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Enter Symbol
or Name
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CA



Ur-Energy Inc
Symbol URE
Shares Issued 129,284,166
Close 2015-01-27 C$ 0.98
Market Cap C$ 126,698,483
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Ur-Energy completes NI 43-101 PEA for Shirley

2015-01-27 21:15 ET - News Release

Mr. Rich Boberg reports

UR-ENERGY COMPLETES PRELIMINARY ECONOMIC ASSESSMENT ON SHIRLEY BASIN PROJECT

Ur-Energy Inc. has completed a preliminary economic assessment for its Shirley basin project in Carbon county, Wyoming. This PEA analyzes the planned development of a commercial satellite uranium in situ recovery operation at the project, combined with existing processing operations at the company's Lost Creek mine in Sweetwater county, Wyoming.

Western Water Consultants Inc., doing business as WWC Engineering, was retained by the company and its subsidiary, Pathfinder Mines Corp., to oversee and supervise preparation of this PEA, in accordance with Canadian National Instrument 43-101 (standards of disclosure for mineral projects). Benjamin J. Schiffer, PG, and Ray Moores, PE, of WWC Engineering, are the independent qualified persons for the PEA.

The PEA demonstrates the potential viability of satellite ISR operations at the project. The project currently has a source and byproduct material licence from the U.S. Nuclear Regulatory Commission and a permit to mine from the Wyoming Department of Environmental Quality-Land Quality Division. The company has begun the process of amending this licence and permit for ISR operations. The PEA is based on an assumption of construction activities starting in January, 2017, with production commencing October, 2017. It is estimated that a total of 6.3 million pounds of triuranium octoxide will be produced from the project.

The economic analysis estimates the project will generate net cash flow over its life, before income tax, of $215.9-million (U.S.). It is estimated that the project has a calculated before-tax internal rate of return of 117.0 per cent and a before-tax net present value of $146.0-million (U.S.) applying an 8-per-cent discount rate starting in year 2017. The estimated operating cost for the project is $14.54 (U.S.) per pound of uranium produced, while the total cost of uranium production, including severance taxes and operational and capital spending, is estimated at $31.26 (U.S.) per pound.

Steve Hatten, vice-president of operations of the company, commented: "We are very pleased to confirm the solid prospects for the Shirley basin project through the PEA. Production from our latest project will not only enable Ur-Energy to produce from a second low-cost resource base, but will allow us to fully utilize the Lost Creek processing facility at its designed capacity."

Mr. Schiffer, PG, and Mr. Moores, PE, of WWC Engineering, have reviewed and approved the technical disclosure contained in this news release.

We seek Safe Harbor.

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