-- Posted Thursday, November 21 2013 | Digg This Article |

P. ZIHLMANN  INVESTMENT · MANAGEMENT AG

Your independent SWISS asset manager      

THE TIMELESS PRECIOUS METAL FUND

THE TIMELESS ENERGY FUND (SOON TO ME RENAMED TIMELESS URANIUM FUND)

THE SIERRA MADRE GOLD & SILVER VENTURE CAPITAL FUND

Home page of URE

Chart 2 years

North America's Premier Junior Uranium Mining Company

Business Summary

Ur-Energy is a dynamic junior mining company operating the Lost Creek in-situ recovery (ISR) uranium facility in south-central Wyoming.  

The Lost Creek processing facility will have a two million pounds per year nameplate capacity. 

Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada.  

In addition, Ur-Energy’s project pipeline is supported by an extensive, valuable exploration database and intensive analysis programs, providing for great exploration and development potential.

Lost Creek

is the newest uranium production facility in

the world!

• Production ramp up exceeding expectations
• Drummed and packaged first yellowcake October 15, 2013
• Expanding resources through acquisition and exploration
• Definitive agreement to acquire Pathfinder Mines Corporation
• Secured revenue stream through long term sales agreements
• Closed US$34 million Wyoming Industrial Development Revenue Bond
• Fixed interest rate of 5.75% per annum; interest only payments 2014
• Principal payable in 28 quarterly installments commencing January 2015
• Closing, fees and expenses total approximately 2.3% of loan amount
• Retirement of the Company’s debt with RMBAH 

US Projects

·         Environmentally sound production method

·         Well understood by Wyoming state regulators

·         Cost effective, low capital costs

April 30, 2012 PEA* updates resources and economics

·         Extended life of mine to 8 – 10 years

·         Mineral resource increase from February 2012 PEA

·         45% Increase in measured and indicated resources

·         42% Increase in inferred resources

·         Estimates direct operating costs at US $16.12/lb

·         Lowest quartile of all uranium producers

·         Cost including sustaining development, approximately US$23.00/lb

·         Full project capital cost recovery US$36.52/lb

·         Project internal rate of return (IRR) at 87%

·         Capital requirement in lowest quartile of all developing uranium production facilities

WHY NUCLEAR ENERGY?

• Nuclear energy is the most environmentally friendly alternative for electricity generating as the only large-scale viable alternative to fossil fuels (oil, gas, coal)
• Nuclear energy does not produce greenhouse gas. One gram of uranium produces the same amount of electricity as 3 million tonnes of coal; burning 3 tonnes of coal leads to 7 tonnes of CO2 emission.
• Responding to the growing public concern over global warming, the Kyoto Protocol (1997) paved the way for nuclear renaissance by striving to reduce greenhouse gas emission of CO2 by 20%. Evidently, nuclear energy cannot be phased out if the requirements of the Kyoto Protocol are to be met.
• Nuclear energy provides 16% of the world’s total electricity and 28% of European needs, compared to fossil fuels 56%, water power 10%, wind 3% and biomass 3%.
• Japan wants to restore the number of operating nuclear reactors to 16 by 2014, providing with 18% of its electricity generating requirements. 

The investment Policy of the Timeless Uranium Fund

The Fund Company will attempt to achieve maintenance of value and capital growth through the adoption of the following investment policy:

• the Fund may invest up to 10% of its assets in companies that directly invest, deal and/or hold physical uranium;
• the Fund may invest up to 60% of its assets in uranium producing and new generation producing companies;
•  the Fund may invest up to 30% of its assets in junior exploration companies. 

Furthermore, if circumstances and market conditions so dictate, the Fund reserves the right to hold up to 50% of its assets in cash, provided, however, that no more than 10% of the assets of the Fund shall be kept on deposit with any one body. This limit may be increased to 30% in respect of money deposited with a credit institution licensed in Malta or in any other EEA State, or with any other credit institution which has been approved by the MFSA.

www.timeless-funds.com

The Timeless Uranium Fund has not yet been approved by the MFSA.

Recent News: increased mineral resource estimate

November 18, 2013) Ur-Energy Inc. announce a new and increased mineral resource estimate for the Lost Creek Property which has been reviewed by Mr. Steve Cutler of Rough Stock Mining Services, a Qualified Person per the requirements of Canadian National Instrument 43-101 (NI 43-101).

The estimated mineral resource for the Lost Creek Property was last reported on April 30, 2012 with an update to the Preliminary Economic Assessment (“PEA”) of the Lost Creek Property. The current update of the resource base results from geologic data gathered primarily during the recent installation of Mine Unit 1 (MU1) production wells and also from relatively wide spaced delineation and exploration drilling at the LC East Project.  Since the April 2012 PEA, Ur-Energy has expanded the Lost Creek Property resources as follows:

• Measured resources increased by 16% (+0.65 million pounds) from 4.20 to 4.85 million pounds U3O8;
• Indicated resources decreased by 8% (-0.35 million pounds) from 4.15 to 3.80 million pounds U3O8 due to re-categorizing of  resources within Mine Unit 1 and the planned second mine unit; and
• Inferred resources increased by 65% (+1.87 million pounds) from 2.87 to 4.74 million pounds U3O8

Mr. John Cash, Vice President Regulatory Affairs, Exploration, and Geology, stated, “We are pleased to be able to continue demonstrating the expandability of our flagship production property resource.  The close spaced drilling in Mine Unit 1 has resulted in a significant increase in the area’s resource base.  Those resources are now developed and available for extraction by in-situ recovery methods.  Furthermore, the wide spaced drilling at LC East has greatly increased the inferred resources and improved our understanding of the geologic systems on the Lost Creek Property.  This new knowledge will be applied as we advance the Project and Property with additional drilling in the future.”

The Lost Creek Property consists of six contiguous Project Areas totaling over 40,000 acres (see map).  Uranium production in MU1 of the Lost Creek Project started in August 2013.

Fundamental Considerations

Proven record of developing projects through to production

·         Low-cost uranium production center at Lost Creek

• Production rates exceeding technical expectations
• Growth oriented technical & management team
• Agreement to acquire Pathfinder Mines
• Approx.15M lbs of estimated historic resources
• Multiple long-term uranium sales agreements
• Reducing Company exposure to volatile marketplace
• Closed US$34 million Wyoming Industrial Development Revenue Bond
• Continued re-rating likely as Ur-Energy ramps up production 

Technical Considerations

U3O8 Spot Price (US$/lb, Weekly) and Spot and Term Contract Price (US$/lb, Monthly)

Peter Zihlmann

www.pzim.com  www.timeless-funds.com

invest@pzim.ch

Tel.      +41 44 268 51 10

CH Mobile +41 79 379 51 57

MT Mobile +356 79 79 00 91 

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Disclosure: The author has not been paid to write this article, nor has he received any other inducement to do so. The author is a shareholder in the company and will benefit from any increase in the company’s share price.

Disclaimer: The author’s objective in writing this article is to invoke an interest on the part of potential investors in this stock to the point where they are encouraged to conduct their own further diligent research. Neither the information, nor the opinions expressed should be construed as a solicitation to buy or sell this stock. Investors are recommended to obtain the advice of a qualified investment advisor before entering into any transactions in the stock.

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-- Posted Thursday, November 21 2013 | Digg This Article |