Energy Fuels Announces Acquisition of Additional Uranium and Vanadium Property in Utah's Sage Plain District
02 Août 2011 - 2:00PM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company")
announced today that the Company purchased a mining lease (the
"Crain Lease") in southeast Utah's Sage Plain District from Uranium
Energy Corp. ("UEC") for $500,000 (CAD), together with the
provision for a future overriding royalty. The Crain Lease is
located on approximately 640-acres in San Juan County, Utah, and is
near the historic Calliham and Sage Mines which are properties
already controlled by Energy Fuels.
Energy Fuels immediately assigned the Crain Lease to Colorado
Plateau Partners, LLC ("CPP"), a 50/50 joint venture of Energy
Fuels and Lynx-Royal JV, LLC ("Lynx-Royal") formed to explore and
develop mineral resources in the Sage Plain District and other
nearby areas. Lynx-Royal has paid $250,000 (CAD) to Energy Fuels to
convey the Crain Lease to the CPP joint venture, reducing Energy
Fuels' net expenditure to $250,000. As the contractual operator of
any mines developed by CPP, Energy Fuels will receive all
production from this property as mill feed for the Company's
proposed Pinon Ridge uranium/vanadium mill ("Pinon Ridge").
The Crain Lease has historic mineral resources estimated to be
225,000 lbs. U3O8 and 1.5 million lbs. V2O5. The combined historic
resource in the potential mining unit created by the Crain Lease
and other properties owned or controlled by Energy Fuels and CPP is
approximately 1.5 million lbs. U3O8 and 10.7 million lbs. V2O5.
These historic resource estimates are based on drilling performed
by Umetco Minerals, Pioneer Uravan, and Truchas Ltd. in the 1970s
and 1980s, and are deemed reliable by Energy Fuels' geologists. The
Company will immediately evaluate the data package acquired as part
of this property purchase, and complete a 43-101 technical report
by the end of the year.
The Crain property resource block is accessible through historic
mine workings on Energy Fuels' Calliham property acquired earlier
this year. Engineering studies are currently underway to
rehabilitate and develop the resources in this district.
Preliminary mine permitting activities will begin with the State of
Utah, within the next 30 days. The Calliham/Sage Plain resources
will evolve into Energy Fuels' third fully permitted and
production-ready mining project over the next year.
The Sage Plain properties are located within economic trucking
distance (about 70 highway miles) of Pinon Ridge, which received a
Final Radioactive Materials License from the State of Colorado on
March 7, 2011. This License is the most important governmental
approval required to build and operate the Pinon Ridge Mill.
Steve Antony, President and CEO of Energy Fuels, commented, "The
Sage Plain District historically produced significant quantities of
uranium and vanadium. In fact, the vanadium content of the resource
is up to nine times higher than the uranium content. Our recent
acquisitions in this proven area are important steps toward
bringing these mining properties back into production and providing
additional feed for the Pinon Ridge Uranium and Vanadium Mill."
Stephen P. Antony is a Qualified Person as defined by National
Instrument 43-101 and has reviewed and approved the content of this
press release.
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium
mineral development company. With more than 45,000 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 1-888-864-2125 investorinfo@energyfuels.com Energy
Fuels Inc. Curtis Moore Corporate Communications (303) 974-2140 or
1-888-864-2125 www.energyfuels.com
Energy Fuels (TSX:EFR)
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