June 27, 2007
Toronto, Ontario – June 27, 2007 Energy Fuels Inc. (TSX: EFR) (“Energy Fuels” or “the Company”) is pleased to report that the Company has broadened its relationship with Mesa Uranium Corp. (TSX.V: MZU) (“Mesa”) by signing a Letter of Intent (LOI) to form a second joint venture to explore for high grade U3O8 in breccia pipes on 13 Arizona State School sections currently leased by Mesa and located in Coconino and Mohave Counties on the Arizona Strip in Northern Arizona.
Under the Joint Venture agreement, each party will make an initial contribution to the joint venture. Energy Fuels has committed to make minimum annual exploration expenditures over a three year period. Upon completion of EFR’s expenditure commitments, the Company will earn a 51% interest in the properties. EFR will be the operator of the joint venture, and if an economically feasible uranium deposit is located, EFR will be the mine operator. This transaction will more than double Energy Fuels’ acreage position on the Arizona Strip Mining District to over 13,000 acres.
During the 1980’s and 1990’s Energy Fuels Nuclear Inc. mined eight breccia pipes in the Arizona Strip for a total uranium production of over 23 million lbs. U3O8 at an average grade of 0.61%. (Energy Fuels Nuclear, Inc. (“EFNI”) was a uranium and vanadium company operating on the Colorado Plateau from the late 1970’s through the early 1990’s. Many of the directors, officers, and technical employees of Energy Fuels Inc. formerly were employees of EFNI.) This Joint Venture agreement will result in Energy Fuels having a dominant acreage position on the Arizona Strip, and a strategic exploration and development advantage, in the highest grade uranium province discovered to date in the United States.
Separately, Energy Fuels is pleased to announce that it has granted, subject to Toronto Stock Exchange approval, 25,000 options for a term of three years to an employee of 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 exploration and development company with more than 30,000 acres of highly prospective uranium and vanadium property located in the States of Colorado, Utah and Arizona. The Company, 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
FOR FURTHER INFORMATION PLEASE CONTACT
Energy Fuels Inc.
Toll free: 1-888-864-2125
(The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.)