Energy Fuels Inc. Announces Terms of Public Equity Offering

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES


Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company"), an advanced
uranium and vanadium development company, announced today that it has priced its
previously announced best efforts prospectus offering (the "Offering"). The
Offering will consist of up to 20,000,000 units (the "Units") at a price of
$0.50 per Unit for aggregate gross proceeds of up to $10,000,000. Each Unit
shall consist of one common share (a "Common Share") of the Company and one-half
of one common share purchase warrant (each whole warrant, a "Warrant"). Each
Warrant shall entitle the holder thereof to acquire one Common Share of the
Company at a price of $0.65 for a period of 48 months following the closing date
of the Offering. The Warrants will not be listed for trading.


The Offering is being made through a syndicate of agents led by Dundee
Securities Ltd. and including Haywood Securities Inc., Scotia Capital Inc.,
Versant Partners Inc., Cormark Securities Inc. and Toll Cross Securities Inc.
(collectively, the "Agents"). The Company has granted an over-allotment option
(the "Over-Allotment Option") to the Agents, pursuant to which the Agents may
purchase, for a period of 30 days following the closing of the Offering,
additional Units (the "Over-Allotment Units"), in a maximum number equal to 15%
of the number of Units sold pursuant to the Offering.


Energy Fuels filed a preliminary short form prospectus dated February 25, 2011
in respect of the Offering with the securities commissions of British Columbia,
Alberta, Saskatchewan, Manitoba and Ontario. Additional information concerning
the Company and the terms of the Offering are set out in the preliminary short
form prospectus, a copy of which is available on SEDAR at www.sedar.com. 


Closing of the Offering is expected to occur on or about March 31, 2011 and is
subject to certain conditions including, but not limited to, the execution of a
definitive agency agreement with the Agents, receipt of all necessary regulatory
and stock exchange approvals including the issuance of a receipt for a (final)
short form prospectus and the receipt of listing approval by the Toronto Stock
Exchange ("TSX") for: (i) the Common Shares included in the Units and the
Over-Allotment Units, and (ii) the Common Shares issuable pursuant to the
exercise of the Warrants included in the Units, the Warrants included in the
Over-Allotment Units and the Compensation Warrants. Successful listing of such
Common Shares will be subject to the Company fulfilling all of the listing
requirements of the TSX.


The securities have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, or under any U.S. state securities laws and
may not be offered or sold in the United States, absent registration or an
applicable exemption from the registration requirements of the U.S. Securities
Act and applicable U.S. state securities laws. This news release does not
constitute an offer to sell or the solicitation of an offer to buy nor will
there be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.


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,
Saskatchewan, Manitoba and Ontario Securities Commissions.
Energy Fuels (TSX:EFR)
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