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Ur-Energy Announces Cost Savings Measures and Provides Further Production Guidance for 2016
Ur-Energy Announces Cost Savings Measures and Provides Further Production Guidance for 201...
About this update from Ur-energy Inc.
[{"type":"text","content":"\n\n\n\nUr-Energy Announces Cost Savings Measures and Provides Further Production Guidance for 2016\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nUr-Energy Announces Cost Savings Measures and Provides Further Production Guidance for 2016\nCanada NewsWire\nLITTLETON, Colo., June 8, 2016\n\n\n\nLITTLETON, Colo., June 8, 2016 /CNW/ -- Ur-Energy Inc. (NYSE MKT:URG TSX:URE)  (\"Ur-Energy\" or the \"Company\") announces cost savings measures through a reduction in workforce.\n\n\nDue to continuing depressed uranium market conditions, the Company has implemented cost savings measures including workforce reductions at all three of its locations: Littleton, Colorado, Casper, Wyoming and the Lost Creek Mine Site. The reductions include twelve employees, with several remaining employees asked to change job responsibilities or carry additional duties. These measures represent an expected annual savings of approximately $1.5 million, beginning in 2017. The reorganization and workforce reductions are necessitated by the persistent downturn in the uranium market and pricing which affects the Company's ability to sell into the spot market and conduct exploration activities in 2016 and 2017.  At this time, there is no plan for any exploration activities at the Lost Creek Property or among the Company's other uranium projects in Wyoming.\n\nThe affected employees have been offered severance arrangements in order to assist with their transition to other employment opportunities. Implementation of the adjustments necessitated by the reorganization has begun and should be complete in coming weeks. The few operational modifications required at Lost Creek will be overseen closely to assure continued safe operations.\n\nJeff Klenda, Company Chair and Executive Director, noted that \"Although we maintain a solid base of long-term contracts at average pricing near $50 per pound, spot pricing in 2016 has weakened considerably and, in response, we determined that we needed to proactively undertake to further cut costs and streamline our overall corporate and operating efficiencies....