July 30, 2009
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”), has been informed by the Department of Energy (DOE) that the Company has been awarded two additional DOE lease tracts (C-AM-19-A and C-AM-20) released for bid in the May 2008 DOE lease sale. These tracts are in western Montrose County ,Colorado , (within the Uravan Mineral Belt) about 30 highway miles from the Company’s Piñon Ridge Mill site currently being permitted.
Based on pre-bid public information provided by DOE in February of 2008, these two tracts combined contain about 2.3 million lbs. of historical resource (not NI 43-101 compliant) in a region of well developed historical mining by Union Carbide Corporation. The DOE data was 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. After 1974, private lease holders on these two tracts drilled another 367 holes. The Company has yet to acquire data from the private drilling.
Energy Fuels has also initiated its 2009 drilling program on other Uravan Mineral Belt properties held by the Company in western Colorado . Much of this drilling budget will be applied to exploring DOE leased tracts obtained as announced in May 2008 following the same DOE lease sale referenced above.
Early drilling on the Henry Claim Group in the Club Mesa area encountered a highly mineralized intercept of 4.5 feet with a grade of 0.33% U3O8. Historical data from this area indicates the potential for a V2O5 / U3O8grade ratio of about 5:1. Drilling is continuing on this claim group and will progress onto the adjacent DOE lease block, (C-CM-24).
Drilling should begin in about 60 days on the HC Claim Block and the contiguous C-G-26 DOE lease, both of which are located on Calamity Mesa. This drilling has been planned utilizing the data on the DOE lease obtained by Energy Fuels as announced February 23, 2009, and is planned to develop additional resources with infill drilling.
Additionally, Energy Fuels has granted 850,000 options for a term of five years to employees, officers, and consultants to the Company.
Stephen P. Antony, P.E., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the content of this press release.
Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 55,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, Idaho, and New Mexico, and exploration properties in Saskatchewan’s Athabasca Basin totaling almost 50,000 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 recently acquired Magnum Uranium subsidiary, has assembled this property portfolio along with a first class management team, including highly skilled technical 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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