Whirlwind

The Whirlwind Mine Area, which lies within the John Brown/Beaver Mesa uranium district, consists of 214 leased
unpatented lode claims (about 4430 acres), located in Mesa County, Colorado, and Grand County, Utah. The Whirlwind portal is about 4 miles southwest of Gateway, Colorado.  Historically, the John Brown/Beaver Mesa uranium district has produced at least 7.4 million lbs U₃O₈ and 23.8 million lbs V₂O₅ as reported in Colorado Geological Survey Bulletin 40 (1978).  U.S. Atomic Energy Commission production records through 1971 and unpublished reports of the U.S. Bureau of Mines from 1977 provide the basis for this report. The Whirlwind Mine mineral resource was drilled and developed by Pioneer Uravan in the 1976-1981 timeframe and known at that time as the Urantah claims.  The claims were later held by Umetco, and then Cotter Corporation.  The deposit is generally flat lying at a depth of about 540 feet and is accessed by a 3500 ft. long rock decline which is in place and in excellent condition.

In-Place Uranium Mineralization-- Whirlwind Mine

The indicated resource at the Whirlwind Mine, which is NI 43-101 compliant, based mostly on Pioneer Uravan drilling, diluted to a mining thickness is 164,000 tons containing 657,600 lbs U₃O₈ (0.20%) and 2,177,200 lbs V₂O₅ (0.66%).
The Company plans to start 19,000 ft. of additional in-fill drilling at the Whirlwind Mine in mid-July to further define the deposit, verify historic drilling results, and provide stratigraphic data for detailed mine planning.  Drilling permit approval is expected from the State of Colorado within weeks, and the Utah drilling permit is in process. 

Several old mines exist on the Whirlwind group, including the Packrat, Bonanza, and La Sal.  The last mining on any of these properties was done in 1990.  Mining ceased due to inadequate uranium prices, not because the deposit was exhausted. There is the potential on this claim group to approximately double the known resource, based upon the as yet unevaluated mineralization remaining in the pillars, ribs, and “long holes” in the existing mine workings on the property.  (Note:  A “long hole” is a small exploration hole routinely drilled for several 10’s of feet from an active mine production area.)  A prospecting permit for mine access and sampling is in place, while a full mining permit application is being prepared. 

As part of our effort at the Whirlwind Mine, Energy Fuels Resources is undertaking the refurbishment and major rebuild of several pieces of mining equipment acquired with the property.  Shown here are before and after pictures of a five-ton “Young Buggy” which is a low-profile, diesel powered, underground end dump hauler with a 5 ton capacity.  This unit was completely rebuilt to nearly new condition, and is ready to go to work once permits are in place.

Energy Fuels is making every effort to be positioned to bring mineralized material bearing uranium and vanadium to a surface storage pad by the end of 2007.

Stephen P. Antony, P.E., a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the content of these pages.