Ur-Energy Inc.
TSX : URE

Ur-Energy Inc.

March 21, 2006 09:00 ET

Ur-Energy Inc. Updates Historical Resource Base to Exceed 80 Million Pounds U3O8

DENVER, COLORADO--(CCNMatthews - March 21, 2006) - Ur-Energy Inc. ("Ur-Energy" or the "Company") (TSX:URE) announced today that the extensive data base which is owned by the Company demonstrates that Ur-Energy's properties in Wyoming contain historical resources exceeding 80 million pounds U3O8. These resources are not NI 43-101 compliant but are quoted as previously calculated resource estimates by major mining companies or qualified consultants that worked on the properties prior to Ur-Energy's involvement.

Previously, Ur-Energy carried its' relevant historic resources at 19 million pounds, at a time when the Company had made purchase agreements with the land holders. Since then Ur-Energy has hired an exceptional staff of uranium geologists and mining engineers and has had the opportunity to examine tens of thousands of files, drill logs, plans and drill sections and reports.

In addition, the Company purchased a significant data base from a major company on certain of its properties in Wyoming. "The combination of both data bases provided an incredible amount of additional information which significantly changed our historical resource inventory" said Bill Boberg, President and CEO of Ur-Energy. "Our people have been working diligently for the past year to absorb a tremendous amount of data, none of which was digital, therefore delaying our release of an update on the Company's properties. "We are pleased to now be able to provide historical resources on the claims we hold in Wyoming. However, our historical resource inventory is not yet complete; additional updates will be released as we continue our literature and data compilation".

Ur-Energy controls nine properties in Wyoming, one of the most mining friendly States in the USA to explore for and mine uranium. The current Governor of Wyoming has endorsed the fact that the State is open for business in all areas of resource development, including uranium.

Of the nine properties held by Ur-Energy, five are in the Great Divide Basin; two of these (Lost Soldier and Lost Creek) contain major, well drill-defined historical resources. The Company previously reported (Ur-Energy press release dated January 23, 2006) that it had completed a drilling program which will lead to a NI 43-101 defined resource and will enable Ur-Energy to rapidly advance both deposits to production. At Lost Soldier, production is expected to start as early as 2008.

The table below presents the gross historical resources defined in the Company data base by property:



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Historic Report Historical Resource
Operator Date Pounds U3O8 (avg % U3O8)
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Lost Soldier Project
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Cameco Corp. AIF 1998 26,620,000 (N/A)
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Lost Creek Project
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Conoco - Texasgulf 1978 12,800,000 (0.044%)
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Radon Springs Project
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Texasgulf 1978 34,319,000 (0.020%)
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North Hadsell
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Richard Fruchey 1991 7,700,000 (N/A)
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Kaycee
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Washtenaw Energy Corp. 1982 & 3,204,000 (0.11%)
& Fruchey & Eichorn 1978
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TOTAL 84,643,000 pounds U3O8
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NOTE: (The resources stated above are historical in nature and were compiled before the implementation of National Instrument 43-101 reporting standards. Recent independent verification of the data has not been performed, except for the Lost Soldier and Lost Creek deposits whereby the Company is currently determining a NI 43-101 compliant resource estimate. The Company has not completed sufficient exploration on its other properties to verify the historical resource estimates. The historical resources were prepared to industry standards in place at the time and are considered relevant today. The historical resources noted above are not in agreement with the CIM definitions as required by NI 43-101 defined resources or reserves verified by a qualified person and the historical estimates should not be relied upon.)

Ur-Energy is a dynamic junior mining company engaged in the identification, acquisition and exploration of uranium properties in Canada and in the United States. Shares of the Company trade on the Toronto Stock Exchange under the symbol URE. Ur-Energy has its registered corporate office in Ottawa, Canada. The Company's website is at www.Ur-Energy.com.

The Qualified Person in the United States for Ur-Energy Inc., as defined by National Instrument 43-101, is W. William Boberg, President and CEO.

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 factor). 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.

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