June 5, 2007
Toronto, Ontario – June 5, 2007 Energy Fuels Inc. (TSX: EFR) (“Energy Fuels” or “the Company”) is pleased to report that the Company has signed a Letter of Intent (LOI) to form a joint venture with Mesa Uranium Corp. (TSX.V: MZU) (“Mesa”) to explore the Dar property in the Lisbon Valley Mining District of San Juan County, Utah. The northern boundary of this exploration project is located approximately two miles south of the Company’s Energy Queen Mine which is currently being refurbished in preparation for production in accordance with its as previously announced strategy. The Dar property consists of 60 recently staked mining claims (approximately 1,240 acres) located one mile west of the North Alice Mine and is on trend with historic uranium mines in the Lisbon Valley District. Historic production from this district was reported in 1990 by the Utah Geological and Mineralogical Survey to be approximately 77,900,000 pounds of U3O8 between 1948 and 1977. Further, the U.S. Atomic Energy Commission reports production before 1967 from the North Alice Mine alone of 3,071,365 pounds of U3O8 at a grade of 0.275%.
The Joint Venture contemplates a 50-50 shared expenditure agreement to conduct exploration drilling on the Dar property. Previous exploration work in the 1980’s by Energy Fuels Nuclear, Inc. discovered strong uranium mineralization in several drillholes. Pending completion of the joint venture agreement Mesa, as operator, will conduct the initial exploration work consisting of permitting and drilling. Should an economic uranium deposit be discovered on the joint venture claims, Energy Fuels will operate any mine that is developed.
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 exploration and development company with more than 30,000 acres of highly prospective uranium and vanadium property located in the States of Colorado, Utah and Arizona. The Company, 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.
416 625 2334
|OR||Energy Fuels Inc
Toll Free: 1-888-864-2125
(The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.)