TORONTO, ONTARIO--(Marketwire
- June 23, 2009) - Energy Fuels Inc. (TSX:EFR) ("Energy
Fuels" or the "Company") and Magnum Uranium Corp. (TSX
VENTURE:MM) ("Magnum") are pleased to announce that
shareholders of Magnum have approved the proposed Plan of Arrangement
between Magnum and Energy Fuels in a vote on which 99.6% of the votes
cast were in favour of the Arrangement. Completion of the transaction
is subject to approval of the court and the TSX Venture Exchange. Magnum
and EFI anticipate that closing of the Plan of Arrangement will take
place on June 30, 2009 and that, in anticipation of closing, Magnum
will request that trading in its shares will be halted before market
open on June 30, 2009.
Craig Lindsay, President & CEO of Magnum observed that, "We at
Magnum are very pleased to bring this kind of value to our shareholders
during the recent market downturn. We are especially excited to see our
property portfolio in the hands of a capable developer like Energy
Fuels. The Magnum properties are part of the mill feed strategy for
Energy Fuels' Pinon Ridge uranium mill, and
the path to production is now well defined."
George Glasier, President & CEO of Energy
Fuels offered that, "We are happy to see the confidence shown in
the Energy Fuels management team by the shareholders of Magnum, as we
complete another milestone in the consolidation of Colorado Plateau
uranium assets. The combination of these two companies results in a
stronger, better capitalized company with a significant increase in
uranium resource, and a corporate treasury enhanced by almost 50%. These
assets will contribute to the advancement of Energy Fuels' Pinon Ridge milling plan and overall growth
strategy."
Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral
development company actively rehabilitating and developing formerly
producing mines. With more than 46,000 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.
Magnum Uranium is a Vancouver-based minerals exploration company
focused on the acquisition and development of uranium assets in North America. Currently, Magnum's primary
property holdings are located in the Western United States,
specifically Wyoming, Utah, Idaho, and
New Mexico, and in Canada's Athabasca Basin.
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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