October 14, 2010
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company“), has been awarded a Department of Energy (DOE) lease tract (SR-12) that was originally released for bid by DOE in the May, 2008 lease sale. This 641 acre lease, in western San Miguel County, Colorado (within the Uravan Mineral Belt), was originally won by another bidder who subsequently dropped the lease. It is contiguous with other properties held by Colorado Plateau Partners Joint Venture in which the Company is partnered with Australian company Royal Resources.
Based on pre-bid public information provided by DOE in February of 2008, this tract contains about 156,000 lbs. of historical U3O8 resource (not currently NI 43-101 compliant). Historical production records from the area indicate a historical V2O5 resource of about 1.5 million lbs. on the lease. The DOE data comes from an estimate originally prepared by the Atomic Energy Commission (or AEC, predecessor of the DOE), based on US Geological Survey and AEC drilling conducted during 1951 – 1953. AEC/DOE do not apply resource categories or qualifiers.
Additionally, Energy Fuels is pleased to obtain the consulting services of Mr. Richard Cherry to support of the Company’s consolidation strategy in the western USA and product marketing effort. Mr. Cherry is a veteran nuclear industry executive, having worked for leading companies in uranium mining, milling, marketing, conversion, and power generation for over 35 years. During the period 2000-2006, Mr. Cherry was President and CEO of Cotter Corporation and Nuclear Fuels Corporation, (both affiliates of General Atomics Corporation). He was responsible for all aspects of Cotter’s mining and milling operations during the period when Cotter was actively mining and milling uranium and vanadium in the US; and for Nuclear Fuels Corporation, he was responsible for worldwide uranium marketing for all General Atomics’ affiliates. During the period 1997-2000 Mr. Cherry was Vice President of ConverDyn (a joint venture between Honeywell International and General Atomics) providing US uranium conversion services to large electrical utilities world-wide. Prior to joining General Atomics, Mr. Cherry was involved in uranium trading for UG U.S.A. and nuclear fuel procurement for the 1,166 MW Wolf Creek Nuclear Generating Station owned by several Kansas utilities. Mr. Cherry holds an M.S. in Mechanical Engineering and a B.S. in Engineering Physics.
“Stephen Antony, President and CEO of Energy Fuels commented, “As we move toward the January decision on our Piñon Ridge Mill license, I am pleased to have the expertise of an experienced uranium professional like Richard Cherry on our team. Richard will be working closely with me on the consolidation strategy and with Gary Steele, our Senior Vice President of Marketing, on securing long-term contracts for our uranium products. We have seen the spot price for uranium strengthen over recent months and securing forward looking contracts will help us build on that momentum.”
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Energy Fuels Inc.
Toll free: 1-888-864-2125