Ur Energy Moves Closer to Wyoming Mining Approval

Ur Energy Inc. (UREGF.PK) jumped another hurdle on the road to mining in Wyoming after the state's Department of Environmental Quality [WDEQ] said Thursday that the uranium explorer's Lost Creek application to mine is complete and ready for review.

According to Ur Energy, the application is the first to have passed the WDEQ's completeness review in recent years.

Raymond James analyst Bart Jaworski views the news positively and maintained his "strong buy" rating and C$3 price target on the stock. He told clients in a note that the announcement slightly reduces Ur Energy's permitting risk and keeps on track the company's production timeline expected to commence in the fourth quarter of 2009.

Mr. Jaworski, however, cautioned investors that final approval at Lost Creek is still a long way off.

He said:

It is also noteworthy that 'completeness' is not equivalent to 'approval.' Regulators have simply deemed the application ready for review.

RBC Capital analyst Adam Schatzker echoed Mr. Jaworski's sentiment, noting the positive WDEQ decision

is one of several steps of the permitting process, including obtaining U.S. Nuclear Regulatory Commission approval, before the company can begin development of its uranium properties.

Mr. Schatzker maintained his "outperform" rating and C$3.75 price target saying not only does he believe the company provides investors a great opportunity to invest in near-term U.S-based uranium production, Ur Energy also may become an acquisition target given the need for consolidation in the in-situ recovery industry.

Comments

[JJTERRITO:]

The United States must develop a sensible,difficult for politicians,program which co-ordinates fossil fuels,petroleum and natural gas into a doable sensible energy policy.If for no other reason than our negative balance of payments,domestic drilling and using natural gas to power our vehicles is a must.In my mind the government is more cioncerned about the loss of fuel taxes than the effect on the environment.

2008 May 25 06:55 PM

[johnmarker01:]

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2008 Aug 26 03:50 AM