NEWS RELEASE.

March 2, 2012: Littleton, Colorado – Ur-Energy Inc. (Stock Profile – TSX:URE & AMEX:URG) has issued a mineral resource update for the company’s Lost Creek property. The company has prepared a technical report to update the mineral resource estimate following the 2011 drill program and further evaluation of historic drilling records on the property. The updated resource estimate results in notable increases of all three categories of mineral resources (measured, indicated and inferred) at the Lost Creek property. This result does not yet include an evaluation of the property interests recently acquired and announced on Feb. 29, 2012. The company anticipates the preparation of a further update of the mineral resource estimate and the economic analysis of the Lost Creek property in respect of these new property interests.

Ur-Energy is currently completing mine planning and permitting activities to bring Lost Creek into production. At this time, the Lost Creek project awaits the sole remaining regulatory approval, the record of decision from the United States Bureau of Land Management, in respect of the project’s plan of operations.

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