June 4, 2007
Toronto, Ontario – June 4, 2007 Energy Fuels Inc. (TSX: EFR) (“Energy Fuels” or “the Company”) is pleased to report that, consistent with our strategy of bringing existing mines back into production while simultaneously increasing our resource base, the Company has begun exploration drilling on the Weap breccia pipe prospect, which is included in the more than 5,400 acres controlled by Energy Fuels in the Arizona Strip Uranium District. Located in Mohave County, Arizona, about 45 miles southwest of Fredonia, AZ, the Weap target is 16 miles from historical U3O8 production at the Hack Canyon Mines, opened in 1980 and reclaimed in 1988, by Energy Fuels Nuclear, Inc. (Energy Fuels Nuclear, Inc. (“EFNI”) was a uranium and vanadium exploration, mining and production company operating on the Colorado Plateau from the late 1970’s through the early 1990’s. Many of the directors, officers, and technical employees of Energy Fuels Inc. formerly were employees of EFNI). According to EFNI production records, the Hack Canyon Mines produced 9,542,000 pounds of U3O8 at a grade of 0.643%. Drilling permits have been received from the U.S. Bureau of Land Management and the State of Arizona. Barbie Drilling of Williams, Arizona, has moved onsite and commenced drilling on May 24.
Additionally, the Company is pleased to announce that Dr. Kaiwen Wu has joined our Arizona Strip exploration team. Dr. Wu started with the Company on April 30 and received his Ph.D. in Geological Science on May 11 from the University of Texas at El Paso. Dr. Wu’s master’s program graduate work entailed extensive, detailed geologic mapping in the carbonate rocks in the Franklin Mountains near El Paso, Texas; a geologic environment similar in many ways to the Arizona Strip. Working out of the Kanab, Utah, field office, Dr. Wu contributes strong credentials to the Company’s breccia pipe exploration program in the Arizona Strip.
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.
‘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.)