NEWS RELEASE.

Feb. 9, 2012: Littleton, Colorado – Ur-Energy Inc. (Stock Profile – TSX:URE & AMEX:URG) has successfully negotiated its third agreement to supply uranium produced at its wholly owned Lost Creek project.

The signing of this supply agreement marks the realization of Ur-Energy’s strategic product marketing objective by which the company has committed a predetermined portion of the forecasted uranium production from Lost Creek into term sales agreements with U.S.-based nuclear utilities. This agreement calls for total deliveries of 100,000 pounds of uranium concentrate per year in a multiyear schedule. The agreement specifies firm delivery prices in the low range of $60 (U.S.) per pound over its term.

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