Ur-Energy Inc. (TSX: T.URE, Stock Forum) said that the Bureau of Land Management (BLM) Rawlins Field Office has released the final environmental impact statement (EIS) for the proposed Lost Creek uranium in situ recovery project in Wyoming.
The Lost Creek project, located in Sweetwater County, is currently in the planning and permitting stage.
According to the press release, the BLM has selected the drying yellowcake on-site alternative as the preferred alternative in the final EIS. This action involves drying the uranium oxide into a solid yellowcake product.
Housing the drying-packaging facility within the processing plant will reduce shipments from the site, resulting in fewer transportation-related impacts, fewer wildlife disturbances, and cleaner air quality.
The final EIS is not a decision document. A record of decision is expected to be signed shortly after the final EIS availability period closes 30 days from August 17.
"I am extremely pleased to share news of this significant development for Ur-Energy's flagship project,” said Wayne Heili, President and CEO. “During the next 30 days our technical team and general contractor will be finalizing schedules and logistics for ground breaking and the commencement of construction activities at the project site."
The Lost Creek project will be fully authorized for construction with the receipt of the BLM record of decision.
The company is anticipating a six to nine month timeframe for construction and commissioning of the Lost Creek facilities. First production will follow in late spring or early summer of 2013.
Ur-Energy is a junior uranium company currently completing mine planning and permitting activities to bring its Wyoming deposit into production.
On Friday, Ur-Energy was up 14% and was trading at $1.14 a share. The company has a market cap of $138 million, based on 121.1 million shares outstanding. The 52-week high and low was $1.49 and $0.64 respectively.