Energy Fuels Adds Utah Mining Permit to Growing Base of Assets
(SYMBOL: "EFR" - TSX)
TORONTO, March 12 - Energy Fuels (TSX: EFR) is pleased to announce that, the Utah Division of Oil, Gas and Mining (DOGM) approved the transfer of the existing mine permit for the Energy Queen Mine, (formerly known as the Hecla Shaft Mine) located near La Sal, Utah, from Denison Mines to Energy Fuels Resources Corp. With this approval, Energy Fuels has its first fully permitted uranium/vanadium mine. The Energy Queen will be capable of producing 200 tons per day once mine refurbishment is complete. Full-scale refurbishment activities will start immediately and will lead to initial production of mineralized material from the Energy Queen Mine in 2009.
Recoverable uranium grades at the Energy Queen average about 0.25% (five pounds U(3)O8 per short ton) and the vanadium grade is about 1.0% (twenty pounds V(2)O5 per short ton). At the current market price for vanadium (currently $15 per pound of V(2)O5) and the long-term contract price for U(3)O8, each ton of Energy Queen production is valued at almost US$800.00.
This permit transfer closely follows the February 27 announcement of the approval of the Colorado DRMS mining permit for the Whirlwind Mine. Energy Fuels is awaiting only one additional permit approval at the Whirlwind Mine in Colorado (the Bureau of Land Management Plan of Operations) to have a combined total of 400 tons per day of permitted uranium/vanadium mining capability in place at the Whirlwind and Energy Queen Mines.
Stephen P. Antony, P.E., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the content of this press release.
Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral exploration and development company actively rehabilitating and developing formerly producing mines. With more than 40,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah and Arizona, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation, has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Nucla, 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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'George E.L. Glasier'
President & CEO
Website: www.energyfuels.com
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For further information: Energy Fuels Inc.: Gary Steele, Investor Relations, (303) 974-2147, Toll free: 1-888-864-2125, Email:
investorinfo@energyfuels.com
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Energy Fuels Inc
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DEVELOPMENT STAGE |
CODE : EFR.TO |
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CUSIP : 928640 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Energy Fuels is a uranium and vanadium producing company based in Canada. Energy Fuels holds various exploration projects in Canada and in USA. Its main assets in development are ENERGY QUEEN and PIÑON RIDGE MILL in USA and its main exploration properties are SAN RAFAEL MINE, GREEN RIVER NORTH and CALLIHAM in USA and TENDERFOOT MESA, WHIRLWIND, BURNT POND and SHAW PROPERTY in Canada. Energy Fuels is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 507.8 millions as of today (US$ 374.4 millions, € 335.4 millions). Its stock quote reached its lowest recent point on December 05, 2008 at CA$ 0.11, and its highest recent level on February 14, 2014 at CA$ 9.99. Energy Fuels has 70 430 000 shares outstanding. |