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Ur-Energy Receives Approval of License Amendment for Lost Creek Expansion
LITTLETON, CO / ACCESSWIRE / March 29, 2021 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) ...
About this update from Ur-energy Inc.
[{"type":"text","content":"Ur-Energy Receives Approval of License Amendment for Lost Creek ExpansionLITTLETON, CO / ACCESSWIRE / March 29, 2021 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the \"Company\" or \"Ur-Energy\") is pleased to announce that the Wyoming Uranium Recovery Program (\"URP\") has approved the LC East and KM amendments to the Lost Creek license allowing expansion of mining activities within the existing Lost Creek Project and in the adjacent LC East project.This license approval grants the Company access to six planned mine units in addition to the already licensed three mine units at Lost Creek. The approval also increases the license limit for annual plant production to 2.2 million pounds U3O8 which includes wellfield production of up to 1.2 million pounds U3O8 and toll processing up to one million pounds U3O8.In addition to the URP, the Bureau of Land Management (\"BLM\") and the Wyoming Department of Environmental Quality - Land Quality Division (\"LQD\") have regulatory oversight of Lost Creek and the amendment. The BLM completed an Environmental Impact Statement for the amendment in December 2018 and subsequently granted its approval. LQD continues its technical review of the application to similarly amend the Lost Creek permit to mine, and we anticipate their process will be complete in 2021 H2. Upon LQD approval of the amendment, all major permits will be in hand and construction and production can commence in the expanded areas pursuant to Company operational plans.We stand ready to expand wellfield production within the already fully permitted areas of Lost Creek to an annualized run rate of approximately one million pounds when conditions warrant. Our long-tenured operational and professional staff have significant levels of experience and adaptability which will allow for an easier transition back to full operations. Lost Creek operations can increase to full production rates in as little as six months following a \"go\" decision, simply by developing additional header houses within the fully permitted Mine Unit 2 (\"MU2\"). Development expenses during the six-month ramp up period in MU2 are estimated to be approximately $14 million and are almost entirely related to further well installation and header house construction costs. We are prepared to ramp up and to deliver our Lost Creek production inventory to the national ...