EFR Energy Fuels Inc

Energy Fuels Inc. (NYSE MKT:UUUU)(TSX:EFR) ("Energy Fuels" or the "Company") is
pleased to announce that it has entered into a Strategic Relationship Agreement
(the "SRA") with Korea Electric Power Corporation ("KEPCO"). KEPCO
(NYSE:KEP)(KRX:015760) is the largest electric utility in South Korea,
responsible for 93% of South Korea's electricity generation and the development
of nuclear power projects worldwide. The South Korean government owns a 51%
equity interest in KEPCO. On the 2013 Fortune Global 500 ranking of the world's
largest companies, KEPCO was ranked 235. KEPCO is also a member of the World
Energy Council, the World Nuclear Association and the World Association of
Nuclear Operators. KEPCO is Energy Fuels' largest shareholder, and an affiliate
of KEPCO is Energy Fuels' largest uranium customer, based on FY-2013 deliveries.
Mr. Eun Ho Cheong, KEPCO's Vice President of Overseas Resources Project
Development, is a member of Energy Fuels' board of directors. 


The key objectives of the SRA are to establish a long term and strategic
collaborative business relationship and to promote the development of each
company's business. The SRA addresses a number of areas of interest for both
Energy Fuels and KEPCO, including the development of Energy Fuels' Wyoming
projects, KEPCO's seat on the board of directors of Energy Fuels, visitation and
secondment opportunities for KEPCO, and future qualified bidding by Energy Fuels
on uranium concentrate supply contracts for KEPCO and its affiliates. 


Within the SRA, Energy Fuels and KEPCO have agreed to cooperate in the
evaluation of a joint development strategy with respect to Energy Fuels' Sheep
Mountain, Gas Hills and/or Juniper Ridge Projects in Wyoming (the "Wyoming
Projects"). As previously announced, Energy Fuels is currently evaluating the
co-development of its Wyoming Projects and is targeting the development of a 2nd
major uranium production center for the Company in the State of Wyoming. Taken
together, these three projects contain approximately 19.3 million tons of
Measured and Indicated Mineral Resources with average grades that range from
0.06% to 0.13% U3O8 containing 40.9 million lbs. of U3O8. Included in these
resource estimates, the Sheep Mountain Project has approximately 7.4 million
tons of Probable Mineral Reserves with an average grade of 0.123% U3O8,
containing 18.4 million lbs. of U3O8. In March 2012, Energy Fuels completed a
Prefeasibility Study ("PFS") for the Sheep Mountain Project only. Under the base
case scenario, the project demonstrated attractive project economics based on a
U3O8 price of US$65 per lb., including 1.5 million lbs. of annual U3O8
production, US$32.31 per lb. operating costs, 42% internal rate of return, and
US$201 million net present value. The Company believes the project economics for
the Sheep Mountain Project may be enhanced by co-developing it with the Gas
Hills and/or Juniper Ridge Projects. The PFS for the Sheep Mountain Project is
filed under Energy Fuels' SEDAR profile. As previously announced, KEPCO was a
party to a strategic venture arrangement with Strathmore Minerals Corp.
("Strathmore") in connection with the development of the Gas Hills Project in
Wyoming. On August 30, 2013, Energy Fuels acquired all of the issued and
outstanding shares of Strathmore by way of a plan of arrangement. 


"Entering into this Strategic Relationship Agreement further solidifies Energy
Fuels' close relationship with KEPCO," stated Stephen P. Antony, President and
CEO of Energy Fuels. "I believe that KEPCO is a world-class strategic partner
who recognizes the quality, uniqueness and scalability of Energy Fuels' asset
base. Strengthening our relationship with KEPCO and realizing the benefits of
co-developing our uranium projects in Wyoming were important synergies that
Energy Fuels identified in its acquisition of Strathmore. I believe this
Strategic Relationship Agreement is an important first step towards achieving
those synergies."


Stephen P. Antony, P.E., President & CEO of Energy Fuels, is a Qualified Person
as defined by National Instrument 43-101 and has reviewed and approved the
technical disclosure contained in this news release.


About Energy Fuels

Energy Fuels is currently America's largest conventional uranium producer,
supplying approximately 25% of the uranium produced in the United States. Energy
Fuels operates the White Mesa Mill, which is the only conventional uranium mill
currently operating in the U.S. The mill is capable of processing 2,000 tons per
day of uranium ore and has a licensed capacity of over 8 million lbs. of U3O8
per year. Energy Fuels has projects located throughout the Western U.S.,
including producing mines and mineral properties in various stages of permitting
and development. The Company's common shares are listed on the Toronto Stock
Exchange under the trading symbol "EFR" and on the NYSE MKT under the trading
symbol "UUUU".


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain "Forward-Looking Information" and
"Forward-Looking Statements" within the meaning of applicable Canadian and
United States securities legislation, which may include, but is not limited to,
statements with respect to the future financial or operating performance of the
Company and its projects, the objectives of the SRA, the possibility of
establishing a joint development strategy on the Wyoming Projects with KEPCO,
the possibility of developing a 2nd production center in Wyoming, and the
completion of feasibility studies, economic assessments and mineral resource
estimates. Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as "promote", "expects" "does not
expect", "is expected", "estimates", "anticipates", "does not anticipate", or
"believes", or variations of such words and phrases, or state that certain
actions, events or results "may", "could", or "will be taken", "be achieved" or
"have the potential to". All statements, other than statements of historical
fact, herein are considered to be forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
express or implied by the forward-looking statements. Factors that could cause
actual results to differ materially from those anticipated in these
forward-looking statements are described under the caption "Risk Factors" in the
Company's Annual Information Form dated December 20, 2012, which is available
for review on the System for Electronic Document Analysis and Retrieval at
www.sedar.com. Forward-looking statements contained herein are made as of the
date of this news release, and the Company disclaims, other than as required by
law, any obligation to update any forward-looking statements whether as a result
of new information, results, future events, circumstances, or if management's
estimates or opinions should change, or otherwise. There can be no assurance
that forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements.


Cautionary Note to US Investors Concerning Estimates of Measured and Indicated
Resources and Probable Mineral Reserves


While the terms "measured mineral resource," "indicated mineral resource", and
"probable mineral reserves" are recognized and required by Canadian regulations,
they are not defined terms under standards in the United States and normally are
not permitted to be used in reports and registration statements filed with the
United States Securities and Exchange Commission (the "SEC"). As such,
information contained in this news release concerning descriptions of
mineralization and resources under Canadian standards may not be comparable to
similar information made public by U.S. companies in SEC filings. With respect
to "indicated mineral resource" there is a great amount of uncertainty as to
their existence and a great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an "indicated mineral
resource" will ever be upgraded to a higher category. Investors are cautioned
not to assume that any part or all of mineral deposits in these categories will
ever be converted into reserves.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Energy Fuels Inc.
Curtis H. Moore
Investor Relations
(303) 974-2140 or Toll Free: 1-888-864-2125
investorinfo@energyfuels.com
www.energyfuels.com

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