News Releases

Energy Fuels announces property acquisition containing extensive drill data

May 25, 2006

TORONTO /CNW/ – Volcanic Metals Exploration Inc. (TSX-V: VME) (the “Company) announces that its wholly-owned subsidiary, Energy Fuels Resources Corporation (“Energy Fuels”), has acquired an option to lease 132 unpatented mining claims from URenergy LLC, a Colorado limited liability company.

The mining claims are located in Western Colorado and are comprised of seven separate properties (the “Properties”). Mr. Bill Thompson, a geologist formerly with Union Carbide Corporation and Atlas Minerals, and the managing member of URenergy, estimates that the Properties contain in excess of 2,500,000 pounds of U(3)0(8) and 12,500,000 pounds of V(2)0(5) (not 43-101 compliant). URenergy has extensive drill data on several of the Properties.

During the option period, the exploration team of Energy Fuels will examine the Properties and the ore reserve data. The Properties are located in the same area of other uranium/vanadium properties already held in the Energy Fuels mineral property portfolio.

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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