Energy Fuels is an Ontario Corporation trading on the Toronto Stock Exchange (TSX - “EFR”). The principal business activity of the company is development and mining of uranium & vanadium property interests located in the States of Colorado, Utah, and Arizona, and exploration activities to define and acquire additonal recoverable resources. Energy Fuels' wholly-owned US subsidiary, Energy Fuels Resources Corp. conducts these activities. To date, the Company has acquired property interests covering six former operating uranium mines. Since September 30, 2006, Energy Fuels has been aggressively pursuing the refurbishment of two formerly producing uranium/vanadium mines, along with the licensing of its 1000 tpd Pinõn Ridge uranium/vanadium mill, the first facility of its kind to be built in the US in over 25 years.
The Company continues to pursue opportunities to acquire additional property interests and to seek out other opportunities that create strategic value for the Company and its shareholders. Our land position, controlling in excess of 40,000 acres of BLM mineral claims and fee leases in highly prospective uranium provinces, and our proven ability to develop production from several historically producing uranium mines, puts Energy Fuels in a strong position to accomplish the mission set by our management team. With our established team of experienced uranium professionals, our mission is to build a fully integrated uranium and vanadium production company through exploration, development, mining, milling & sales, targeting primarily uranium properties which are immediately economic, on the Colorado plateau and the western United States.
Heres a cheap way to play...EFR-TSX
| Energy Fuels Announces Additional DOE Lease Acquisitions, Positive Drilling Results, and Grant of Options | |
TORONTO, ONTARIO--(Marketwire - July 30, 2009) - Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company"), has been informed by the Department of Energy (DOE) that the Company has been awarded two additional DOE lease tracts (C-AM-19-A and C-AM-20) released for bid in the May 2008 DOE lease sale. These tracts are in western Montrose County, Colorado, (within the Uravan Mineral Belt) about 30 highway miles from the Company's Pinon Ridge Mill site currently being permitted.
Based on pre-bid public information provided by DOE in February of 2008, these two tracts combined contain about 2.3 million lbs. of historical resource (not NI 43-101 compliant) in a region of well developed historical mining by Union Carbide Corporation. The DOE data was from an estimate originally prepared by the Atomic Energy Commission (or AEC, predecessor of the DOE), based on US Geological Survey and AEC drilling conducted during 1951 - 1953. AEC/DOE do not apply resource categories or qualifiers. After 1974, private lease holders on these two tracts drilled another 367 holes. The Company has yet to acquire data from the private drilling.
Energy Fuels has also initiated its 2009 drilling program on other Uravan Mineral Belt properties held by the Company in western Colorado. Much of this drilling budget will be applied to exploring DOE leased tracts obtained as announced in May 2008 following the same DOE lease sale referenced above.
Early drilling on the Henry Claim Group in the Club Mesa area encountered a highly mineralized intercept of 4.5 feet with a grade of 0.33% U3O8. Historical data from this area indicates the potential for a V2O5 / U3O8 grade ratio of about 5:1. Drilling is continuing on this claim group and will progress onto the adjacent DOE lease block, (C-CM-24).
Drilling should begin in about 60 days on the HC Claim Block and the contiguous C-G-26 DOE lease, both of which are located on Calamity Mesa. This drilling has been planned utilizing the data on the DOE lease obtained by Energy Fuels as announced February 23, 2009, and is planned to develop additional resources with infill drilling.
Additionally, Energy Fuels has granted 850,000 options for a term of five years to employees, officers, and consultants to the Company.
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 development company actively rehabilitating and developing formerly producing mines. With more than 55,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, Idaho, and New Mexico, and exploration properties in Saskatchewan's Athabasca Basin totaling almost 50,000 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 recently acquired Magnum Uranium subsidiary, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Energy Fuels Inc. Gary Steele Investor Relations (303) 974-2147 or Toll free: 1-888-864-2125
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