February 4, 2011
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company“), an advanced uranium and vanadium development company, learned that today, February 4, 2010, Judge James Schum of the State of Colorado District Court in Montrose County denied the legal challenge by Sheep Mountain Alliance of the decision by the Montrose County Board of County Commissioners (Board) to approve the Special Use Permit for the Company’s Piñon Ridge Mill, originally approved on September 30,2009. This ruling will allow for construction to proceed on the mill once all remaining state and federal permits are obtained and a reclamation bond is posted with the State of Colorado.
Energy Fuels received approval from the Colorado Department of Public Health (CDPHE) and Environment for its Radioactive Material License on January 5, 2011. This is the primary permit needed to operate a uranium mill in Colorado. The mill is designed to process 500 tons per day (tpd) of uranium and vanadium ore.
Energy Fuels submitted its application for the Piñon Ridge Mill Special Use Permit in July 2008 for an 880 acre parcel in Paradox Valley on the west end of Montrose County. The county permitting process was extensive and extended over a period of one year and included six public meetings held by the Planning Commission and Board. The project received unanimous approval from all levels of the Montrose County review process including the West End Planning Advisory Committee, the Planning Commission and the Board.
The Sheep Mountain Alliance is a non-governmental organization based in Telluride Colorado, which is located about 55 miles (90 kilometers) from the mill site in San Miguel County. The organization filed an appeal of the Board’s Decision on October 30, 2009 contending that the Montrose County Zoning Resolution prohibits issuance of a special use permit for a uranium mill in an area zoned for General Agriculture and that the county abused its discretion when it approved a 500 tpd mill, as the mill is designed to allow for future expansion to 1,000 tpd. Legal briefs were subsequently filed with the District Court in the fall of 2010. The Court, in its February 4, 2011 order stated “that the recording of the resolution conditionally approving the mill was not an abuse of discretion or unlawful” and “that the Board properly applied the procedural and substantive provisions of the Zoning Resolution.”
Steve Antony, President and CEO of Energy Fuels stated that, “We could not be more pleased with this decision. The Energy Fuels team continues to meet its milestones and deliver on our commitments as we move toward the responsible and safe production of uranium and vanadium in western Colorado.”
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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.
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Energy Fuels Inc.
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