Energy Fuels Acquires Calliham Uranium/Vanadium Mine in Sage Plain Area of Utah
10 Fevereiro 2011 - 3:03PM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company"), an
advanced uranium and vanadium development company announced today
that the Company has acquired a mining lease (the Calliham lease)
consisting of approximately 320 acres in San Juan County, Utah,
from Nuvemco, LLC for consideration of 1,064,895 shares of Energy
Fuels common stock. There is a historical mineral resource estimate
on the property of 520,000 lbs. U3O8 and 3.5 million lbs. V2O5
based on drilling done by Atlas Minerals and Umetco Minerals in the
late 1970s and 1980s (which pre-dates the adoption of NI 43-101).
These drilling results were documented by Umetco Minerals Corp.
(successor to Union Carbide Corp.) in a report prepared in 1991 and
in the Company's possession. In the opinion of Energy Fuels'
geologists, these estimates are relevant because of the proximity
of the property to the Company's proposed Pinon Ridge Mill and very
reliable, given that Umetco was a highly professional and
successful producer in the region, actually producing from the
Calliham Mine for several years.
Steve Antony, President and CEO of Energy Fuels commented, "We
continue to make significant progress on the consolidation of
uranium assets in the region. In the last four months we have
acquired five property packages, all of which have been accretive
to our total uranium assets and all within economic trucking
distance of our mill site."
This property borders the 94 contiguous mining claims (1,942
acres) and a 733 acre Utah State Mineral Lease recently acquired by
our Colorado Plateau Partners Joint Venture (CPP) in the Sage Plain
area of Utah and Colorado at the south end of the Uravan Mineral
Belt. The block of properties are about 70 highway miles from
Energy Fuels' proposed Pinon Ridge Mill, which was licensed January
5, 2011.
Participation in this property will be offered to Royal
Resources Limited (Royal) under the terms of the Colorado Plateau
Partners (CPP) joint venture agreement with Energy Fuels. At
Royal's option, the property may be assigned to CPP, with Royal
paying 1/2 the cost of the property. However, the full resource
ultimately defined on the property will provide assured mill feed
for the Pinon Ridge Mill regardless of Royal's participation, under
the terms of the joint venture agreement.
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 Naturita, 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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