News Releases

VME announces further increase in non-brokered private placement to $2.5 million

May 10, 2006

TORONTO /CNW/ – Volcanic Metals Exploration Inc. (TSX-V: VME) (the “Company) is pleased to announce its intention to increase its non- brokered private placement, originally announced on May 1, 2006, and updated May 9, 2006, to $2.5 million, consisting of up to a total of five million shares in the capital stock of the Company at a price of $0.50 per unit. Each unit consists of one common share and one half of one non-transferable common share purchase warrant (the “warrant”). Each full warrant entitles the holder to purchase one additional common share (the “warrant share”) in the Company at a price of $0.75 per warrant share for a period of twelve months following the closing date. A finder’s fee may be paid with respect to all or a portion of the units by way of cash or broker warrants.

The transaction is subject to regulatory approval. All of the securities issued under this private placement will be subject to a four-month hold period.

The proceeds of the private placement will be used for advanced exploration expenditures on the Colorado mineral property portfolio held in the Company’s wholly-owned subsidiary, Energy Fuels Resources Corporation (“Energy Fuels”), as well as future mineral property acquisitions in Energy Fuels, and/or general working capital purposes. The securities to be issued under this agreement do not result in a change in control or a control voting block.

Volcanic Metals Exploration Inc. is a Toronto-based mineral exploration company in uranium & vanadium projects located in the State of Colorado through its wholly-owned subsidiary Energy Fuels Resources Corporation, and with gold, base metals and platinum group projects in Newfoundland and Quebec.
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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