Ur-Energy provides update on Shirley Basin

The company said, “Based on our advanced negotiations with these nuclear fuel purchasers and the strengthening market, the Ur-Energy Board has authorized management to proceed with additional tasks to advance Shirley Basin. We are initiating procurement of long-lead items for the Shirley Basin Project, and will advance other activities in the field, with the objective to shorten the time for construction and ramp up when the “go” decision is made by our Board for construction. Shirley Basin is fully permitted and construction ready with a licensed wellfield capacity of one million pounds U3O8 per year. We currently estimate it will take up to 24 months to complete all procurement, development activities and construction of the satellite facility and associated first mine unit to initiate production. This estimate is based on the long lead times we are seeing for critical equipment; especially for electrical equipment. The decision to proceed with construction of the satellite and first mine unit for production operations will be considered on an ongoing basis as the uranium market and our contract book evolve.”