DENVER, COLORADO, Mar 26 (MARKET WIRE) --
Ur-Energy Inc. (TSX: URE) ("Ur-Energy" or "Corporation") is pleased to
announce the completion of a non-brokered private placement flow-through
financing for 1,000,000 common shares of the Corporation at a price of
C$2.75 for aggregate gross proceeds of C$2,750,000. An aggregate finder's
fee of C$110,000 was paid in connection with the private placement.
The Corporation expects that the financing will enable a 2008 summer
exploration program for Ur-Energy's Bugs Project ("Project" or "Bugs") in
Nunavut, Canada. The program involves further prospecting, radon surveys
and culminates in an anticipated 2,500 metre drilling program.
Approximately seven targets will be drill tested in 2008.
The Project, consisting of 11 mineral claims (approximately 11,000
hectares) owned by Ur-Energy, was previously explored for uranium by
Cominco Ltd. in the 1970s. Bugs is situated in the southwestern part of
the Kivalliq District in southern Nunavut at the southern end of one of
the northeast-trending Baker Lake Basin rifts. The Project's half-graben
is filled by continental ultrapotassic volcanic rocks and derived
sediments of the Christopher Island Formation, and related intrusions.
Uranium and thorium mineralization consist of stratiform,
intrusion-hosted, and hydrothermal styles.
Ur-Energy completed prospecting and radon surveys over parts of the
property in 2007. The initial drilling in 2008 will concentrate on the
Lowkey Lake Zone ("LLZ") of the Project, an area of high radon flux
discovered in 2007. Radon flux averages 8.0 pCi/m2/sec over an area
measuring 150m X 100m. High-grade uranium mineralization (individual
boulders containing over 6% U3O8) is associated with the basal tuff
horizons along strike to the east of the LLZ. A pronounced linear zone of
low magnetic intensity and alteration, evidence of intense hydrothermal
activity, coincide with the LLZ.
The 2008 exploration program will include more detailed radon surveying
and subsequent drill-testing to outline the mineralization of the bedrock
source of one of the high-grade historic Cominco boulder occurrences
associated with hydrothermal breccias - BA Showing (individual boulders
assaying up to 0.55% U3O8). Drill testing of the Gamma bostonite dyke
will also be initiated. Reconnaissance prospecting indicates dimensions
of the Gamma Dyke to be up to 1 kilometer in length by up to 100 meters
in width. The extensive Bugs bostonite intrusions, including Gamma,
contain consistent contents of between 200 and 400 ppm uranium and 700 to
1,200 ppm thorium. Additional drilling will test targets selected from
the interpretation of the previously flown airborne radiometric and
magnetic survey. Ground prospecting and radon surveys will aid in target
delineation and drill hole localization.
To date, all Project samples have been sent to SRC Geoanalytical
Laboratories of Saskatoon, Saskatchewan for multi-element analyses using
the ICP 4.3 total digestion and the ICP 4.3R partial digestion methods of
sample treatment. The radon surveys at Bugs were completed by RadonEx
Ltd. utilizing electret ionization chamber technology.
Paul Pitman, VP Canadian Exploration, commented, "Ur-Energy is excited to
move ahead with drill tests located at the head of locally-derived
boulder trains on the Bugs Project. Previous samples taken by our
consultants located boulders grading up to 6.8% and 7.3% U308. In
addition, the Bostonite targets, which are a uranium/thorium rich
ultrapotassic dykes provide very large low-grade targets similar to
deposits mined in Namibia."
In August 2007, Ur-Energy signed an Option Agreement ("Agreement") with
Titan Uranium Incorporated ("Titan") on Titan's R-Seven and Rook I
Properties whereas Ur-Energy had the option to earn-in a 51% interest in
the properties. After reviewing the results of the 2007 drilling program,
Ur-Energy has elected not to continue with the Agreement. Management's
decision was based in part to direct Canadian exploration on existing
wholly-owned properties.
The Qualified Person for the purpose of this press release, as defined by
National Instrument 43-101, is Paul Pitman, Vice President of Canadian
Exploration.
About Ur-Energy
Ur-Energy is a uranium exploration and development company currently in
the process of completing mine planning and permitting activities to
bring its Lost Creek Wyoming uranium deposit into production. Ur-Energy
engages in the identification, acquisition and exploration of uranium
properties in both Canada and the United States. Shares of the
Corporation trade on the Toronto Stock Exchange under the symbol URE.
Ur-Energy has a registered office in Ottawa, Canada and its corporate
headquarters are located in Littleton, Colorado. The Corporation's
website is at www.ur-energy.com.
This release may contain "forward-looking statements" within the meaning
of applicable securities laws regarding events or conditions that may
occur in the future 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. Numerous factors could cause actual
events to differ materially from those in the forward-looking statements.
Forward-looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to
differ materially from expected results. 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 the Corporation 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.
Contacts:
Ur-Energy
Dani Wright, Manager, Investor/Public Relations
1-720-981-4588, ext. 242
1-866-981-4588
dani.wright@ur-energyusa.com
Bill Boberg, CEO and President
1-720-981-4588, ext. 223
1-866-981-4588
bill.boberg@ur-energyusa.com
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