LITTLETON, Colo., July 15, 2019 /CNW/ -- Ur-Energy Inc.
(NYSE American:URG)(TSX:URE) (the
"Company" or "Ur-Energy") has learned that President
Trump issued a Memorandum on July 12,
2019 in response to the uranium Section 232 investigation
completed by the Department of Commerce. (See also
Ur-Energy News Release July 13,
2019)
The President's Memorandum states that the Secretary of Commerce
found that "…uranium is being imported in such quantities and under
such circumstances as to threaten to impair the national security
of the United States...." The
President found that "…the United
States uranium industry faces significant challenges in
producing uranium domestically and that this is an issue of
national security [and that] a fuller analysis of national security
considerations with respect to the entire nuclear fuel supply chain
is necessary at this time."
Signaling the significance of the President's concerns about the
nuclear fuel supply chain, he has established the United States
Nuclear Fuel Working Group (the "Working Group") specifically to
develop recommendations for reviving and expanding domestic uranium
production. Among other key members of his Administration,
President Trump has named seven Cabinet members, or their
designees, to the Working Group, together with the Assistants to
the President for National Security Affairs and for Economic Policy
who will lead the effort. The Working Group must report its
recommendations back to the President within 90 days.
"Although we hoped for a different outcome, we appreciate
President Trump's and Secretary Ross's consideration of the Section
232 petition," said Jeffrey Klenda,
Ur-Energy's Chairman and CEO. "We firmly believe a healthy nuclear
fuel cycle, beginning with a sustainable uranium mining industry,
is imperative to national security. As the Trump Administration
broadens its review of ways to revive and expand domestic uranium
production, we will continue our work alongside the Administration
and with our customers to find solutions to correct the
dysfunctional market. We will continue to examine all
alternatives."
Ur-Energy continues to operate its Lost Creek uranium in-situ
recovery project in south-central Wyoming and to advance permitting and
licensing for our LC East and Shirley
Basin projects. As previously guided, we expect to
deliver a total of 665,000 pounds into our contracts in 2019 at an
average price of approximately $48
per pound. By quarter, our remaining 2019 contractual sales are as
follows: 122,500 pounds in Q3; and 180,000 pounds in Q4.
We anticipate filing our second quarter Form 10-Q on
August 2, 2019, at which time we will
provide further guidance for the year, as we have more fully
evaluated this weekend's announcement.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek
in-situ recovery uranium facility in south-central
Wyoming. We have produced,
packaged and shipped approximately 2.5 million pounds from Lost
Creek since the commencement of operations. Applications are under
review by various agencies to incorporate our LC East project area
into the Lost Creek permits, and to construct and operate at our
Shirley Basin Project. Ur-Energy is engaged in uranium mining,
recovery and processing activities, including the acquisition,
exploration, development and operation of uranium mineral
properties in the United States. Shares of Ur-Energy trade on
NYSE American under the symbol "URG" and on the Toronto Stock
Exchange under the symbol "URE." Ur-Energy's corporate office is in
Littleton, Colorado; its
registered office is in Ottawa,
Ontario. Ur‑Energy's website is www.ur-energy.com.
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey Klenda, Chair and CEO
+1 720.481.4588
Jeff.Klenda@Ur-Energy.com
Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the
meaning of applicable securities laws regarding events or
conditions that may occur in the future (e.g., continuing
results of Lost Creek operations and ongoing permitting efforts for
LC East and Shirley Basin; the
impact of the President's announcement to not take any action to
adjust trade to preserve the domestic uranium mining industry; what
recommendations will be made by the Working Group for the revival
and expansion of domestic nuclear fuel production and the impact of
those recommendations if any) and are based on current expectations
that, while considered reasonable by management at this time,
inherently involve a number of significant business, economic and
competitive risks, uncertainties and contingencies. Factors that
could cause actual results to differ materially from any
forward-looking statements include, but are not limited to,
fluctuations in commodity prices; capital and other costs varying
significantly from estimates; failure to establish estimated
resources and reserves; the grade and recovery of uranium which is
mined varying from estimates; production rates, methods and amounts
varying from estimates; delays in obtaining or failures to obtain
required governmental, environmental or other project approvals;
inflation; delays in development and other factors described in the
public filings made by the Company at www.sedar.com and
www.sec.gov. Readers should not place undue reliance on
forward-looking statements. The forward-looking statements
contained herein are based on the beliefs, expectations and
opinions of management as of the date hereof and Ur-Energy
disclaims any intent or obligation to update them or revise them to
reflect any change in circumstances or in management's beliefs,
expectations or opinions that occur in the future.
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SOURCE Ur-Energy Inc.