Energy Fuels Expands Uranium Property Position Adjoining Energy Queen Mine
30 Novembro 2010 - 12:45PM
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 Uranium
One to acquire two Utah State Mineral Leases and 13 unpatented
claims accessible from the Energy Queen Mine, located near La Sal,
Utah. The addition of these properties will increase Energy Fuels'
holdings in the area by 1,400 acres, resulting in a contiguous
property block at the Energy Queen totaling 3000 acres. Based on
Union Carbide Corp. maps developed from drilling performed in the
late 1970's, one of these newly acquired Utah State parcels
contains historic resource (not NI 43-101 compliant) of 184,000
lbs. U-3O8 and 800,000 lbs. V2O5 within 4,000 feet of underground
development planned for the Energy Queen Mine by Energy Fuels.
The Energy Queen is a fully permitted uranium mine currently on
care and maintenance. Energy Fuels holds 29 unpatented claims in
the area to the west of the original mine site. The Uranium One
properties adjoin these claims on the north, west, and south sides
and contain the historic producing Rattle Snake Mine as well as
other past producers. All of these additional properties are within
economic mining distance of the workings planned for the Energy
Queen Mine, and may potentially be produced through the existing
shaft. Energy Fuels is preparing an internal Preliminary Economic
Assessment on the combined properties.
Steve Antony, President and CEO commented, "This acquisition,
combined with a steadily rising uranium price, recently moving up
through $60/lb. in the spot market, clearly enhances the economic
viability of putting the Energy Queen Mine into production.
Consolidating the land position around this fully permitted mine is
obviously accretive to our production plans for the area and part
of our overall strategy to consolidate the entire Uravan Mineral
Belt. Our planned Pinon Ridge Mill location is in the heart of this
past producing region and we are positioning the Company to be the
leading producer in the area."
This is a non-cash transaction. Uranium One will assign these
three parcels and any pertinent data to EFR in exchange for
electronic copies of specific historic data in EFR's possession of
interest to Uranium One. Uranium One will also retain an overriding
royalty of 1% on any production from the acquired properties.
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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