Ur-Energy Inc.

Ur-Energy Inc.

August 02, 2006 15:49 ET

Ur-Energy Inc. Announces Closing of $500,500 Non-brokered Private Placement of Flow-through Shares

DENVER, COLORADO--(CCNMatthews - Aug. 2, 2006) - Ur-Energy Inc. (TSX:URE) (Ur-Energy) is pleased to announce the closing of a non-brokered private placement of flow-through common shares. This financing comprises a total of 182,000 flow-through common shares at a price of $2.75 per share. Total gross proceeds to Ur-Energy are $500,500.

The proceeds from this private placement will be used for qualifying Canadian exploration expenses and will be primarily focused on advancing the ongoing exploration program for Ur-Energy's Thelon properties including surface radon sampling on the Screech Lake claim group during the 2006 field season.

Ur-Energy is a dynamic junior mining company focused on production of uranium from properties in the United States and exploration for uranium deposits in both the USA and Canada. Shares of the corporation trade on the Toronto Stock Exchange under the symbol URE. Ur-Energy has its registered corporate office in Ottawa, Canada and its headquarters in Littleton, Colorado. The Company's website is at www.ur-energy.com.

This release contains forward-looking statements regarding capital and processing cost estimates, production rates, amounts, timetables and methods, mining methods, metallurgical recovery rates, government permitting timetables and strategic plans and are based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and other costs varying significantly 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, changes in exchange rates, fluctuations in commodity prices, delays in development and other factors. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward looking statements. The forward-looking statements contained herein are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances.

Contact Information

  • Ur-Energy Inc.
    Jonathan Buick
    Investor Relations Advisor
    (416) 569-7092
    Ur-Energy Inc.
    Bill Boberg
    CEO and President
    1 (720) 981-4588