Ur-Energy Property Acquisition

Feb. 29, 2012: Littleton, Colorado – Ur-Energy Inc.’s (Stock Profile – TSX:URE & AMEX:URG) wholly owned subsidiary NFU Wyoming LLC has completed an asset exchange agreement with Uranium One Americas Inc. which provides for the transfer to Ur-Energy of specific federal unpatented mining claims and state of Wyoming mineral leases located adjacent to Ur-Energy’s Lost Creek property. In accordance with the terms of the agreement, the specified property interests, associated mineral rights and related data are to be exchanged for the company’s Southwest Powder River basin drill hole database package.

Ur-Energy president and chief executive officer Wayne Heili stated: “This agreement to exchange Wyoming assets between Ur-Energy and Uranium One represents a true win-win arrangement. The acquired property interests fit well with Ur-Energy’s corporate strategy of expanding the resource base available for processing at the Lost Creek facility while the database will be useful to Uranium One with respect to its Allemand-Ross project in Wyoming’s Powder River basin.”

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