Energy Fuels Announces Capital Preservation Strategy While Advancing Development of Its Asset Base
21 Novembro 2008 - 2:00PM
Marketwired
In consideration of the ongoing uncertainty in the uranium and
securities markets, Energy Fuels (TSX: EFR) has taken a number of
steps to reduce its rate of spending. Energy Fuels' capital
preservation strategy is being implemented to ensure that the
Company will be in place with strong, developed assets, ready to
catch any significant upswing in the uranium market. Effective
November 21, 2008, the recently permitted Whirlwind Mine will be
placed on standby.
Energy Fuels will continue with data gathering and site
characterization activities at the Pinon Ridge mill site, to
support its license application submittal. The Company's existing
personnel will assume a greater role in the preparation of the
Pinon Ridge Mill license application rather than contracting
consultants to write the majority of the application, resulting in
a significant cost savings. Key consultants will be retained on an
as needed basis to provide necessary expertise. The Company now
anticipates filing for the mill radioactive materials license in
the fourth quarter of 2009. Should the license approval process and
construction proceed at the expected rates, the Pinon Ridge Mill
could be commissioned in 2011.
The Company will continue with pumping and water treatment,
environmental and permit compliance activities, safety inspections,
equipment and facilities maintenance, and security at both the
Whirlwind and Energy Queen Mines. The Whirlwind Mine will be
maintained so that it is in a position to "turn-on" and begin
ramping up, moving toward full production, within approximately 30
days of a decision to proceed.
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 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
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2147 or Toll Free: 1-888-864-2125 Email:
investorinfo@energyfuels.com Website: www.energyfuels.com
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