March 17, 2011

Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company“), Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”), an advanced uranium and vanadium development company, announced today that it has priced its previously announced best efforts prospectus offering (the “Offering”). The Offering will consist of up to 20,000,000 units (the “Units”) at a price of $0.50 per Unit for aggregate gross proceeds of up to $10,000,000. Each Unit shall consist of one common share (a “Common Share”) of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one Common Share of the Company at a price of $0.65 for a period of 48 months following the closing date of the Offering. The Warrants will not be listed for trading.

The Offering is being made through a syndicate of agents led by Dundee Securities Ltd. and including Haywood Securities Inc., Scotia Capital Inc., Versant Partners Inc., Cormark Securities Inc. and Toll Cross Securities Inc. (collectively, the “Agents”). The Company has granted an over-allotment option (the “Over-Allotment Option”) to the Agents, pursuant to which the Agents may purchase, for a period of 30 days following the closing of the Offering, additional Units (the “Over-Allotment Units”), in a maximum number equal to 15% of the number of Units sold pursuant to the Offering.

Energy Fuels filed a preliminary short form prospectus dated February 25, 2011 in respect of the Offering with the securities commissions of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Additional information concerning the Company and the terms of the Offering are set out in the preliminary short form prospectus, a copy of which is available on SEDAR at www.sedar.com.

Closing of the Offering is expected to occur on or about March 31, 2011 and is subject to certain conditions including, but not limited to, the execution of a definitive agency agreement with the Agents, receipt of all necessary regulatory and stock exchange approvals including the issuance of a receipt for a (final) short form prospectus and the receipt of listing approval by the Toronto Stock Exchange (“TSX”) for: (i) the Common Shares included in the Units and the Over- Allotment Units, and (ii) the Common Shares issuable pursuant to the exercise of the Warrants included in the Units, the Warrants included in the Over-Allotment Units and the Compensation Warrants. Successful listing of such Common Shares will be subject to the Company fulfilling all of the listing requirements of the TSX.

The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any U.S. state securities laws and may not be offered or sold in the United States, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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