Energy Fuels' and Royal Resources' JV "Colorado Plateau Partners" Acquires Uravan Mineral Belt Properties from Uranium One
06 Décembre 2010 - 8:06PM
Marketwired
Energy Fuels Inc. ("Energy Fuels" or the "Company") (TSX: EFR), an
advanced uranium and vanadium development company, and Royal
Resources Limited ("Royal"), its Perth, Australia based 50/50 joint
venture partner, announced today that their Colorado Plateau
Partners LLC joint venture ("CPP") has acquired 94 contiguous
mining claims (1,942 acres) in the Sage Plain area of Utah and
Colorado at the south end of the Uravan Mineral Belt, along with a
Utah State Mineral Lease on two nearby properties (733 acres). All
of these properties were acquired from Uranium One. They are
located in close proximity to two other Utah State leases already
owned by CPP and are about 70 highway miles from Energy Fuels'
proposed Pinon Ridge Mill.
Historic reports by Umetco Minerals Corp. (successor to Union
Carbide Corp.) prepared in 1991 indicate resources of some 345,000
lbs. U3O8 and 2.7 million lbs. V2O5 (not presently 43-101
compliant) on the State lease. A technical report prepared by
Roscoe Postle Associates (September 15, 2005) for a prior owner of
the claims (U.S. Energy Corp) refers to historic resource estimates
by Atlas Minerals of 438,000 lbs U3O8 and 3 million lbs V2O5 on the
block of 94 mining claims. The properties were acquired for a
nominal cash payment and overriding royalties.
The properties acquired include the historically producing Sage
Mine. They border the well-known Deremo and Calliham Mines, both
most recently operated by Umetco. Combined historic production from
the Deremo and Calliham is over 8 million lbs. U3O8 and 70 million
lbs. of V2O5.
Stephen P. Antony, President and CEO, and 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 uranium and vanadium
mineral development company actively rehabilitating and developing
formerly producing mines. With more than 38,000 acres of highly
prospective uranium and vanadium property located in the states of
Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration
properties in Saskatchewan's Athabasca Basin totaling approximately
32,000 additional acres, the Company has a full pipeline of
additional development prospects. Energy Fuels, through its
wholly-owned Colorado subsidiary, Energy Fuels Resources
Corporation and its British Columbia subsidiary, Magnum Uranium
Corp., has assembled this property portfolio along with a first
class management team, including highly skilled technical mining
and milling professionals based in Lakewood and Naturita, 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.
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2140 or Toll Free: 1-888-864-2125 investorinfo@energyfuels.com
www.energyfuels.com
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