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Ur-Energy shares gain, receives Wyoming State permit for Lost Creek

Published: 21:25 24 Oct 2011 BST

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Ur-Energy (TSE:URE) (AMEX:URG) announced Monday that it has received from the Wyoming Department of Environmental Quality (WDEQ) a permit to mine the company's Lost Creek in-situ recovery uranium project in Sweetwater County.

The State permit authorizes Ur-Energy to construct and operate the Lost Creek ISR uranium mine facilities, including the first mine unit, the junior uranium explorer said.

"Receiving the State Permit to Mine is a major step in Ur-Energy's progression to full mining operations at its Lost Creek deposit. This mine will create meaningful employment opportunities here in the State of Wyoming," said Ur-Energy president and CEO Wayne Heili.

"Diligent work by both the WDEQ and Ur-Energy personnel ensures that the Lost Creek ISR Project will meet or exceed the environmental standards of the State."

Along with the state permit, the company has previously received the U.S. Nuclear Regulatory Commission's source and byproduct materials license, the Environmental Protection Agency's aquifer exemption, a WDEQ Class I underground injection control permit and local approval of the Development Plan by Sweetwater County.

Ur-Energy said it is now only awaiting approval of the plan of operations by the Bureau of Land Management before construction and operations begin.

As of March of this year, the property hosted 5.22 million measured and indicated pounds of uranium oxide, at a grade of 0.055%, plus additional inferred resources.

The Lost Creek uranium deposit is located in the Great Divide Basin, Wyoming and comprises five projects covering a total of approximately 33,794 acres.  Within this property area, the company controls 1,753 unpatented mining claims, and two State of Wyoming uranium leases.

Shares of Ur-Energy closed 7.76% higher on Monday, to trade at $1.25.

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