News Releases

Energy Fuels Completes Acquisition of Titan Uranium

February 29, 2012

Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” and Titan Uranium Inc. (TSXV-TTU) (“Titan”) are pleased to announce that a Certificate of Arrangement giving effect to the Plan of Arrangement between Energy Fuels and Titan was issued today. Titan is now a wholly-owned subsidiary of Energy Fuels.

Under the Arrangement, Energy Fuels issued an aggregate of 89,063,997 common shares in exchange for all of the 130,976,467 issued and outstanding common shares of Titan, on the basis of 0.68 of an Energy Fuels common share for each whole Titan common share. In addition, up to 14,926,881 common shares of Energy Fuels are reserved for issuance upon exercise of warrants previously issued by Titan. Full details of the transaction are set out in Energy Fuels’ Management Information Circular dated January 10, 2012 issued in connection with Energy Fuels’ annual and special meeting of shareholders held on February 10, 2012.

The common shares of Titan are currently halted from trading on, and will be delisted from, the TSX Venture Exchange.

This news release and the information contained herein does not constitute an offer of securities for sale in the United Sates and securities may not be offered or sold in the United States absent registration or exemption from registration.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information please contact

For Energy Fuels Inc.

Stephen P. Antony, President & CEO
Phone No.: (303) 974-2140

For Titan Uranium Inc.

Chris M. Healey
Phone No.: (604) 925-1810

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