Working Group Has up to 30 More Days to Make
Recommendations to President Trump
LAKEWOOD, CO,
Oct. 16, 2019 /PRNewswire/ -
Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy
Fuels") is aware that multiple news outlets are reporting that
the deadline for the U.S. Nuclear Fuel Working Group to make
recommendations to President Trump on how to reinvigorate domestic
nuclear fuel production, originally set for October 10, 2019, has been extended by up to 30
days. While these news reports appear credible, the Company is not
aware of any official announcement of an extension from the
administration.
In response to this reporting, Mark
Chalmers, president and CEO of Energy Fuels, stated:
"By establishing the U.S. Nuclear Fuel Working Group, President
Trump initiated the most comprehensive review of our nation's
nuclear fuel supply chain in decades. While we would like to see
quick action from the Trump administration, we are glad to see the
working group is taking the time required to get these vitally
important issues right.
"As the leading uranium miner and miller in the U.S., Energy
Fuels stands ready to do our part in leading the renaissance of
U.S. nuclear fuel production. We believe our production scalability
and degree of readiness are unparalleled among U.S. producers.
"We look forward to the working group completing its report
quickly and recommending the immediate relief needed for 'reviving
and expanding' this critical sector as directed by President Trump
in his July 12, 2019 Presidential
Memorandum."
During 2018 and 2019, Energy Fuels has made a number of
selective, but critical path investments at its most important
uranium production facilities in order to enhance the operational
readiness of its assets and shorten their time to production,
including:
- Canyon Mine (Arizona): The
Company has continued detailed mine planning at this fully
permitted and substantially developed high-grade uranium project.
With a modest investment in additional underground development, the
Company believes that ore production from this mine can commence
within about nine months of a positive production decision, with
finished uranium product ready to sell from this project within
about 12 to 18 months of a positive production decision.
- La Sal Complex (Utah): The
Company has rehabilitated significant portions of the underground
workings at this fully permitted and developed high-grade complex
of uranium and vanadium mines. In addition, positive results from
new mining techniques are expected to reduce the cost of uranium
and vanadium production once full mining operations resume. The
Company also produced about 11,000 tons of ore during the test
mining program. These mines can resume production within weeks of a
production decision.
- White Mesa Mill (Utah): This
is the only fully licensed and operational conventional uranium and
vanadium mill in the U.S. Therefore, material produced at the
Canyon mine, the La Sal Complex, and any other uranium mines in the
region that go into production following a positive decision by
President Trump are expected to be processed into finished uranium
concentrates at this facility. Also, during 2018 and 2019, the
Company has optimized the vanadium circuit and achieved significant
high-purity vanadium production. In addition, the mill is currently
receiving material from the cleanup of a private uranium mine,
which also demonstrates the capabilities of this facility to assist
in the cleanup of abandoned Cold War-era uranium mines on the
Navajo Nation and elsewhere in the Four Corners Region.
- Nichols Ranch ISR Project (Wyoming): The Company has continued to produce
uranium from the fully licensed and developed Nichols Ranch ISR
Project, and has pursued additional investment in the plant,
including the purchase of processing equipment and refurbishment of
certain onsite infrastructure. With a modest investment, mainly in
wellfield construction, the Company believes it can increase
uranium production from this project within about nine to 12 months
of a positive production decision.
- Alta Mesa ISR Project (Texas):
The Company has continued to invest in standby activities at the
fully licensed and constructed Alta Mesa ISR Project. With a modest
investment in exploration, wellfield construction, and minor plant
upgrades, the Company believes it can increase uranium production
from this project within about 12 to 18 months of a positive
production decision.
