TORONTO, ONTARIO--(Marketwire
- Feb. 10, 2011) - Energy Fuels Inc. (TSX:EFR) ("Energy
Fuels" or the "Company"), an advanced uranium and
vanadium development company announced today that the Company has
acquired a mining lease (the Calliham lease)
consisting of approximately 320 acres in San Juan County, Utah, from Nuvemco, LLC for consideration of 1,064,895 shares
of Energy Fuels common stock. There is a historical mineral resource
estimate on the property of 520,000 lbs. U3O8 and 3.5 million lbs. V2O5
based on drilling done by Atlas Minerals and Umetco
Minerals in the late 1970s and 1980s (which pre-dates the adoption of
NI 43-101). These drilling results were documented by Umetco Minerals Corp. (successor to Union Carbide
Corp.) in a report prepared in 1991 and in the Company's possession. In
the opinion of Energy Fuels' geologists, these estimates are relevant
because of the proximity of the property to the Company's proposed Pinon Ridge Mill and very reliable, given that Umetco was a highly professional and successful
producer in the region, actually producing from the Calliham
Mine for several years.
Steve Antony, President and CEO of Energy Fuels commented, "We
continue to make significant progress on the consolidation of uranium
assets in the region. In the last four months we have acquired five
property packages, all of which have been accretive to our total
uranium assets and all within economic trucking distance of our mill
site."
This property borders the 94 contiguous mining claims (1,942 acres) and
a 733 acre Utah State Mineral Lease recently acquired by our Colorado
Plateau Partners Joint Venture (CPP) in the Sage Plain area of Utah and
Colorado at the south end of the Uravan
Mineral Belt. The block of properties are
about 70 highway miles from Energy Fuels' proposed Pinon
Ridge Mill, which was licensed January 5, 2011.
Participation in this property will be offered to Royal Resources
Limited (Royal) under the terms of the Colorado Plateau Partners (CPP)
joint venture agreement with Energy Fuels. At Royal's option, the
property may be assigned to CPP, with Royal paying 1/2 the cost of the
property. However, the full resource ultimately defined on the property
will provide assured mill feed for the Pinon
Ridge Mill regardless of Royal's participation, under the terms of the
joint venture agreement.
Stephen P. Antony, President and CEO, and a Qualified Person as defined
by National Instrument 43-101 has reviewed and approved the content of
this press release.
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral
development company actively rehabilitating and developing formerly
producing mines. With more than 38,000 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.
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