News Releases

October 27, 2011

Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”), announced today that the United States Environmental Protection Agency (“EPA”) approved construction of the tailings impoundment and evaporation pond facilities for the Piñon Ridge Uranium and Vanadium Mill (“Mill”). These facilities will manage the tailings and wastewater produced by the Mill. Radon emissions from uranium tailings and wastewater are regulated by the EPA under the National Emissions Standards for Hazardous Air Pollutants (or “NESHAPs”). This is the only EPA approval required to construct and operate the Piñon Ridge Mill and follows Energy Fuels’ receipt of a Radioactive Materials License for the Mill from the State of Colorado in March of 2011. Permitting of the Mill is nearing completion with only the construction permit from the Colorado Air Pollution Control Division (APCD) for non-radioactive air emissions, still awaiting approval. This permit is in an advanced stage of review by the APCD.

“With the EPA approval, the permitting and environmental risk to our project is now behind us,” said Stephen P. Antony, President and CEO of Energy Fuels. “This is significant for Energy Fuels and the domestic uranium industry, as it is the first EPA approval of a conventional mill tailings facility since the NESHAP regulations were revised. Achieving this milestone brings Energy Fuels one big step closer to production of American uranium and vanadium.”

The EPA’s decision this week is the latest government approval issued to Energy Fuels, and further confirms the quality of the work done by the Company in designing its facilities and its commitment to the environment. On August 4, 2011, Energy Fuels received the required NESHAPs construction approval from the EPA for the Whirlwind Mine’s ventilation system. A similar approval was received for the Energy Queen Mine from the State of Utah Division of Air Quality on July 14, 2011. On September 26, 2011, the Company announced that it had entered into a legal settlement that clears the way for securing the water rights needed for Mill operations.

The Piñon Ridge Mill will be located in the heart of the Uravan Mineral Belt, historically the most significant uranium and vanadium producing region in the United States. There is currently only one other uranium and vanadium processing facility operating in the United States. Energy Fuels has two fully-permitted, production-ready mines in the area (the Whirlwind and Energy Queen), and is acquiring, permitting, and rehabilitating additional mines in the region with significant remaining uranium and vanadium resources.

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