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Ur-Energy Provides 2018 Q2 Operational Results
Littleton, Colorado (PR Newswire – July 12, 2018)Ur-Energy Inc. (NYSE American:URG, TSX:URE) (the “Company” or “Ur-Energy”) is pleased to provide the following operational results for Q2 2018.
|Lost Creek Operations|
|Units||2018 Q1||2018 Q2||2018 YTD|
|U3O8 Dried & Drummed||(‘000lbs)||80.0||74.3||154.3|
|U3O8 Sold (produced)||(‘000lbs)||10.0||0||10.0|
|U3O8 Sold (purchased)||(‘000lbs)||370.0||100.0||470.0|
|Average Flow Rate||(gpm)||2,432||2,517||2,475|
|U3O8 Head Grade||(mg/l)||33||34||34|
Lost Creek Uranium Production and Sales
For the quarter, 89,209 pounds of U3O8 were captured within the Lost Creek plant, 74,302 pounds of U3O8 were packaged in drums and 74,416 pounds of U3O8 drummed inventory were shipped out of the Lost Creek processing plant. At June 30, 2018, inventory at the conversion facility was approximately 233,712 pounds U3O8.
During the quarter, sales totaled $3.79 million on 100,000 pounds at an average price of $37.90 per pound, which was 71% above the average spot price for the same period of $22.13 per pound. The 100,000 pounds were purchased at an average cost of $22.25 per pound.
During the period, the third of the first three header houses in the second mine unit (MU2) at Lost Creek commenced production. All three of the header houses are exceeding budgeted production expectations. With the addition of MU2 production, both grades and flow levels have continued to increase.
Continuing Guidance for 2018
As indicated in our prior guidance, we have now completed all deliveries into our 2018 term contracts, which totaled 470,000 pounds at an average price of approximately $49 per pound. We will provide further guidance in our Form 10-Q, which is currently anticipated to be filed on Friday, July 27, 2018.
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 2.4 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 we have begun to submit applications for permits and licenses to 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 the 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.
The following information was filed by Urenergy Inc (URG) on Friday, July 13, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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