UR-Energy receives approval from BLM for plan of operation for Lost Creek Ur-Energy announced the receipt of the Record of Decision from the Bureau of Land Management approving the Plan of Operations for the company's Lost Creek uranium in-situ recovery project in Wyoming. The ROD represents the final regulatory step needed by the company to initiate construction and production operations at the project site. The company said facility construction will start this month at the Lost Creek Project site. During the next six to nine months, the company will invest $30M-$40M dollars in the project, located in Sweetwater County, Wyoming. First production from Lost Creek is forecast for early summer of 2013. The project is currently expected to produce more than seven million pounds of uranium yellowcake at a designed rate of one million pounds per year.
UR-Energy reports Q4 production 150K pounds captured Lost Creek production for Q4 met guidance with approximately 150,000 pounds captured. Quarter over quarter production rates increased 14%. Header house number seven was added to the production system in December to supplement the productivity of the first six header houses as the head grade derived from those houses gradually declined throughout the period. The quarter included contractual product sales at 100,000 pounds U3O8. The product was sold at an average price of $66.03 per pound for product sales revenues totaling $6.6M.