EFR Energy Fuels Inc

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES


Energy Fuels Inc. ("Energy Fuels") (TSX:EFR) and Denison Mines Corp. ("Denison")
(TSX:DML)(NYSE Amex:DNN)(NYSE MKT:DNN) are pleased to announce that the
companies have entered into a definitive arrangement agreement (the "Arrangement
Agreement") with respect to the previously announced transaction (the
"Transaction") whereby Energy Fuels will acquire all of the shares of the
subsidiaries holding Denison's U.S. mining assets and operations (the "US Mining
Division") as well as all of the inter-company debt between Denison and the US
Mining Division. 


Pursuant to the Arrangement Agreement, Denison and Energy Fuels have agreed to
complete a plan of arrangement (the "Arrangement") in accordance with the
Business Corporations Act (Ontario). Under the Arrangement: (i) Denison will
transfer the US Mining Division and related inter-company debt to Energy Fuels
in exchange for a promissory note and a nominal amount of cash, (ii) Denison
will complete a reorganization of its capital which will include a distribution
of the promissory note to its common shareholders on a pro rata basis, and (iii)
Energy Fuels will repay the promissory note by issuing 425,441,494 of its common
shares to Denison's shareholders. Upon the completion of the Transaction,
Denison's shareholders will receive approximately 1.106 common shares of Energy
Fuels for each common share of Denison owned and will in aggregate own
approximately 66.5% of the issued and outstanding common shares of Energy Fuels.


The Arrangement Agreement contains customary covenants by both parties not to
solicit offers for competing transactions, a right to match any superior
proposal, as well as a reciprocal break fee of Cdn$3.0 million payable upon the
termination of the Arrangement Agreement in certain circumstances.


The completion of the Transaction is subject to satisfaction of certain
customary conditions, including but not limited to, Energy Fuels and Denison
shareholder approval, court and regulatory approvals including acceptance by the
Toronto Stock Exchange and the NYSE MKT exchange and the receipt of third party
approvals and consents. Korea Electric Power Corporation ("KEPCO") has
determined not to exercise its right of first opportunity provided for in the
strategic relationship agreement dated June 15, 2009 among Denison, KEPCO and a
subsidiary of KEPCO.


The shareholders of Energy Fuels and Denison will each be asked to approve the
Transaction at respective special shareholder meetings to be held in late June
2012.


All of the directors and officers of Energy Fuels who hold shares of Energy
Fuels, as well as three of Energy Fuels' other largest shareholders, have
entered into support agreements pursuant to which they have agreed to vote in
favour of the Transaction at Energy Fuels' shareholder meeting. All of the
directors and officers of Denison who hold shares of Denison, as well as two of
Denison's other shareholders, have entered into support agreements pursuant to
which they have agreed to vote in favour of the approval of the Arrangement. In
aggregate, holders of approximately 22.2% of the common shares of Energy Fuels
and approximately 10.7% of the common shares of Denison have entered into
support agreements.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this news release, including any information
relating to the Arrangement Agreement and completion of the Transaction between
Energy Fuels and Denison and any other statements regarding Energy Fuels' and
Denison's future expectations, beliefs, goals or prospects constitute
forward-looking information within the meaning of applicable securities
legislation (collectively, "forward-looking statements"). All statements in this
news release that are not statements of historical fact (including statements
containing the words "expects", "does not expect", "plans", "anticipates", "does
not anticipate", "believes", "intends", "estimates", "estimates", "projects",
"potential", "scheduled", "forecast", "budget" and similar expressions) should
be considered forward-looking statements. All such forward-looking statements
are subject to important risk factors and uncertainties, many of which are
beyond Energy Fuels' and Denison's ability to control or predict. A number of
important factors could cause actual results or events to differ materially from
those indicated or implied by such forward-looking statements, including without
limitation: the parties' ability to consummate the Transaction, including the
receipt of shareholder approval, court approval or the regulatory approvals
required for the Transaction may not be obtained on the terms expected or on the
anticipated schedule; the parties' ability to meet expectations regarding the
timing, completion and accounting and tax treatments of the Transaction; the
volatility of the international marketplace; and other risk factors as described
in Energy Fuels' and Denison's most recent annual information forms and annual
and quarterly financial reports.


Energy Fuels and Denison assume no obligation to update the information in this
communication, except as otherwise required by law. Additional information
identifying risks and uncertainties is contained in Energy Fuels' and Denison's
respective filings with the various provincial securities commissions which are
available online at www.sedar.com. Forward-looking statements are provided for
the purpose of providing information about the current expectations, beliefs and
plans of the management of each of Energy Fuels and Denison relating to the
future. Readers are cautioned that such statements may not be appropriate for
other purposes. Readers are also cautioned not to place undue reliance on these
forward-looking statements, that speak only as of the date hereof.


This news release and the information contained herein does not constitute an
offer of securities for sale in the United Sates. The securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration
or an applicable exemption from such registration requirements.

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