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December 31, 2013
06:04 EDTURGUR-Energy issues updated preliminary assessment for Lost Creek
Ur-Energy announced that it has confirmed the increase in resources at Lost Creek announced November 18, and has issued an updated Preliminary Economic Assessment, or PEA for the Lost Creek Property. In addition to the update of mineral resources, the new PEA demonstrates that the Property is potentially viable. The economic assessment was updated to include actual capital expenditures at the Property through August 31. Construction of the plant and wellfields began in October 2012. Plant construction was completed in Q3. Wellfield drilling and construction activities have been completed to various levels with the majority of the work occurring in Mine Unit 1. The Lost Creek plant and Mine Unit 1 facilities were placed into production in August. The economic analysis estimates the Project will generate net cash flow over its life, before income tax, of $319.7M. It is estimated that the Project has a calculated Internal Rate of Return, or IRR, of 74.5% and a Net Present Value, or NPV, of $198.3M applying an eight percent discount rate. The estimated operational cost for the project is $11.54 per pound of uranium produced, while the total cost of uranium production including severance taxes and operational and capital spending is estimated at $29.13 per pound.
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