Ur-Energy Maintains Lost Creek Production Schedule While Exploring for New Discoveries

Tuesday, August 19th 2008

Ur-Energy Inc. announce today that its permitting and engineering work at Lost Creek continues to progress on schedule and a vigorous drilling program has been underway since May.

Bill Boberg, President & CEO stated, “The first half of 2008 has been significant for Ur-Energy. We are now listed on the American Stock Exchange (“AMEX”) under the symbol URG and are very pleased to be part of the AMEX system and to be more accessible to our US-based investors. We completed our NI 43-101 preliminary assessment on Lost Creek which demonstrates positive economics for the Lost Creek Project. Our Source Material License Application with the Nuclear Regulatory Commission (“NRC”) and our Lost Creek Mine Permit Application with the Wyoming Department of Environmental Quality (“WDEQ”) were both deemed to be complete and have proceeded to detailed technical reviews which could be completed as early as Q4 2008. We started an aggressive drilling program at Lost Creek to further delineate Mine Unit #1 and to design and install the monitor wells for Mine Unit #1 to enable preparation of the Application for the Mine Unit #1 Mining Permit. There have been no changes to our projected timeframe of being able to initiate production at Lost Creek in late 2009, and the Company is committed to achieving that goal with the funds the Company currently has in the bank. I continue to be very proud of the exceptional effort of our superb production, geology and exploration teams in moving our projects forward.”