Energy Fuels Announces $22 Million Bought Deal

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Energy Fuels Inc. (the "Company") (TSX:EFR) is pleased to announce that it has
entered into an agreement with Dundee Securities Ltd. and Scotiabank as co-lead
underwriters (the "Lead Underwriters") on behalf of a syndicate of underwriters
including National Bank Financial Inc., Haywood Securities Inc. and Versant
Partners Inc. (the "Underwriters") under which the Underwriters have agreed to
purchase, on a bought deal basis, 22,000 floating-rate convertible unsecured
subordinated debentures (the "Debentures") at a price per Debenture of $1,000
for total gross proceeds of $22,000,000 (the "Offering"). The Underwriters have
been granted the option (the "Option") to sell up to an additional 15% of the
Offering, exercisable in whole or in part at any time up to 30 days following
the closing of the Offering which is scheduled for on or about July 24, 2012
(the "Closing Date").


The Debentures will mature on June 30, 2017 (the "Maturity Date") and will bear
interest, accruing, calculated and payable semi-annually in arrears on June 30
and December 31 of each year, at a fluctuating rate, of not less than 8.5% and
not more than 13.5%, dependent on the simple average of the Ux Weekly Indicator
(Spot Price) published by the Ux Consulting Company, LLC (the "UxC U308 Weekly
Indicator Price") during the applicable semi-annual period (or such shorter
period of time, if applicable) according to the table below:




----------------------------------------------
         UxC U3O8 Weekly               Annual 
    Indicator Price (in US$)    Interest Rate 
Up to $54.99                             8.50%
  $55.00        -         $59.99         9.00%
  $60.00        -         $64.99         9.50%
  $65.00        -         $69.99        10.00%
  $70.00        -         $74.99        10.50%
  $75.00        -         $79.99        11.00%
  $80.00        -         $84.99        11.50%
  $85.00        -         $89.99        12.00%
  $90.00        -         $94.99        12.50%
  $95.00        -         $99.99        13.00%
$100 and above                          13.50%
----------------------------------------------



The first interest payment date is December 31, 2012, and will consist of
interest accrued from and including the Closing Date calculated in accordance
with the above table based on the simple average of the UxC U308 Weekly
Indicator Price during the stub interest payment period.


The Debentures will be convertible at the holder's option into common shares
("Common Shares") of the Company at any time prior to the close of business on
the earlier of the Maturity Date and the business day immediately preceding the
date fixed for redemption of the Debentures at a conversion price of $0.30 per
Common Share (the "Conversion Price"), being a ratio of 3,333.33 Common Shares
per $1,000 principal amount of Debentures.


The Debentures will rank subordinate in right of payment of principal and
interest to all present and future senior obligations of the Company and will
rank pari-passu to all present and future unsecured indebtedness.


The Debentures will be offered by way of a short form prospectus in all
provinces in Canada. The Company agrees that the Underwriters may distribute the
Debentures in the United States by private placement to "qualified institutional
buyers" as defined in Rule 144A, and such other jurisdictions as may be agreed
upon by the Company and the Underwriters.


The Company intends to use the net proceeds of the Offering for mine development
of the Company's existing properties, permitting of the Sheep Mountain Project,
and working capital.


About Energy Fuels

Energy Fuels Inc. is a uranium and vanadium mineral development company. The
Company recently acquired Titan Uranium Inc., including the Sheep Mountain
Project in the Crooks Gap District of Wyoming. The Company is in the process of
acquiring the U.S. mining division of Denison Mines Corp. which is anticipated
to close on June 29, 2012.


With about 61,000 acres of highly prospective uranium and vanadium properties
located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and
exploration properties in Saskatchewan's Athabasca Basin totalling approximately
32,000 additional acres, the Company has a full pipeline of additional
development prospects. Energy Fuels, through its wholly-owned subsidiaries,
Energy Fuels Resources Corporation, Titan Uranium Inc., and 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.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this news release, including any information
relating to the Arrangement Agreement and completion of the Transaction between
Energy Fuels and Denison and any other statements regarding Energy Fuels' and
Denison's future expectations, beliefs, goals or prospects constitute
forward-looking information within the meaning of applicable securities
legislation (collectively, "forward-looking statements"). All statements in this
news release that are not statements of historical fact (including statements
containing the words "expects", "does not expect", "plans", "anticipates", "does
not anticipate", "believes", "intends", "estimates", "estimates", "projects",
"potential", "scheduled", "forecast", "budget" and similar expressions) should
be considered forward-looking statements. All such forward-looking statements
are subject to important risk factors and uncertainties, many of which are
beyond Energy Fuels' and Denison's ability to control or predict. A number of
important factors could cause actual results or events to differ materially from
those indicated or implied by such forward-looking statements, including without
limitation: the parties' ability to consummate the Transaction, including the
receipt of shareholder approval, court approval or the regulatory approvals
required for the Transaction may not be obtained on the terms expected or on the
anticipated schedule; the parties' ability to meet expectations regarding the
timing, completion and accounting and tax treatments of the Transaction; the
volatility of the international marketplace; and other risk factors as described
in Energy Fuels' and Denison's most recent annual information forms and annual
and quarterly financial reports.


Energy Fuels and Denison assume no obligation to update the information in this
communication, except as otherwise required by law. Additional information
identifying risks and uncertainties is contained in Energy Fuels' and Denison's
respective filings with the various provincial securities commissions which are
available online at www.sedar.com. Forward-looking statements are provided for
the purpose of providing information about the current expectations, beliefs and
plans of the management of each of Energy Fuels and Denison relating to the
future. Readers are cautioned that such statements may not be appropriate for
other purposes. Readers are also cautioned not to place undue reliance on these
forward-looking statements, that speak only as of the date hereof.


This news release and the information contained herein does not constitute an
offer of securities for sale in the United Sates. The securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration
or an applicable exemption from such registration requirements.
Energy Fuels (TSX:EFR)
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