Key Settlement Achieved on Water Rights for Energy Fuels' Pinon Ridge Mill
26 Setembro 2011 - 11:45AM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company")
announced today that it has reached a key settlement with two of
the Objectors to the Company's water rights' application for the
proposed Pinon Ridge Uranium and Vanadium Mill (the "Mill"). On
Wednesday September 21, a settlement agreement was filed in State
of Colorado District Court, Water Division 4 ("Water Court"),
whereby Energy Fuels settled with Sheep Mountain Alliance ("SMA")
and Living Rivers ("LR"), two regional conservation groups who
intervened in the water application as Objectors. In that
settlement agreement SMA and LR agreed to withdraw their opposition
to the Company's water rights application in exchange for Energy
Fuels implementing certain environmental and water supply
protections. The Water Judge quickly approved the settlement
agreement as an Order of the Court.
This settlement will lead to the Company obtaining a Final
Decreed Conditional Water Right that will provide the water needed
to construct and operate the Pinon Ridge Mill. A similar settlement
with the Bureau of Land Management ("BLM") has already been
approved by the Court. The only other remaining Objector, the
Colorado Water Conservation Board ("CWCB"), has given preliminary
approval for a settlement pending the purchase of upstream water,
which is readily available from the watershed.
"This water settlement is a major milestone for Energy Fuels and
the Pinon Ridge Mill," said Steve Antony, President and CEO of
Energy Fuels. "In the Western United States water is scarce and
highly significant for all projects. By settling with all of the
Objectors, we will secure the water needed for the Mill and add
flows to the Dolores River for enhanced wildlife and habitat
protection."
Mr. Antony continued, "We were confident of prevailing in Water
Court, but we believe this settlement is in the best interests of
Energy Fuels. Perhaps more importantly, it shows that Energy Fuels
and Sheep Mountain Alliance can reach mutually acceptable
agreements that protect the environment."
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium
mineral development company. The Company received a Final
Radioactive Materials License from the State of Colorado for the
proposed Pinon Ridge Uranium and Vanadium Mill in March 2011. The
Mill will be the first uranium mill constructed in the United
States in over 30 years.
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.
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2140 or Toll free: 1-888-864-2125 investorinfo@energyfuels.com
Energy Fuels Inc. Curtis Moore Corporate Communications (303)
974-2140 or Toll free: 1-888-864-2125 www.energyfuels.com
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