September 30, 2009
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”), has successfully completed what is probably the most significant step on the critical path to constructing the Piñon Ridge Mill which will process uranium and vanadium ore in the Paradox Valley of western Montrose County, Colorado. The three person Montrose County Board of County Commissioners today unanimously approved the Company’s Special Use Permit Application; the third unanimous approval in the County’s permitting procedures. This clears the way for Energy Fuels to aggressively pursue the next important step in the permitting process which is obtaining the Radioactive Source Material License (“Mill License”) from the Colorado Department of Public Health and Environment (“CDPHE”). Upon issuance of the mill license, Energy Fuels will have the right to construct and operate the mill.
The approval of this Special Use Permit moves the Company forward significantly in its strategic development. Energy Fuels is:
- well on the way to constructing the first new uranium mill in the US in more than 25 years
- continuing to acquire resources and assets, and is moving to consolidate hard rock uranium mining in the US
- a lower risk alternative to in-situ recovery methods for uranium production in the US
The Montrose County permitting process was initiated over 13 months ago on July 22, 2008, when Energy Fuels formally applied for a Special Use Permit to change the land use designation for the Company’s 880 acre mill site located 12 miles west of Naturita , Colorado from “General Agricultural” to “Mineral Resource Operation Facility.” Working closely with the County’s Land Use Department, Energy Fuels has addressed the concerns of the citizens of Montrose County , and agreed to 19 stipulated conditions adopted after the original permit application. These conditions address issues including groundwater impacts, truck transportation, lighting, and others, all adopted to assure the mill will be a good and responsible neighbor in the Paradox Valley .
This permitting process has stepped through three levels of County regulation which include the West End Planning Advisory Committee, the Montrose County Planning Commission, and the Board of County Commissioners. There have been a total of 6 public meetings with three separate project presentations and more than 30 hours of testimony from over 300 interested parties, including residents of Montrose County , and many from outside the County.”
According to George Glasier , President and CEO of Energy Fuels, “Our team has worked diligently on this permit for over a year, responding to objections with appropriate modifications to our original plan. From this point, the process moves into the technically based mill licensing arena, in which the Colorado Department of Public Health and Environment will evaluate our plans in accordance with the rules and regulations for building and operating a uranium mill. The Energy Fuels team is well prepared to demonstrate full compliance with CDPHE’s regulations. The overwhelming support of the community in western MontroseCounty has made the difference in the Company’s ability to prove to the Commissioners that this project is good for the County.”
Stephen P. Antony, P.E., 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 Toronto-based uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 55,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, Idaho, and New Mexico, and exploration properties in Saskatchewan’s Athabasca Basin totaling almost 50,000 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 recently acquired Magnum Uranium subsidiary, has assembled this property portfolio along with a first class management team, including highly skilled technical 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.
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