News Releases

VME announces new CEO, private placement & acquisition of uranium properties

January 24, 2006

TORONTO /CNW/ – Volcanic Metals Exploration Inc. (TSX-V: VME) (the “Company”) is pleased to announce a number of changes to Management and Directors of the Company, the share acquisition of a corporation located in Colorado in the United States of America (“USA”), a non-brokered private placement, and the grant of incentive stock options.

Mr. George E. L. Glasier, J.D., has been appointed President and CEO, and has been appointed to the board of directors, effective immediately. Mr. Glasier, a USA lawyer by training, was Vice President of Sales and Marketing for Energy Fuels Corporation (“Energy Fuels”), a private corporation residing in the USA, which, through its subsidiary Energy Fuels Nuclear Inc., produced five million pounds of U308 annually and was the largest uranium producer in the USA. Mr. Glasier traveled extensively with Robert W. Adams, the founder of Western Nuclear and Energy Fuels, to secure uranium contracts with roughly 60 international partners. Mr. Glasier directed the licensing and construction of the Blanding, Utah mill, now owned by International Uranium Corp. (“IUC”). The mill is the only operating licensed mill on the Colorado plateau and one of only two mills operating in the USA. Former colleagues and senior executives of Mr. Glasier from Energy Fuels are dispersed throughout
the uranium industry in senior positions including Jerald W. Grandey who is CEO of Cameco Corp. and Harold R. Roberts who is Vice President of Corporate Development at IUC. Mr. Sandy J. MacDougall has stepped down as President and CEO, effective immediately, but will remain a director of the Company. The Company would like to thank Mr. MacDougall for his contribution in the growth and development of the Company. Mr. J. David Mason will continue as chairman of the board of directors and Mr. Mason, Mr. Ian C. Peres and Mr. Louis Sapi will continue as directors of the Company.

The Company wishes to announce that it has signed a definitive agreement to acquire all the outstanding shares of Energy Fuels Resources Corporation (“EF”), incorporate under the laws of the State of Colorado, USA, from Mr. Glasier, the sole shareholder, in exchange for 400,000 shares in the capital stock of the Company to be issued from treasury at $0.15 for an equivalent value of US$50,000. EF currently holds options on two prospective uranium properties in its mineral portfolio.

The Company is pleased to announce that it has arranged a non-brokered private placement to raise US$50,000, consisting of 400,000 shares in the capital stock of the Company at a price of $0.15 per unit. Mr. Glasier will be the sole subscriber and there is no finder’s fee to be paid on the placement.  The shares issued under the private placement will be subject to a four-month hold period. The proceeds of the private placement will be used for ongoing exploration expenditures for the mineral property portfolio, future mineral property acquisitions, and general working capital purposes.

The Company wishes to announce that it has granted, subject to regulatory approval, 250,000 stock options to officers, consultants or directors of the Company. The stock options are exercisable over a period of three (3) years into shares of the Company at an exercise price of $0.15 per share.

The shares to be issued as described in this press release do not result in a change in control or a control-voting block. All the above transactions and appointments are subject to regulatory and Exchange approval.

Volcanic Metals Exploration Inc. is a Toronto-based mineral exploration company with gold, base metals and platinum group projects in Newfoundland, Quebec and Ontario. Its mineral portfolio has now been expanded to include uranium properties located in the Colorado plateau of the USA.

On behalf of the Board of Directors,
“Ian C. Peres” (signed)
Ian C. Peres, CFO and Director

The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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. All statements, other than statements of historical fact, included herein are forward-looking statements 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 Securities Commission and the United States Securities & Exchange Commission.

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For further information: Energy Fuels Inc. Investor contact: Ian C. Peres CFO & Director Tel: (416) 777-2007 ext 225 Toll-free: (888) 442-8436 Website: (The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.)
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