September 11, 2008
Energy Fuels Inc. (TSX: EFR) is pleased to announce that on September 10, 2008, both the Moab and Grand Junction field offices of the US Bureau of Land Management jointly issued a Record of Decision with a Finding of No Significant Impact (FONSI) for the Whirlwind Mine, which has surface facilities in Mesa County, Colorado, and additional mining claims in Grand County, Utah.
The decision will enable Energy Fuels to immediately implement the Plan of Operations for the Whirlwind Mine. This plan allows for the production of up to 200 tons per day of uranium-bearing material, and all approved and necessary surface disturbance. Mine production at this level would result in 250,000 lbs. of U3O8 annual production, which is half the amount typically needed to fuel a 1000 MW nuclear power plant each year. Additionally, this mine tonnage will provide about 1,000,000 lbs. of V2O5 annual production, which will be sold primarily to steelmakers as an alloying agent.
With this approval, the Whirlwind Mine joins the Energy Queen Mine near La Sal, Utah as Energy Fuels’ second fully permitted uranium/vanadium mine. These two mines have a total permitted capacity of 450 tons per day, putting Energy Fuels well on its way to joining Denison Mines as a major US domestic uranium/vanadium producer. At today’s published prices, these two mines, when fully developed could generate revenue of US$75 million per year for Energy Fuels.
George Glasier, Energy Fuels’ President & CEO, stated that, “This decision is the final and most challenging step in a process requiring 14 separate permits including county, state, and federal approvals; a process which has been significantly more demanding than we initially anticipated. In this difficult jurisdiction, I am proud of our team for acquiring this permit in 14 months from initial filing. Whirlwind Mine is the first major uranium mine to be permitted in Colorado in two decades. Much of the work for the permit covered new ground in this age of more rigorous environmental standards for mine permitting. Energy Fuels’ groundwork, working through this mine permit process with the cooperation of BLM staff, will streamline permitting on future mining properties.”
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 40,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah and Arizona, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation, 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.
‘George E.L. Glasier’
President & CEO
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