Energy Fuels to Focus on Lower Cost Uranium Production

Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") today announced
that, following an evaluation of its operations and various production sources,
the Company will shift its short-term focus toward lower cost sources of U3O8
production within its asset portfolio. Specifically, Energy Fuels will
concentrate on mining its lower cost, high-grade breccia pipes in northern
Arizona and on processing alternate feed materials at the White Mesa Mill which
have no associated mining cost.


As a result of this revised production strategy, Energy Fuels will be placing
the Beaver and Daneros properties on the Colorado Plateau on standby over the
course of the first quarter of FY 2013. In addition, the Company will cease
mining at the Pandora property on the Colorado Plateau during the second quarter
of FY 2013, pending the depletion of its identified uranium and vanadium
resources. Energy Fuels will closely monitor market conditions and evaluate
reopening the Beaver and Daneros mines at the appropriate time. Core mining
expertise will be retained at these locations during the standby period.


For FY 2013, Energy Fuels expects production from the White Mesa Mill in
Blanding, Utah to be between 1,000,000 and 1,100,000 lbs. of U3O8 and between
2,000,000 and 2,200,000 lbs. of V2O5. Mining is expected to continue at the
Company's Arizona 1 property during the first three quarters of FY 2013. In
addition, mining is expected to commence at the Pinenut property in Arizona
during the second quarter of FY 2013. The White Mesa Mill is expected to
continue processing alternate feed materials during FY 2013.


Commenting on these developments, Energy Fuels' President and CEO Stephen Antony
said, "Energy Fuels is well-equipped to adjust our operations to address market
conditions. Within our portfolio of assets, we have lower cost sources of
production, such as the high-grade breccia pipe mines in the Arizona Strip and
the ability to process alternate feed materials at the White Mesa Mill for which
there is no mining cost. In addition, we have term contracts with multiple
utilities which enable the Company to sell significant quantities of U3O8 at a
substantial premium to the current spot price. These assets will play a
particularly important role in how we manage our business at this time, when the
current U3O8 spot price, in our view, does not reflect the strong fundamentals
of the uranium sector over the medium- to long-term. Although our Colorado
Plateau properties will be placed on standby for the time being, we will
maintain these assets with the ability to resume production in a timely fashion
upon commodity prices improving. In addition, we will continue to invest in
development projects that will keep Energy Fuels as the leading US uranium
producer, including the development of the Canyon mine in Arizona and the
continuation of permitting activities at our Sheep Mountain project in Wyoming."


About Energy Fuels: Energy Fuels is America's largest conventional uranium and
vanadium producer, supplying nearly a third of the uranium produced in the U.S.
The company operates the White Mesa Mill, which is the only conventional uranium
mill currently operating in the U.S., capable of processing 2,000 tons per day
of uranium ore. Energy Fuels has projects located throughout the Western U.S.,
including producing mines and mineral properties in various stages of permitting
and development.


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.
Energy Fuels (TSX:EFR)
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