October 7, 2008

As a result of a review by the Ontario Securities Commission, Energy Fuels Inc. (“Energy Fuels” or “the Company”) is issuing the following news release to clarify previous  disclosures.

Earlier in 2008, Energy Fuels disclosed by way of two separate news releases, data placing an indicative value on a ton of in-place resource and on a potential revenue stream that does  not comply with Section 4.2 (1) (j) of NI 43-101.  These disclosures were deemed by OSC to be non-compliant.

The specific disclosures being addressed are:

1. In a press release dated March 12, 2008, which advised the public that Energy Fuels had acquired the mining permit for its Energy Queen Mine, the Company stated that, “each ton of Energy Queen production is valued at almost US$800.00.”
2. In a press release dated September 11, 2008, which advised the public that Energy Fuels acquired the US Bureau of Land Management permit approval for its Whirlwind Mine, the Company stated that, “At today’s published prices, these two mines, (Whirlwind and Energy Queen) when fully developed could generate revenue of US$75 million per year for Energy Fuels.”

Energy Fuels wishes to retract both its previous disclosures regarding the economic outcome of its Energy Queen and Whirlwind Mine properties.

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 40,000 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. 

‘George E.L. Glasier’

President & CEO

FOR FURTHER INFORMATION PLEASE CONTACT:

Energy Fuels Inc.
Gary Steele
Investor Relations
(303) 974-2147
Toll free:  1-888-864-2125
Email: investorinfo@energyfuels.com
Website: www.energyfuels.com