February 10, 2011
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company“), Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”), an advanced uranium and vanadium development company announced today that the Company has acquired a mining lease (the Calliham lease) consisting of approximately 320 acres in San Juan County, Utah, from Nuvemco, LLC for consideration of 1,064,895 shares of Energy Fuels common stock. There is a historical mineral resource estimate on the property of 520,000 lbs. U3O8 and 3.5 million lbs. V2O5 based on drilling done by Atlas Minerals and Umetco Minerals in the late 1970s and 1980s (which pre-dates the adoption of NI 43-101). These drilling results were documented by Umetco Minerals Corp. (successor to Union Carbide Corp.) in a report prepared in 1991 and in the Company’s possession. In the opinion of Energy Fuels’ geologists, these estimates are relevant because of the proximity of the property to the Company’s proposed Piñon Ridge Mill and very reliable, given that Umetco was a highly professional and successful producer in the region, actually producing from the Calliham Mine for several years.
Steve Antony, President and CEO of Energy Fuels commented, “We continue to make significant progress on the consolidation of uranium assets in the region. In the last four months we have acquired five property packages, all of which have been accretive to our total uranium assets and all within economic trucking distance of our mill site.”
This property borders the 94 contiguous mining claims (1,942 acres) and a 733 acre Utah State Mineral Lease recently acquired by our Colorado Plateau Partners Joint Venture (CPP) in the Sage Plain area of Utah and Colorado at the south end of the Uravan Mineral Belt. The block of properties are about 70 highway miles from Energy Fuels’ proposed Piñon Ridge Mill, which was licensed January 5, 2011.
Participation in this property will be offered to Royal Resources Limited (Royal) under the terms of the Colorado Plateau Partners (CPP) joint venture agreement with Energy Fuels. At Royal’s option, the property may be assigned to CPP, with Royal paying 1⁄2 the cost of the property. However, the full resource ultimately defined on the property will provide assured mill feed for the Piñon Ridge Mill regardless of Royal’s participation, under the terms of the joint venture agreement.
Stephen P. Antony, President and CEO, and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the content of this press release.
• • •
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 38,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan’s Athabasca Basin totaling approximately 32,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Naturita, Colorado and Kanab, Utah.
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 and “Forward Looking Information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information 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, Alberta and Ontario Securities Commissions.
FOR FURTHER INFORMATION PLEASE CONTACT:
Energy Fuels Inc.
Toll free: 1-888-864-2125