September 10, 2008 / 5:45 PM / 9 years ago

UPDATE 1-Ur-Energy delays Lost Creek launch, shares fall

 TORONTO, Sept 10 (Reuters) -Shares of Ur-Energy  (URE.TO) (URG.A) fell as much as 25 percent on Wednesday after the uranium miner said it was pushing back the production date for its Lost Creek project in Wyoming due to a delay in receiving a license from U.S. regulators.
 After meeting with officials from the U.S Nuclear Regulatory Commission (NRC), Ur-Energy said it now expects to receive the license in the fourth quarter of 2009. Previously, it had expected the license in the second quarter of 2009.
 Shares of Ur-Energy, a junior uranium exploration and development company, were down 17.8 percent at 97 Canadian cents after being halted on the Toronto Stock Exchange. The stock had fallen as much as 25 percent.
 Production of the Lost Creek project is expected to start in the second half of 2010.
"We feel our application is still on track to be among the first to achieve license approval from the NRC," Ur-Energy Chief Executive Bill Boberg said in a statement.
"Our plan is to immediately review and modify our internal budgets and cash flow models as necessary to make certain that the company's C$69 million ($64.5 million) of cash on hand will be sufficient to achieve production in 2010," Boberg said.  ($1=$1.07 Canadian)                                           (Reporting by Natasha Elkington; Editing by Peter Galloway)   

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