Ur-Energy: Into Production Late 2010 – Early 2011
OverviewUr-Energy is completing permitting activities to bring its Lost Creek Wyoming uranium deposit into production and to build a two-million-pounds-per-year processing facility. With adequate funds and technical depth unmatched among North American juniors, Ur-Energy is well positioned to be the next uranium producer in Wyoming in late 2010 or early 2011. In addition, Ur-Energy’s project pipeline is supported by an extensive, valuable exploration database and intensive analysis programs, providing for great exploration and development potential. What We Like about Ur-Energy!
Resource Base
Total NI 43-101 Historic (2005 Technical Report) Other Historic Resources
Wyoming PropertiesWyoming is home to the largest uranium resource in the US. It is one of the most mining-friendly jurisdictions in the country. Ur-Energy has 12 properties in Wyoming, two of which are near-term producers: Lost Creek and Lost Soldier. Ur-Energy’s projects in Wyoming cover nearly 65,000 acres (26,305 hectares).
An NI 43-101 Preliminary Assessment completed in 2008 puts the resource at Lost Creek at 9.8 million pounds U3O8 Indicated and 1.1 million pounds U3O8 Inferred. The Assessment concluded favorable economic conditions for production and plant operations on the Lost Creek project. The Nuclear Regulatory Commission (NRC) is required to complete two reports, the Safety and Environmental Report (SER) and the Supplemental Environmental Impact Statement (SEIS), prior to issuing a Source Material License. NRC staff has informed the Company that there are currently no outstanding requests for additional information and that the Draft SER is complete. The Draft SEIS was issued in early December 2009 for the Lost Creek Project, and the NRC has confirmed that it is on schedule with the development of the SEIS. Issuance of the license remains on track for June 2010. Ur-Energy anticipates a production start date for Lost Creek in late 2010 – 2011. The permitting process with the Wyoming Department of Environmental Quality (WDEQ) is also nearing completion with the submittal of significant responses to WDEQ comments during October 2009. The data package for Mine Unit #1 was submitted to the WDEQ in December 2009. Issuance of the WDEQ Permit to Mine is expected in advance of receiving the NRC license. The Bureau of Land Management (BLM) has determined that its project review and approval will be independent of the environmental review process carried out by the NRC. In response, the Company submitted a Plan of Operations to the BLM in October 2009. The BLM has appointed a coordinator for the review process and the review is scheduled to begin immediately. The Sweetwater County Development Plan was approved in December 2009 and other permit applications, including the Air Quality application and the Class I UIC Disposal Well application are under review by the respective agencies with approvals expected in advance of the NRC license. Properties – CanadaUr-Energy’s exploration projects in Canada cover more than 125,000 acres (50,586 hectares) and provide further opportunities for new discovery.
The Thelon Basin hosts the Kiggavik-Andrew Lake and End deposits, which contain 130 million pounds of U308 at an average grade of 0.38% U308. Ur-Energy currently has two exploration projects in the Thelon Basin: Screech Lake and Gravel Hill. The Company acquired these projects based upon the presence of key geological vectors and encouraging supporting data from 1970s-era exploration work. The properties are located in the eastern part of the Northwest Territories. The Company is in discussions with First Nations groups and Aboriginal-owned businesses working towards an exploration agreement for the Screech Lake project. While those discussions continue, and with the support of Lutsel K’e, the Company conducted a short field program in August 2009 that included audio-magnetotelluric geophysical surveys and soil sampling to better define possible future drill targets. Management – Directors and Officers
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*As of Sept. 30, 2009 |
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Tue, May 20, 2008
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