News Releases

Energy Fuels Reports on Data Package Acquisition, 2008 Exploration Drilling, and Option Grant

February 23, 2009

On May 29, 2008, Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”) announced that it was the successful bidder on four Department of Energy (“DOE”) uranium lease tracts in western Colorado.  The Company has recently concluded a transaction whereby it has acquired from a private party exclusive title to drill hole data on one of the DOE lease tracts (C-G-26).  This lease tract is contiguous with the Energy Fuels HC Claim block on Calamity Mesa in Mesa County, Colorado, about 10 miles east of the Company’s Whirlwind Mine.  Data acquired in this transaction includes drill maps, gamma ray logs, lithologic logs, and survey control for about 180 drill holes, and defines a mineralized resource. The consideration for this data acquisition was a combination of shares of the Company’s common stock and cash.  President and CEO, George Glasier, stated that, “If undertaken today, an exploration program to develop this quantity and quality of data would cost Energy Fuels well over US$1 million, and take two to three years to complete.  The Company is pleased to acquire this data under favorable terms, that allow the preservation of our cash reserves.”

Also, during 2008, Energy Fuels drilled 80 holes on seven separate properties.  Four of these holes were drilled on the Energy Queen Mine property, as part of a 2007 drilling program and were included in the original and amended Energy Queen NI 43-101 Technical Reports.  The remaining 76 holes are summarized in the table below.  Drilling on four of the properties intersected uranium mineralization.  The Company will incorporate these findings in updated NI 43-101 Technical Reports to be submitted during 2009.


No. of Holes



Whirlwind Mine Area


Mineralization found in 3 inferred resource areas.  New mineralization found adjacent to earlier defined measured resource

Expect to add to measured resource

Willhunt Claims


Significant mineralization encountered.  Continuation of channel sandstones confirmed.

Expect to add to measured resource

Farmer Girl Mine Area


Five holes hit a mineralized zone in exploration target areas

Expect to add to measured resource

Torbyn Claims (Tenderfoot Mesa)


Two holes hit mineralized zones in exploration target areas

Expect to add to measured resource

HC Claims (Calamity Mesa)


No significant mineralization.  Favorable sandstones near C-G-26 DOE lease boundary


Luke Claims


Trace mineralization and favorable sandstones


Energy Fuels has also granted, subject to Toronto Stock Exchange approval, 800,000 options for a term of five years to members of the Board of Directors and Senior Management of the Company.

Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines.  With more than 46,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah and Arizona, the Company has a full pipeline of additional development prospects.  Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation, 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. 


President & CEO


Energy Fuels Inc.
Gary Steele
Investor Relations
(303) 974-2147
Toll free:  1-888-864-2125

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