March 19, 2007
TORONTO, ONTARIO–(CCNMatthews – March 19, 2007) – Energy Fuels Inc. (TSX:EFR) (“Energy Fuels” or “the Company”) is pleased to announce the acquisition of two additional uranium/vanadium properties on the Uravan Mineral Belt in Western Colorado and Eastern Utah. The two properties on Calamity Mesa and Hop Creek consist of one hundred fourteen (114) lode mining claims, covering two thousand three hundred (2,300) acres. The properties host several historical mines, which produced uranium and vanadium. The New Verde Mine, located on the claims group, produced in excess of 1.5 million pounds of uranium and 5.0 million pounds of vanadium, before being placed on standby in the early 1980’s, as the price of uranium fell.
Consideration paid for the Hop Creek property was payment of an advance royalty of $8000 and an annual work commitment. The Calamity Mesa property was acquired for a payment of $55,000 and an annual work commitment.
These assets fit with Energy Fuels’ strategy for acquiring property assets offering near term production potential. Historical production records suggest grades of 0.36% U3O8 and 1.55% V2O5 at Calamity Mesa and historical drilling at Hop Creek suggests there may be in excess of 250,000 pounds of U3O8 present. The Company intends to reopen the New Verde Mine and to conduct surface drilling to establish a NI 43-101 compliant resource estimate on the property. Historical drilling on the Hop Creek property was conducted by Mineral Recovery Corporation. The Company will conduct a drilling program on the property to determine the validity of the reported data. A qualified person has not done sufficient work to classify the historical resources as current mineral resources or mineral reserves. The Company is not treating as current mineral resources or mineral reserves according to the CIM definitions of such terms. These historical estimates should not be relied upon. The Company considered the historical resources as relevant for purposes of acquiring the property, but the historical resources may not be relevant for any other purpose. The historical resource estimates were prepared to industry standards in place in 1993.
In addition, Energy Fuels’ plans to commence mining operations at the Whirlwind Mine and Energy Queen Mine are on schedule with repair and rehabilitation work underway at the Whirlwind Mine. The refurbishment of the Energy Queen Mine hoisting facility and surface facilities is expected to commence upon transfer of the existing mine permit and will be supervised by Mr. Dan Thebeau, Mine Engineering consultant to the Company who is a specialist on shaft mines.
This land acquisition brings Energy Fuels’ total land position in Colorado, Arizona, and Utah to more than 27,000 acres of highly prospective uranium and vanadium acreage, with either historical production or excellent exploration potential.
Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral exploration and development company with uranium and vanadium properties located in the States of Colorado, Utah and Arizona. The Company, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation, has assembled a highly prospective uranium and vanadium property portfolio together 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.
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