LAKEWOOD, CO, Nov. 4, 2015 /PRNewswire/ - Energy Fuels Inc.
(NYSE MKT:UUUU; TSX:EFR) ("Energy Fuels" or the "Company") is
pleased to announce that it has acquired the remaining 50% interest
in the high-grade Wate uranium deposit (the "Wate Project") from
Anfield Resources Holding Corp. ("Anfield"). The Company
previously acquired a 50% interest in Wate from VANE
Minerals. As a result of the current acquisition from
Anfield, Energy Fuels now owns and
controls a 100% interest in the Wate Project.
According to a March 10, 2015
technical report, prepared in accordance with National Instrument
43-101 ("NI 43-101"), the Wate Project holds approximately 1.12
million pounds of U3O8 contained in
approximately 71,000 tons of Inferred Mineral Resources with an
average grade of 0.79% eU3O8.
Northern Arizona, where the
Wate Project is located, contains the highest-grade uranium
deposits in the United States, and
some of the highest-grade uranium deposits in the World. The
Wate Project is a "breccia pipe" deposit, similar to the Company's
Arizona 1, Pinenut, and Canyon
mines. The Company recently restarted shaft sinking operations at
the Canyon mine, which according to a June
27, 2012 technical report, prepared in accordance with NI
43-101, holds approximately 1.6 million pounds of
U3O8 contained in approximately 83,000 tons
of Inferred Mineral Resources with an average grade of 0.98%
eU3O8. It is anticipated that future
production from both the Canyon mine and the Wate Project would be
processed at Energy Fuels' White Mesa uranium mill in Utah, which is currently the only operating
uranium mill in the U.S.
As consideration for the transaction, Energy Fuels paid
$275,000 cash and issued 92,906
common shares to Anfield at
closing. In addition, upon the Company's completion of future
permitting milestones and other conditions, the Company will make
an additional cash payment of $275,000 to Anfield and will issue to Anfield additional Energy Fuels common shares
having a value of $275,000.
The Wate Project is located on land owned by the State of Arizona and is at an advanced stage
of permitting. The main permit to be issued is a mineral
lease from the State of Arizona,
which holds primary permitting authority. Mineral leases in
Arizona are similar to mining
permits in other jurisdictions, granting the holder the right to
mine, ship ores, and conduct all support operations. The
Company expects to receive the mineral lease on the project in
twelve to eighteen months, subject to the satisfaction of certain
additional requirements. Once the mineral lease is granted,
the Company expects to move forward to acquire the additional State
aquifer protection and air quality permits and other approvals
required to commence development and mining.
Stephen P. Antony, President and
CEO of Energy Fuels commented: "We are extremely pleased to
acquire Anfield's interest in the
nearly-permitted Wate Project. The Wate Project is a
well-known, high-grade breccia pipe deposit that fits nicely into
our existing uranium portfolio. Due to their high-grades, these
deposits generally represent the lowest-cost sources of uranium
production in our portfolio. We have a wealth of experience
mining similar deposits in Arizona, and I am proud of our Company's
commitment to the safety of our workers, the community, and the
environment, as we bring uranium to the marketplace for the
production of emission-free, carbon-free electricity."
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 a
leading integrated US-based uranium mining company, supplying U3O8
to major nuclear utilities. Energy Fuels operates two of
America's key uranium production centers, the White Mesa Mill in
Utah and the Nichols Ranch
Processing Facility in Wyoming. The White Mesa Mill is the
only conventional uranium mill operating in the U.S. today and has
a licensed capacity of over 8 million pounds of
U3O8 per year. The Nichols Ranch
Processing Facility, acquired in the Company's acquisition of
Uranerz Energy Corporation, is an in situ recovery ("ISR")
production center with a licensed capacity of 2 million pounds of
U3O8 per year. Energy Fuels also has
the largest NI 43-101 compliant uranium resource portfolio in the
U.S. among producers, and uranium mining projects located in a
number of Western U.S. states, including two producing mines, mines
on standby, and mineral properties in various stages of permitting
and development. The Company's common shares are listed on
the NYSE MKT under the trading symbol "UUUU", and on the Toronto
Stock Exchange under the trading symbol "EFR".
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this news release, including
any information relating to the resources in the Wate project, the
issuance of the state mineral lease, the ability to mine the
resources, costs of mining, future permitting, and any other
statements regarding Energy Fuels' 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' 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 resources in the Wate project; the issuance
of the state mineral lease; the ability to mine the resources;
costs of mining; future permitting; uranium markets; the volatility
of the international marketplace; future uranium prices; the
ability to raise capital to fund project development; and other
risk factors as described in Energy Fuels' most recent annual
information forms and annual and quarterly financial
reports.
Energy Fuels assumes 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' filings with the various securities
commissions which are available online at www.sec.gov and
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 Energy Fuels 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.
SOURCE Energy Fuels Inc.