Energy
Fuels Takes a Big Step toward Mining at the Whirlwind Mine
(SYMBOL: "EFR" - TSX)
TORONTO, Jan. 8 - Energy Fuels Inc. (TSX: EFR) "Energy
Fuels" or "the Company" moved one step closer to full mining
operations at the Company's Whirlwind Mine near Gateway, Colorado. On December
18, the Mesa County Board of Commissioners approved the County Conditional Use
Permit for the Whirlwind Mine by a unanimous 3 to 0 vote. This is the first of
three major permits required to bring the Whirlwind Mine into production. Permits
still in process, and anticipated in the next few months are with the State of
Colorado Department of Reclamation, Mining, and Safety, and the US Bureau of
Land Management.
As part of the permit review process, Energy Fuels agreed to
a hauling compromise. Hauling from the mine will be limited to three time
periods per day, and these haulage periods will be clearly posted on the county
road to the mine. Since Whirlwind is expected to produce at the rate of 200
tons per day, (8 highway truck loads), this haulage schedule fully supports
mine production. Also, to accommodate the recreational use of the county road,
Energy Fuels will suspend hauling on weekends between April 15 and December 15.
Successful development drilling earlier this year resulted
in a modification to the Whirlwind mining plan. Energy Fuels' management team
re-evaluated the production schedule and concluded that the most prudent use of
the company's resources at this time was to invest in the long term efficiency
of the Whirlwind Mine. Additional mine development projects were initiated,
rather than pursuing a small amount of near term production. This management
decision delayed initial Whirlwind production into the second quarter of 2008,
closer to an anticipated milling schedule through either a toll milling
agreement, or through the Pinon Ridge Mill.
Additionally, Energy Fuels filed its audited Annual Report
and Financial Statements on December 29. These documents are available at
www.sedar.com. The update of the Company's "Management Discussion and
Analysis" (MD&A) will be of special interest to those following Energy
Fuels.
Energy Fuels also announces that it has granted, subject to
Toronto Stock Exchange approval, 1,050,000 stock options under its Incentive
Stock Option Plan for a term of five (5) years at an exercise price of $2.25 to
directors, employees, officers, and consultants of the Company.
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.
<<
'George E.L. Glasier'
President & CEO
Website: www.energyfuels.com
>>
For further information: Energy Fuels Inc., Gary Steele, Investor Relations,
(303) 974-2147, Toll free: 1-888-864-2125, Email:
investorinfo@energyfuels.com; The
Equicom Group, Martti Kangas, Investor Relations, (416) 815-0700 x 243, mkangas@equicomgroup.com