ability and timing to complete all conditions to closing; anticipated expansion of resources and operations as a result of the assets acquired; the accretive value of the acquisition) 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. Click here for PDF of this News Release Email Article | Share Article | Print Article Page 1 2 3 4 5 ... 6 Next 5 Entries » Copyright © 2015, Ur-Energy. All rights reserved.