NEWS RELEASE.

Feb. 24, 2012:  Littleton, Colorado – Ur-Energy Inc. (Stock Profile – TSX:URE & AMEX:URG)  announced the closing of a brokered private placement financing whereby the Company sold 17,250,000 common shares at a price of C$1.00 per share for total gross proceeds of C$17,250,000. Dundee Securities Ltd. and ROTH Capital Partners, LLC, acted as agents for the offering. The offering included the exercise of an over-allotment option by the agents for 2,250,000 shares.

The net proceeds are expected to be used for construction of Ur-Energy’s Lost Creek uranium project in Wyoming, for possible acquisitions and for general corporate purposes.

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