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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