Energy Fuels' Pinon Ridge Uranium/Vanadium Mill Receives Final Radioactive Materials License from State of Colorado
07 Mars 2011 - 6:34PM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company"), an
advanced uranium and vanadium development company, was issued the
final Radioactive Materials License for the Pinon Ridge Uranium
Mill today. As previously announced, on January 5, 2011 the
Colorado Department of Public Health and Environment ("CDPHE")
approved a Radioactive Materials License for the 500 ton per day
Pinon Ridge Mill facility to be constructed twelve miles west of
Naturita, Colorado in western Montrose County. Energy Fuels had 60
days from the January 5, 2011 approval date to review the CDPHE
decision and the license, and to request a formal hearing on the
license. Energy Fuels decided not to request a formal hearing, and
CDPHE issued the final license. The final license allows Energy
Fuels to process an annual maximum quantity of ore at the mill not
to exceed a daily operating average of 500 short tons of uranium
and vanadium ore.
The license includes 16 conditions that specify additional
requirements that must be met prior to mill construction, before
the start of operations, during mill operations, and during mill
decommissioning. These conditions include requirements for
submittal of detailed designs and plans, monitoring and testing,
training, reporting, and financial assurance among others.
In accordance with the license conditions, Energy Fuels Inc.'s
subsidiary Energy Fuels Resources Corporation provided CDPHE with
an $844,400 cash prepayment on March 4, 2011 that will be deposited
in the State Treasury's long-term care fund for eventual
post-closure monitoring of the mill facility. The Company also
submitted a Decommissioning Funding Plan to CDPHE today for the
phased prepayment of $11,070,890 that guarantees that adequate
funds will be available to reclaim the mill facility after it is
closed.
With the approval of the Radioactive Materials License, Energy
Fuels now has both of the primary environmental permits needed to
operate a uranium mill in Colorado. The other major permit is the
Montrose County Special Use Permit, which was approved by the Board
of County Commissioners on September 30, 2009. Environmental
permits that are still pending are all in an advanced stage of
completion and agency decisions on these permits are anticipated
during the 2nd Quarter, 2011.
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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