Energy Fuels Acquires Additional DOE Lease in Colorado; Contracts for Consulting Support from Nuclear Industry Veteran
14 Outubro 2010 - 1:22PM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company"), has
been awarded a Department of Energy (DOE) lease tract (SR-12) that
was originally released for bid by DOE in the May, 2008 lease sale.
This 641 acre lease, in western San Miguel County, Colorado (within
the Uravan Mineral Belt), was originally won by another bidder who
subsequently dropped the lease. It is contiguous with other
properties held by Colorado Plateau Partners Joint Venture in which
the Company is partnered with Australian company Royal Resources.
Based on pre-bid public information provided by DOE in February
of 2008, this tract contains about 156,000 lbs. of historical U3O-8
resource (not currently NI 43-101 compliant). Historical production
records from the area indicate a historical V2O5 resource of about
1.5 million lbs. on the lease. The DOE data comes 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.
Additionally, Energy Fuels is pleased to obtain the consulting
services of Mr. Richard Cherry to support of the Company's
consolidation strategy in the western USA and product marketing
effort. Mr. Cherry is a veteran nuclear industry executive, having
worked for leading companies in uranium mining, milling, marketing,
conversion, and power generation for over 35 years. During the
period 2000-2006, Mr. Cherry was President and CEO of Cotter
Corporation and Nuclear Fuels Corporation, (both affiliates of
General Atomics Corporation). He was responsible for all aspects of
Cotter's mining and milling operations during the period when
Cotter was actively mining and milling uranium and vanadium in the
US; and for Nuclear Fuels Corporation, he was responsible for
worldwide uranium marketing for all General Atomics' affiliates.
During the period 1997-2000 Mr. Cherry was Vice President of
ConverDyn (a joint venture between Honeywell International and
General Atomics) providing US uranium conversion services to large
electrical utilities world-wide. Prior to joining General Atomics,
Mr. Cherry was involved in uranium trading for UG U.S.A. and
nuclear fuel procurement for the 1,166 MW Wolf Creek Nuclear
Generating Station owned by several Kansas utilities. Mr. Cherry
holds an M.S. in Mechanical Engineering and a B.S. in Engineering
Physics.
"Stephen Antony, President and CEO of Energy Fuels commented,
"As we move toward the January decision on our Pinon Ridge Mill
license, I am pleased to have the expertise of an experienced
uranium professional like Richard Cherry on our team. Richard will
be working closely with me on the consolidation strategy and with
Gary Steele, our Senior Vice President of Marketing, on securing
long-term contracts for our uranium products. We have seen the spot
price for uranium strengthen over recent months and securing
forward looking contracts will help us build on that momentum."
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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