Ur-Energy Inc (TSX: URE) (NYSE: URG) this morning announced the receipt of approvals from both the State of Wyoming and the EPA for its Shirley Basin In Situ Uranium project. As a result, the final permits have been received to begin construction of the project.
Approvals received this morning include the Source and Byproduct Material license, Permit to Mine, and Aquifer Exemption. With the company receiving its BLM final approval for the project last month, the company is now cleared to begin construction of the uranium mine, effectively doubling UR-Energy’s authorized uranium recovery production capacity within Wyoming.
The Shirley Basin project is said to be construction ready, with delineation and exploration drilling completed historically, while power, a waste disposal facility, shop buildings, and road access are already in place as a result of historical production. Three shallow mining units are currently planned for the operation, with processing to either occur on site via a new processing plant, or shipped to the firms Lost Creek project.
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The project reportedly hosts 8.8 million pounds of uranium on a measured and indicated basis, at an average grade of 0.23% U308. The company has received approvals to produce no more than 2 million pounds of dried U308 on an annual basis.
A timeline for construction was not provided.
Ur-Energy last traded at $1.59 on the TSX.
Information for this analysis was found via Sedar and Ur-Energy. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
