News Releases

Energy Fuels Completes Transaction with Uranium One for Acquisition of Key Uranium Resource Acreage at Whirlwind Mine; Adds 6600 Acres of Prospective Acreage in DOE Uranium Lease Auction

May 29, 2008

Toronto, Ontario – Energy Fuels Inc.

Whirlwind Mine Resource Acquisition from Uranium One

Energy Fuels (TSX: EFR) has completed the acquisition from Uranium One of a Utah State uranium lease consisting of 320 acres in Grand County, Utah (“Section 16”).  Section 16, surrounded on all sides by acreage currently controlled by Energy Fuels as part of the Whirlwind mining property, is a strategic fit with the Whirlwind mining plan.  This lease brings the total acreage at Whirlwind owned or controlled by Energy Fuels to 4,750 contiguous acres.

Significant potential resource is indicated on Section 16 by the many historic mine workings on the adjoining Whirlwind claims heading directly toward it.  The Whirlwind Mine is currently developed to less than 400 ft. from the Section 16 boundary.  Energy Fuels included 200,000 lbs. of U3O8 and 648,000 lbs. of V2O5 from Section 16 in the total inferred resource reported in the March 26, 2008, NI 43-101 Technical Report for the Whirlwind Mine property.  In addition, there are more than 130,000 lbs. of U3O8 and 416,000 of V2O5 resource indicated by historical (but not 43-101 compliant) drilling on Section 16.  Energy Fuels will drill at least 6 resource verification holes on Section 16 as part of the 28-30 hole Whirlwind drilling program planned for this upcoming drilling season.

Energy Fuels Successfully Bids on DOE Leases

Energy Fuels was the successful bidder on four of the recently offered US Department of Energy (DOE) uranium lease tracts as detailed below:





General Location



NE of and less than 1 mile from EFR’s MO claim block



NE of and contiguous with EFR’s claim blocks on Club Mesa (approx. 890 acres held before DOE lease auction)



North of and contiguous with our claim blocks on Calamity Mesa (approx. 2,227 acres held before DOE lease auction)



East of and contiguous with Tract C-G-26

These resource properties increase Energy Fuels’ uranium resource acreage to more than 46,000 acres.  There has been a large amount of drilling and exploration work completed on the DOE leases under the Atomic Energy Commission (predecessor to the DOE).  The four tracts are located in very close proximity to areas held by Energy Fuels and about which the Company has significant data and knowledge.

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.

About Energy Fuels

Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral exploration and development company actively rehabilitating and developing formerly producing mines and licensing a 1,000 ton per day uranium/vanadium mill near Naturita, Colorado.  With more than 46,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah and Arizona, Energy Fuels has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation, has assembled this property and project 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.

Cautionary Statement
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


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

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