Ur-Energy reports Lost Creek production expectation

Ur-Energy updates Lost Creek project expectation timeline based on licensing guidance from the U.S. Nuclear Regulatory Commission (“NRC”) to 2010.

Ur-Energy and other Wyoming near-term producers met with senior officials of the NRC in early September to confirm how the revised GEIS completion date would impact the timing of the issuance of licenses to presently pending applicants, including Ur-Energy’s wholly-owned subsidiary Lost Creek ISR, LLC. As a result of the meetings, Ur-Energy is revising its expectation for the issuance of the Lost Creek Project’s NRC license from second quarter 2009 to fourth quarter 2009. First production from the Lost Creek Project is now anticipated to occur in the second half of 2010.

Ur-Energy’s President and CEO, Bill Boberg states:

“Changes in the licensing program are beyond our control. It is important to understand that this will impact all early applicants equally and is not a reflection on Ur-Energy’s Lost Creek application. We feel our application is still on track to be among the first to achieve license approval from the NRC. While the shift in our production timeline expectation is significant, I want to assure our shareholders that Ur-Energy remains in a strong financial position and has the technical expertise to advance Lost Creek to production. 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 of cash on hand will be sufficient to achieve production in 2010.”

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