About Energy Fuels:
Energy Fuels is a leading U.S.-based uranium mining company,
supplying U3O8 to major nuclear utilities. The Company also
produces vanadium from certain of its projects, as market
conditions warrant. Its corporate offices are in Lakewood, Colorado, near Denver, and all of its assets and employees
are in the United States. Energy
Fuels holds three of America's key uranium production centers: the
White Mesa Mill in Utah, the
Nichols Ranch in-situ recovery ("ISR") Project in Wyoming, and the Alta Mesa ISR Project in
Texas. The White Mesa Mill is the
only conventional uranium mill operating in the U.S. today, has a
licensed capacity of over 8 million pounds of U3O8 per year, and
has the ability to produce vanadium when market conditions warrant.
The Nichols Ranch ISR Project is in operation and has a licensed
capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR
Project is currently on standby. In addition to the above
production facilities, Energy Fuels also has one of the largest NI
43-101 compliant uranium resource portfolios in the U.S. and
several uranium and uranium/vanadium mining projects on standby and
in various stages of permitting and development. The primary
trading market for Energy Fuels' common shares is the NYSE American
under the trading symbol "UUUU," and the Company's common shares
are also listed on the Toronto Stock Exchange under the trading
symbol "EFR." Energy Fuels' website is www.energyfuels.com.
Cautionary Note Regarding Forward-Looking
Statements: This news release contains certain
"Forward-Looking Information" and "Forward-Looking Statements"
within the meaning of applicable Canadian and United States securities legislation, which
may include, but is not limited to, statements with respect to: the
timing and outcome of the U.S. Nuclear Fuel Working Group study,
including the nature of any recommendations by the Working Group to
the President of the United
States; whether or not the President will act on any such
recommendations and, if so, the nature of the action and remedy;
any expectation that the Company will continue to be a leading
miner and miller of uranium in the U.S; any expectation that the
Company will take part in leading the renaissance of U.S. nuclear
fuel production; any expectation relating to the Company's
production scalability and degree of readiness; any expectation
about the timing and investment required for the Company to
commence operations at any of its facilities and the timing to
produce marketable product from those facilities; any expectation
that positive results from new mining techniques may reduce the
cost of uranium and vanadium production once full mining operations
resume; any expectation that the Company's vanadium circuit will
achieve high-purity vanadium production; and any expectation that
the Company's White Mesa Mill may assist in the cleanup of
abandoned Cold War era uranium mines on the Navajo Nation and
elsewhere in the Four Corners Region.. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans," "expects," "does not
expect," "is expected," "is likely," "budgets," "scheduled,"
"estimates," "forecasts," "intends," "anticipates," "does not
anticipate," or "believes," or variations of such words and
phrases, or state that certain actions, events or results "may,"
"could," "would," "might" or "will be taken," "occur," "be
achieved" or "have the potential to." All statements, other than
statements of historical fact, herein are considered to be
forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements express or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from those anticipated in these
forward-looking statements include risks associated with: any
expectation that the Company will continue to be a leading miner
and miller of uranium in the U.S; any expectation that the Company
will take part in leading the renaissance of U.S. nuclear fuel
production; any expectation relating to the Company's production
scalability and degree of readiness; any expectation about the
timing and investment required for the Company to commence
operations at any of its facilities and the timing to produce
marketable product from those facilities; any expectation that
positive results from new mining techniques may reduce the cost of
uranium and vanadium production once full mining operations resume;
any expectation that the Company's vanadium circuit will achieve
high-purity vanadium production; and any expectation that the
Company's White Mesa Mill may assist in the cleanup of abandoned
Cold War era uranium mines on the Navajo Nation and elsewhere in
the Four Corners Region; and the other factors described under the
caption "Risk Factors" in the Company's most recently filed Annual
Report on Form 10-K, which is available for review on EDGAR at
www.sec.gov/edgar.shtml, on SEDAR at
www.sedar.com, and on the Company's website at
www.energyfuels.com. Forward-looking statements contained
herein are made as of the date of this news release, and the
Company disclaims, other than as required by law, any obligation to
update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if
management's estimates or opinions should change, or otherwise.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements. The Company assumes no obligation to
update the information in this communication, except as otherwise
required by law.
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SOURCE Energy Fuels Inc.