Ur-Energy Updates Lost Creek PEA, Extends Life of Mine to 2031

Ur-Energy Inc. (NYSE KT:URG,TSX:URE) announced the completion of an updated Preliminary Economic Assessment for its Lost Creek Property in Sweetwater County, Wyoming. The update confirms the increase in mineral resources previously announced on December 7, 2015. The PEA also serves to update the economic analyses for the Property (December 2013), and replaces the most recent Canadian National Instrument 43-101 (NI 43-101) Technical Report on the Lost Creek Property, dated June 17, 2015.
According to the press release:

The primary purpose of this PEA is to confirm the updated mineral resource estimate prompted by 2015 drilling within Lost Creek’s Mine Unit 2 (MU2) and exploratory drilling at the Lost Creek and LC East Projects. Also included in this estimate is an increase to the overall Property resource total through a re-estimation of all previously-identified resources at a revised 0.20 grade-thickness (GT) cut-off.
The current mineral resource estimate for the Lost Creek Property, after subtracting 1.358 million pounds of uranium produced from MU1 through September 30, 2015, is 13.251 million pounds in the Measured and Indicated categories, and 6.439 million pounds in the Inferred category. The current resource estimate represents a net increase to the Lost Creek Property (all Projects) of:

• 3.146 million pounds eU₃O₈ in the Measured and Indicated categories (after adjustment for MU1 production), or 31% increase when compared with the previous resource estimate in the June 17, 2015 Technical Report; and
• 1.402 million pounds eU₃O₈ in the Inferred category, or a 28% increase to the last mineral resource.

James Bonner, Vice President, Ur-Energy commented

We are very pleased with the continued growth and development of the Lost Creek mineral resource. Incorporation of data from existing wellfield pattern drilling and over two years of operations experience gives us a high level of confidence in these mineral resource estimates, and their impact to extend the life of mine at this low-cost producing facility.

Click here to view the full press release.