NEWS RELEASE.

April 30, 2012: Littleton, Colorado – Ur-Energy Inc. (Stock Profile – TSX:URE & AMEX:URG) issued an updated Preliminary Economic Assessment (PEA) for the Lost Creek Property (the “Property”).  This assessment confirms the 45% increase in the Measured and Indicated mineral resources for the Property announced on April 4, 2012, which is the result of recent acquisition of lands immediately adjacent to the Lost Creek Project.

Ur-Energy generated this PEA in accordance with Canadian NI 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) to provide an updated mineral resource estimate for the Lost Creek Property prompted by recent acquisition of adjacent mineral properties.  The new PEA demonstrates the enhanced economic viability of the mineral resources at the Property.  The economic analysis focuses on the resources within the Lost Creek and LC East Projects due to the preponderance of data available there. The economic analysis estimates the Lost Creek Project will generate net earnings over its life, before income tax, of US$283.0 million from the projected production of 7.38 million pounds U₃O₈.

It is estimated that the Project has a calculated Internal Rate of Return (IRR) of 87% and a Net Present Value (NPV) of US$181.0 million applying an eight percent discount rate. The estimated operational cost for the Project is US$16.12 per pound of uranium produced, while the total cost of uranium production including all required capital spending is estimated at US$36.52 per pound.

Wayne Heili, President and CEO of the Company said, “I am extremely pleased with results of Ur-Energy’s latest PEA.  Not only have we been able to significantly expand the mineral resources at the Lost Creek Property, but we continue to demonstrate its economic viability.  Definition of this Property continues to validate its excellent potential as shown through continued increases in compliant resources.”

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