Ur-Energy has signed a share purchase agreement to acquire, through its wholly-owned subsidiary Ur-Energy USA, Pathfinder Mines Corporation.

Pathfinder owns the Shirley Basin and Lucky Mc mine sites in the Shirley Basin and Gas Hills mining districts of Wyoming, respectively, with remaining resources at the two projects estimated to approximately 15 million pounds U3O8.

Ur-Energy vice president Regulatory Affairs, Exploration and Geology, John Cash said the company will complete an analysis by a qualified person of the historic estimates and prepare an NI 43-101 compliant mineral resource estimate, as well as commence baseline studies for the initiation of regulatory applications, initially at the Shirley Basin site.

As part of the deal, Ur-Energy will purchase all issued and outstanding shares of Pathfinder from its sole shareholder Cogema Resources, an AREVA Mining affiliate, for $13,250,000.

The company will acquire all historic geologic, engineering and operational data related to the two areas held by Pathfinder, in addition to the latter’s property holdings of patented lands, unpatented mining claims, and private leases totaling more than 5,100 acres.

Ur-Energy president and CEO Wayne Heili, "Adding the Shirley Basin and Lucky Mc properties to our flagship Lost Creek Property and other exploration projects provides Ur-Energy excellent prospects for the expansion of our operations over coming years."

It will also acquire all historic Pathfinder’s US exploration and development data in a database estimated to comprise many project descriptions in more than 20 states.

"As well, we anticipate that the historic exploration and development databases which are an integral part of this acquisition will provide abundant opportunity for new exploration targets and for resale to third parties," Cash said.

Conventional Mine operations were suspended at both Lucky Mc and Shirley Basin in the 1990s due to low uranium pricing and facility reclamation was substantially completed.

Ur-Energy will complete the remaining reclamation work at Shirley Basin and at the Lucky Mc mine site, following the completion of the transaction.

The transaction is expected to close in 6-12 months of signing the agreement.