Ur-Energy Inc. ("Ur‑Energy" or the "Company") is pleased to announce the completion of its first product sales from the operations of the Lost Creek ISR Project. A total of 90,000 pounds of U3O8 were sold at an average price of $62.92 per pound for gross revenues of $5.7 million.
Two US-based utility companies each purchased a portion of the delivered product. Pricing was based on the terms of multi-year supply agreements between Ur-Energy and the buyers.
Wayne W. Heili, President and CEO of Ur-Energy commented, "Recording our first revenue as a Company is indeed a milestone event. Ur-Energy has achieved tremendous growth in the past year. Starting with the initiation of construction at the Lost Creek Project in October of 2012 and carrying forward into first production and sales, the Company's team has demonstrated their competence and dedication. With the first corporate revenues realized, Ur-Energy will now be focusing on strengthening the production performance at Lost Creek and the additional growth opportunities held in the Company's project portfolio."
Ur-Energy is a junior uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate capacity with a one million pound annual rate planned from the mining areas at Lost Creek. Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada. Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol "URE" and on the NYSE MKT under the symbol "URG". Ur-Energy's corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy's website is www.ur-energy.com.