EFR Energy Fuels Inc

Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") is pleased to
announce that it has completed an update to the Preliminary Feasibility Study
(PFS), originally reported by the Company's wholly owned subsidiary Titan
Uranium on April 12, 2010, for Energy Fuels' 100% owned Sheep Mountain uranium
project in Fremont County, Wyoming. All currency amounts reported in this
release are quoted in US dollars. 


Under the updated PFS, the scenario with the best economics for the Sheep
Mountain Project is the concurrent development of both the underground and open
pit deposits. This option generates a pre-tax Internal Rate of Return (IRR) of
42%, with a Net Present Value (NPV) of $201 million at a 7% discount rate, and
an NPV of $146 million at a 10% discount rate. Initial CAPEX for this option is
$109 million. 


Capital considerations could result in Energy Fuels modifying the plan that
produces the highest IRR in favor of an alternative that initially develops the
open pit only, and delays producing the underground deposit until the 5th year
of operations. This alternative would require a much reduced initial capital
investment of $61 million while still providing positive cash flow; and would
generate a pre-tax IRR of 35%, with NPV's of $174 million at a 7% discount rate
and $118 million at a 10% discount rate. 


The update to the study was prepared by a group of consultants led by BRS Inc.,
an independent engineering consulting firm based in Riverton, Wyoming, in
collaboration with Western States Mining Consultants and Lyntek Inc. This group
also prepared the original PFS. 


Steve Antony, President and CEO of Energy Fuels stated, "The results of this
updated PFS confirm our view that Sheep Mountain can be a highly productive and
profitable project. These economic results are compelling, even in today's
uranium marketplace, and validate the assessment that led to Energy Fuels'
acquisition of Titan Uranium. We are prepared to continue the Sheep Mountain
permitting effort to bring the project online as a producing, conventional
uranium mine as quickly as possible to monetize these returns for our
shareholders." 


Highlights for the most favorable scenario include:

- PFS estimates are based on estimated capital and operating costs for a uranium
mine, utilizing both conventional open pit and underground mining methods and
heap leach recovery, with a maximum annual capacity of 1.5 million lbs. U3O8 


- The financial model is based on a long term uranium price of $65.00/lb. based
on historical average prices over the last three years, and supported by
published reports of securities analysts.


- Updated Probable Mineral Reserve of 7,453,000 tons at an average grade of
0.123% eU3O8, containing 18,365,000 lbs. eU3O8, compared to the originally
reported (April 12, 2010) 6,393,000 tons at an average grade of 0.111% eU3O8,
containing 14,186,000 lbs. eU3O8; an increase of 29.6% in Probable Mineral
Reserve over the previous PFS.


- Initial mine life: 15 years, compared to the originally reported 11 years.

- Open pit stripping ratio: 8.1 Bank Cubic Yards per pound mined.

- Estimated capital cost: $109 million including allowances for contingency and
risk, compared to the originally reported $118 million;


- Estimated operating cost: $32.31 per pound recovered, as compared to the
originally reported $28.67 per pound recovered;


- Estimated pre-tax Net Present Value (NPV) at a 7% discount rate: $201 million,
as compared to the originally reported $101 million;


- Estimated pre-tax Internal Rate of Return (IRR): 42%, as compared to the
originally reported 25%


- Estimated pre-tax payback period: 3 years, at a discount rate of 5%, as
compared to the originally reported 5 years at the same discount rate


Pre-tax NPV and IRR Sensitivities:



--------------------------------------------------------------------
Alternative 1 - Open Pit and Underground                            
--------------------------------------------------------------------
Common Start                                                        
--------------------------------------------------------------------
                       Selling Price (USD/pound)                    
--------------------------------------------------------------------
Discount Rate                      $60            $65            $70
--------------------------------------------------------------------
NPV 5% (Million $)               $ 202          $ 249          $ 296
--------------------------------------------------------------------
NPV 7% (Million $)               $ 161          $ 201          $ 240
--------------------------------------------------------------------
NPV 10% (Million $)              $ 115          $ 146          $ 176
--------------------------------------------------------------------
      Pre-Tax IRR                  36%            42%            48%
--------------------------------------------------------------------



In summary, the primary changes in the updated PFS resulting in these much
improved economics are:




--  Use of a $65/lb. selling price rather than the $60/lb. price used
    originally 
--  Open pit pounds nearly doubled, based on the increased Probable Mineral
    Reserve 
--  Mine life was extended by 4 years with the expanded Probable Mineral
    Reserve 
--  Average grade for the project increased by 11%, from 0.111% to 0.123%



These results update an original Preliminary Feasibility Study prepared by BRS,
Inc. on April 8, 2010. An updated Preliminary Feasibility Study supporting these
results will be filed on SEDAR within 45 days of this release. 


Douglas L. Beahm, PE, PG and Registered Member of the SME, Principal Engineer of
BRS, Inc. is an independent Qualified Person as defined by National Instrument
43-101 and has reviewed and approved the content of this press release.


About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral
development company. The Company recently acquired Titan Uranium Inc., including
the Sheep Mountain Project in the Crooks Gap District of Wyoming. The Company
also 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 about 61,000 acres of highly prospective uranium and vanadium properties
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 subsidiaries,
Energy Fuels Resources Corporation, Titan Uranium Inc., and 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.

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