Ur-Energy (TSX:URE) received approval from the U.S. Nuclear Regulatory Commission to install and operate two rotary vacuum dryers and to package up to 2 million pounds of yellowcake per year at the Lost Creek Facility. Ur-Energy also completed its purchase agreement for the Lost Creek project, thereby terminating the only privately held mineral royalty on the project.

As quoted in the press release:

The 2011 NRC license approving the Lost Creek Project allowed for shipment of yellowcake slurry produced at the site to a third party for toll drying. Further analysis indicated that installation of yellowcake dryers at the Lost Creek facility would improve the long-term economics of the project. […] The newly authorized dryer systems, along with the previously approved process circuits, will provide sufficient capacity to produce one million pounds of yellowcake per year from the Lost Creek well fields and an additional one million pounds per year from offsite satellite facilities. Two rotary vacuum dryers have been purchased and delivered to the processing plant site which is under construction. Installation of the dryers and auxiliary equipment is expected to be completed prior to first production.

Wayne Heili, Ur-Energy’s President and CEO commented:

“I greatly appreciate the cooperation of our royalty holders in arriving at this agreement. The exchange of Company shares for the royalty interest allows us to realize a full return on the sale of production from the Lost Creek Project while our previous royalty holder can participate as a shareholder in the successes of the Company as a whole.

Click here to view the full press release.