Energy Fuels Accumulates Uranium Pounds and Continues Uravan Mineral Belt Consolidation
30 Setembro 2010 - 4:01PM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company"), an
advanced uranium and vanadium exploration and development company,
announced today that it has entered into an agreement with Zenith
Minerals, LLC (Zenith) to acquire from Zenith US Department of
Energy (DOE) Lease C-AM-19 which hosts a historical resource of
approximately 400,000 lbs of U3O8 and 2 million lbs of V2O5. The
lease, comprising 671 acres on Atkinson Mesa in western Montrose
County, Colorado, is contiguous with Energy Fuels' C-AM-19A DOE
lease which was acquired in July, 2009, and is only 33 highway
miles from the site for Energy Fuels' proposed Pinon Ridge Mill.
This lease was the site of Union Carbide Corporation's King Solomon
Mine complex which produced over 6 million lbs. U3O8 and 30 million
lbs V2O5 over its lifetime until closure in 1985.
As part of this overall agreement, Energy Fuels has also entered
into an "Area of Mutual Interest" (AMI) agreement with Zenith
covering all of Zenith's earlier held claims in the Uravan Mineral
Belt. In exchange for a 2% overriding royalty payable to Zenith for
any production from properties within the defined AMI boundary that
may be acquired by Energy Fuels within the next three years, Energy
Fuels also will acquire all data held by Zenith in the region. The
overriding royalty will only be payable on production from
properties determined by Energy Fuels to have sufficient value to
be attractive for acquisition, and includes any production from the
C-AM-19 DOE lease.
An agreement in principal to execute a Mining Lease Agreement
has already been reached with one of the underlying claim holders
on a contiguous block of 118 claims within the Zenith AMI and
Energy Fuels anticipates that lease will be completed within the
next few weeks.
In total, this property agreement with Zenith will add about
600,000 lbs. of historical (not yet NI 43-101 compliant) U3O8
resource to Energy Fuels' inventory at minimal current cost.
Note that "historical resource" estimates referenced in this
release are based on information provided by Department of Energy
(DOE) in February, 2008 and historical regional mining and drilling
by Union Carbide and others. DOE data from estimates originally
prepared by the Atomic Energy Commission (AEC), predecessor to DOE,
and based on US Geological Survey and AEC drilling conducted during
1951 - 1953. AEC/DOE do not apply resource categories or
qualifiers.
Stephen Antony, President and CEO commented, "We continue to
consolidate the region as we move toward a mill licensing decision
from the State in January 2011. Our strategy is to build pounds and
accumulate uranium/vanadium ore for a central mill which can
service the entire Uravan Mineral Belt. This region is an area of
prolific historical production and we are positioning the Company
to be at the center of activity in the future."
Stephen P. Antony, President and CEO, and a Qualified Person as
defined by National Instrument 43-101 has reviewed and approved the
content of this press release.
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium
mineral development company actively rehabilitating and developing
formerly producing mines. With more than 38,000 acres of highly
prospective uranium and vanadium property located in the states of
Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration
properties in Saskatchewan's Athabasca Basin totaling approximately
32,000 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 British Columbia subsidiary, Magnum Uranium
Corp., 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.
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2140 or Toll free: 1-888-864-2125 investorinfo@energyfuels.com
www.energyfuels.com
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