Ur-Energy Enters Strategic Marketing Agreement with NuCore
Littleton, Colorado (PR Newswire – October 25, 2011) Ur-Energy Inc. (TSX:URE, NYSE Amex:URG) (“Ur-Energy” or the “Company”) is pleased to announce that it has entered into a strategic marketing arrangement with NuCore Energy, LLC (“NuCore”). Under the agreement, NuCore will provide uranium marketing advisory and professional services and exclusively negotiate uranium sales agreements for the production derived from the Company’s Lost Creek uranium ISR project.
NuCore is a North American company founded by James (Jim) Cornell in early 2009 with the backing of Cadent Energy Partners. NuCorefocuses on advising businesses that operate across the commercial nuclear fuels market and services sector. Mr. Cornell, President and CEO of NuCore, has over 24 years of experience in the nuclear industry and nuclear fuels marketing including his tenure as President and CEO of Nukem Inc. While at Nukem, Mr. Cornell served as one of the principal negotiators of the historic U.S.-Russian HEU Agreement.
Under the arrangement, Mr. Cornell, will represent Ur-Energy exclusively in negotiation of uranium off-take purchase agreements for future production and will provide professional advisory services. This alliance provides Ur-Energy with broad based benefits including expertise in uranium sales and marketing, greater access to the North American and global markets through an individual with strong relationships with utilities and other key groups, and experienced execution of a well planned growth strategy.
Ur- Energy Executive Chairman Mr. Jeff Klenda said, “We are most pleased to announce Mr. Cornell’s new role in the growth strategy of Ur-Energy. Jim is one of the foremost experts in the nuclear fuel marketing field and this strategic relationship will be a key element in advancing Ur-Energy’s sales and marketing strategy.”
NuCore President, Mr. Cornell said, “I have a great deal of respect for Ur-Energy’s management team and am looking forward to working together with them to realize Ur-Energy’s very impressive potential.”
Ur-Energy is a junior uranium mining company currently constructing its first in-situ recovery (ISR) uranium mine in south- central Wyoming at its fully licensed and permitted Lost Creek project. The Lost Creek processing facility will have two million pounds per year capacity and is anticipated to be in production in the second half of 2013. Ur-Energy engages in the identification, acquisition, exploration and development of uranium projects in the United States and Canada. Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website iswww.ur-energy.com.