Dear
Charlotte,
Below, please
find the latest news from Energy Fuels regarding our recent drilling project
started in the Arizona Strip. Thanks for your continuing interest in Energy Fuels.
June 4,
2007 (SYMBOL: “EFR” - TSX)
Energy Fuels Updates Arizona
Strip Drilling Activities and Senior Appointment
Toronto, Ontario – June 4, 2007 Energy Fuels Inc.
(TSX: EFR) (“Energy Fuels” or “the Company”) is pleased
to report that, consistent with our strategy of bringing existing mines back
into production while simultaneously increasing our resource base, the Company
has begun exploration drilling on the Weap breccia pipe prospect, which is included
in the more than 5,400 acres controlled by Energy Fuels in the Arizona Strip
Uranium District. Located in Mohave County, Arizona, about 45 miles southwest
of Fredonia, AZ, the Weap target is 16 miles from historical U3O8 production at
the Hack Canyon Mines, opened in 1980 and reclaimed in 1988, by Energy Fuels
Nuclear, Inc. (Energy Fuels Nuclear, Inc. (“EFNI”) was a uranium
and vanadium exploration, mining and production company operating on the
Colorado Plateau from the late 1970’s through the early 1990’s. Many
of the directors, officers, and technical employees of Energy Fuels Inc.
formerly were employees of EFNI). According to EFNI production records, the
Hack Canyon Mines produced 9,542,000 pounds of U3O8 at a grade of 0.643%. Drilling
permits have been received from the U.S. Bureau of Land Management and the
State of Arizona.
Barbie Drilling of Williams, Arizona,
has moved onsite and commenced drilling on May 24.
Additionally,
the Company is pleased to announce that Dr. Kaiwen Wu has joined our Arizona
Strip exploration team. Dr. Wu started with the Company on April 30 and
received his Ph.D. in Geological Science on May 11 from the University of Texas
at El Paso. Dr.
Wu’s master’s program graduate work entailed extensive, detailed
geologic mapping in the carbonate rocks in the Franklin Mountains near El Paso,
Texas; a geologic environment similar in many ways to the Arizona Strip.
Working out of the Kanab, Utah,
field office, Dr. Wu contributes strong credentials to the Company’s breccia
pipe exploration program in the Arizona Strip.
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 with more than 30,000 acres of highly prospective uranium and vanadium
property located in the States of Colorado, Utah
and Arizona.
The Company, 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
FOR FURTHER
INFORMATION PLEASE CONTACT:
Energy Fuels Inc. OR Energy
Fuels Inc
Dan Barnholden Gary
Steele
Investor Relations Investor
Relations
416 625 2334 (303)
974-2147
Email: investorinfo@energyfuels.com Toll
free: 1-888-864-2125
Website: www.energyfuels.com
(The
TSX has not reviewed and does not accept responsibility for the adequacy or
accuracy of this release.)