Ur-Energy Inc.

Ur-Energy Inc.

December 14, 2006 10:47 ET

Ur-Energy Inc. Announces Completion of $2,500,000 Flow-through Private Placement Financing at $5.00 Per Share

DENVER, COLORADO--(CCNMatthews - Dec. 14, 2006) - Ur-Energy Inc. (TSX:URE) ("Ur-Energy" or the "Company") is pleased to announce that it has completed its previously announced flow-through common share private placement financing. The private placement comprised 500,000 common shares of the Company issued on a "flow-through basis" at a price of $5.00 per share for aggregate gross proceeds of $2,500,000.

The Company intends to use the proceeds of the private placement to fund its exploration activities at its Thelon Basin Projects located in the Northwest Territories, and its Bugs Property in Nunavut. Specifically, the Company intends to complete the first phase of drilling at its Screech Lake Project and to complete further reconnaissance work at its Bugs Project.

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

Certain information regarding the Company set forth in this press release, including management's assessment of the Company's future plans and operations contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of reserve estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, these forward looking statements and accordingly, no assurance can be given that any of the events anticipated to occur or transpire from the forward looking statements will provide any benefits to the Company.

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