Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") today announced
plans to expand and consolidate the Company's uranium and vanadium resources on
the Colorado Plateau in the second half of 2011. These plans include a summer
and fall drill program on currently-owned properties, resource verification and
expansion, and technical report preparation to convert historic resource into NI
43-101 compliant resource. In addition, in the opinion of the Company the
current market conditions represent a buying opportunity to acquire additional
properties that can provide long-term feed for the Company's planned Pinon Ridge
Mill. Energy Fuels received strong market validation of this business model when
it closed on $11.5 million of equity financing in the midst of the Japanese
crisis in March.


Energy Fuels is actively acquiring mining properties within reasonable haul
distance of the Pinon Ridge Mill that will enhance the Company's existing
portfolio of assets. The Company already owns two existing, permitted mines with
large known uranium and vanadium resources, the Whirlwind Mine and the Energy
Queen Mine. As was reported in an April 14, 2011 press release (please click
here to view: http://energyfuels.com/news/index.html#apr14), Energy Fuels' NI
43-101 compliant uranium and vanadium resource base continues to increase
significantly through acquisitions and ongoing drill programs. 


Stephen P. Antony, President and CEO of Energy Fuels stated, "Energy Fuels is
quietly assembling an impressive array of properties on the Colorado Plateau.
This summer, we intend to expand our resource portfolio even further. In
addition to the licensing and construction of the Pinon Ridge Mill, a vital
aspect of Energy Fuels' strategy is to convert historic known resources into
compliant NI 43-101 resources through near-term drill programs and data
acquisition. Our ultimate goal is to bring these proven and formerly-producing
mines back into production and process the material at the Pinon Ridge Mill."


Key to Energy Fuels' consolidation strategy is the proposed Pinon Ridge Mill,
the first conventional uranium mill to be built in the U.S. in over 30-years. In
March, Energy Fuels was granted a Radioactive Materials License ("License") for
the mill from the State of Colorado. The License is the primary government
approval needed for the Company to construct and operate the mill. The Company
plans to begin operations at the mill in early 2013. While the License is being
challenged in District Court by an environmental group, Energy Fuels is
advancing toward completion of construction plans and acquiring the remaining
permits and approvals, including construction approval from the U.S.
Environmental Protection Agency for the tailings impoundment and an air quality
permit from the State of Colorado. 


The Pinon Ridge Mill will operate in the heart of the Uravan Mineral Belt,
historically the most significant uranium producing district in the U.S. When
built, it will be one of only two operating uranium mills in the U.S. 


"Historically, Colorado and Utah were home to the most important uranium
producing districts in the World," Mr. Antony continued. "These areas still
contain significant quantities of uranium and vanadium that can be produced
competitively and economically. The Colorado Plateau can again be a major
uranium producing area of worldwide significance." 


About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral
development company. With more than 45,000 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.
Energy Fuels (TSX:EFR)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024 Click aqui para mais gráficos Energy Fuels.
Energy Fuels (TSX:EFR)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024 Click aqui para mais gráficos Energy Fuels.