Ur-Energy Says NRC Approves Transfer of Pathfinder Mines Shirley Basin License
Ur-Energy (NYSE: URG) is pleased to announce that the Company has received notice from the U.S. Nuclear Regulatory Commission ("NRC") of its approval of the transfer of the Pathfinder Mines Corporation ("Pathfinder") Shirley Basin license.
The transfer approval is among the closing conditions of the Share Purchase Agreement with COGEMA Resources, Inc. ("COGEMA"), an affiliate of AREVA Mining, by which a U.S. subsidiary of Ur-Energy will acquire all the outstanding shares of Pathfinder. For additional details, please see the Company's July 24, 2012 news release. The NRC also approved the transfer to COGEMA of the NRC license for the Pathfinder Lucky Mc tailing site. Ur-Energy will assume no obligations for the tailing site, which is fully reclaimed and in the process of being transferred to the U.S. Department of Energy. The Company and COGEMA continue to advance the other remaining governmental approvals and to satisfy additional customary closing conditions toward completing the acquisition anticipated during the third quarter this year.
Ur-Energy CEO Wayne Heili said, "The completion of the Pathfinder transaction remains an integral element of Ur-Energy's U.S. based in-situ uranium recovery strategy. We look forward to closing the acquisition in the near future."
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