November 10, 2010
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company“), an advanced uranium and vanadium exploration and development company, and Royal Resources Limited (ASX-ROY) (“Royal”), its Perth, Australia based joint venture partner, announced today that the Arizona Strip Partners LLC (“ASP”) joint venture, formed in May of 2008 by the companies, has completed two drill holes confirming successful application of two geophysical exploration techniques to locate breccia pipe targets in the Arizona Strip.
Two methods were used to identify the targets. The first was the Helicopter-borne Time Domain Electromagnetic Geophysical Survey with a VTEM-M system. The second was a 3-D Seismic Survey. Both methods identified breccia pipes for follow up drilling.
“Historic grades from breccia pipes in the region are very high, averaging 0.65% U3O8 which has made exploration in the area attractive even with uranium prices lower than today’s +$55 spot price,” commented Stephen Antony, President and CEO of Energy Fuels. “We are very encouraged by the success we have had using these advanced geophysical techniques in identifying breccia pipe targets. Discovering these pipes is much like looking for a needle in a haystack, but we’ve taken much of the guess work out of the equation with this technology.”
Several breccia pipes were staked and prioritized for further exploration work. Two drill holes to depths of 1,240 feet and 1,340 feet respectively have been completed to date on one of the target pipes. The two drill holes clearly confirmed the presence of a very large breccia pipe structure. Neither hole intersected the pipe throat where uranium mineralization is most likely to occur. The Company is currently evaluating information from drilling and the surveys to determine additional drilling plans.
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Stephen P. Antony, President and CEO, and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the content of this press release.
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Energy Fuels Inc. is a uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 44,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan’s Athabasca Basin totaling approximately 40,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., has assembled this property portfolio along with a first class management team, including highly skilled techn*-ical mining and milling professionals based in Lakewood and Nucla, Colorado and Kanab, Utah.
This news release contains certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and “Forward Looking Information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time-to-time with the British Columbia, Alberta and Ontario Securities Commissions.
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Energy Fuels Inc.
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