Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company")
announced today that the Company purchased a 20-year mining lease
(the "Skidmore Lease") in southeast Utah's Sage Plain District from
privately held Nuclear Energy Corporation for US$1,500,702. With
this acquisition, Energy Fuels has assembled sufficient contiguous
historical resource acreage to begin permitting a uranium/vanadium
mine in the Uravan Mineral Belt with Utah's Department of Oil, Gas,
and Minerals. This has the potential to be the third mine permitted
to feed Energy Fuels' proposed Pinon Ridge Uranium and Vanadium
Mill near Naturita, Colorado, supplementing future production from
the already permitted Whirlwind Mine near Gateway, Colorado, and
the Energy Queen Mine near La Sal, Utah.
Consideration of US$500,000 is payable at closing with the
balance due in equal interest-free installments over the next four
years. The Skidmore Lease is located on approximately 709-acres in
San Juan County, Utah, and includes large portions of the historic
Calliham Mine. It is also adjacent to the Calliham Lease, the Crain
Lease, the Sage Properties, and other mining claims already owned
or controlled by Energy Fuels through Colorado Plateau Partners,
LLC, ("CPP"), a 50/50 joint venture joint venture of Energy Fuels
and Lynx-Royal JV, LLC ("Lynx-Royal").
Energy Fuels intends to assign the Skidmore Lease to CPP, in
exchange for Lynx-Royal paying US$250,000 to Energy Fuels, reducing
Energy Fuels' current net expenditure on the Skidmore property to
US$250,000. In addition, the CPP joint venture will assume 100% of
future monetary obligations for the purchase. As the contractual
operator of any mines developed by CPP, Energy Fuels will receive
all production from this property as feed for the Pinon Ridge
Mill.
The Skidmore Lease currently contains 184,000 tons of historic
uranium and vanadium resources at grades of 0.20% eU3O8 (729,000
lbs.) and 1.11% V2O5 (4,072,400 lbs.). These historic estimates are
categorized as "mineable" in a 1994 report by Umetco Minerals
Corporation ("Umetco"), successor to Union Carbide Corporation,
prepared after the most recent mining occurred on the property. The
report categorizes an additional 50,000 tons of uranium and
vanadium resources on the Skidmore Lease as "potential" at grades
of 0.18% eU3O8(192,000 lbs.) and 1.26% V2O5 (1,266,000 lbs.).
This same 1994 Umetco report states that the Skidmore, Crain,
Calliham, Sage, and other nearby properties, collectively referred
to as the "Sage Plain Project Area" by Energy Fuels, which is all
owned or controlled by the Company through CPP, contain 627,850
tons of historical "mineable" and "potential" uranium and vanadium
resources at grades of 0.21% eU3O8 (2,636,620 lbs.) and 1.268%
V2O5(15,921,780 lbs.).
While deemed reliable by Energy Fuels' geologists, the 1994
Umetco (Union Carbide) report is not in compliance with NI 43-101,
and the historical resource estimates should not be relied upon. In
the opinion of Energy Fuels' geologists, Umetco's "mineable"
category generally corresponds to the "measured and indicated"
classification under NI 43-101, and the "potential" category
generally corresponds to the "inferred" classification under NI
43-101. Umetco's resource estimate is not supported by current
technical reports, and a qualified person has not done the work
necessary to verify the estimates under NI 43-101. Energy Fuels
intends to undertake the work necessary over the next 18 months to
establish a current mineral resource report on the property in
compliance with NI 43-101.
According to Stephen P. Antony, President and CEO of Energy
Fuels, "The Skidmore Lease represents a major acquisition for
Energy Fuels. The parcel has seen production in the recent past,
and there are still considerable uranium and vanadium resources
remaining on the property. Combining all of the Company's recent
resource acquisitions in the Sage Plain Project Area, the Energy
Fuels team is optimistic that we can obtain a permit for a third
mine to complete the mill feed requirement for the 500 ton per day
Pinon Ridge Mill."
The Skidmore property is accessible through historic developed
mine workings on Energy Fuels' Calliham property acquired earlier
this year. Engineering studies and drilling are currently underway
to assess, rehabilitate, and develop the resources in this
district.
This third mine will be located within about 70 highway miles of
Energy Fuels' Pinon Ridge Mill. The mill received a Final
Radioactive Materials License from the State of Colorado on March
7, 2011.
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 Toll free: 1-888-864-2125 Energy Fuels Inc. Curtis
Moore Corporate Communications (303) 974-2140 or Toll free:
1-888-864-2125investorinfo@energyfuels.comwww.energyfuels.com
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