December 6, 2010
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company“), an advanced uranium and vanadium development company, and Royal Resources Limited (“Royal”), its Perth, Australia based 50/50 joint venture partner, announced today that their Colorado Plateau Partners LLC joint venture (“CPP”) has acquired 94 contiguous mining claims (1,942 acres) in the Sage Plain area of Utah and Colorado at the south end of the Uravan Mineral Belt, along with a Utah State Mineral Lease on two nearby properties (733 acres). All of these properties were acquired from Uranium One. They are located in close proximity to two other Utah State leases already owned by CPP and are about 70 highway miles from Energy Fuels’ proposed Piñon Ridge Mill.
Historic reports by Umetco Minerals Corp. (successor to Union Carbide Corp.) prepared in 1991 indicate resources of some 345,000 lbs. U3O8 and 2.7 million lbs. V2O5 (not presently 43-101 compliant) on the State lease. A technical report prepared by Roscoe Postle Associates (September 15, 2005) for a prior owner of the claims (U.S. Energy Corp) refers to historic resource estimates by Atlas Minerals of 438,000 lbs U3O8 and 3 million lbs V2O5 on the block of 94 mining claims. The properties were acquired for a nominal cash payment and overriding royalties.
The properties acquired include the historically producing Sage Mine. They border the well-known Deremo and Calliham Mines, both most recently operated by Umetco. Combined historic production from the Deremo and Calliham is over 8 million lbs. U3O8 and 70 million lbs. of V2O5.
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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.
Energy Fuels Inc. is a uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 44,000 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 40,000 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 techn*-ical mining and milling professionals based in Lakewood and Nucla, 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