News Releases
April 14, 2011
Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company”), announced that the Company has updated the mineral resource estimates on its primary, fully permitted mining properties (the Whirlwind and Energy Queen Mines), as well as on its San Rafael project. The updated resource estimates result in a measured and indicated uranium mineral resource increase of about 27% from 5.1 million lbs. to more than 6.4 million lbs. U3O8. Inferred mineral resource increased by about 18% from 3.7 million lbs. to over 4.3 million lbs. Details of the updated Energy Fuels uranium resource are shown below:
| Energy Fuels Mineral Resources | |||
|---|---|---|---|
| U3O8 | |||
| Tons | Grade | Lbs. | |
| Measured | |||
| Energy Queen | 136,870 | 0.29% | 789,960 |
| Indicated | |||
| Whirlwind | 169,129 | 0.30% | 1,003,322 |
| Energy Queen | 86,820 | 0.35% | 605,925 |
| San Rafael | 758,050 | 0.23% | 3,404,600 |
| Other Pptys | 157,646 | 0.20% | 642,119 |
| M & I Total | 6,445,926 | ||
| Inferred | |||
| Whirlwind | 437,100 | 0.23% | 2,000,000 |
| Energy Queen | 67,780 | 0.27% | 366,250 |
| San Rafael | 453,850 | 0.21% | 1,859,600 |
| Other Pptys | 27,600 | 0.22% | 120,000 |
| Inferred Total | 4,345,850 | ||
The growth in resources reported in these updated technical reports came primarily from adjoining property acquisitions. Significant pounds were added at San Rafael that became accessible as a result of the Hollie Claims acquisition from Titan Uranium. There was also new drilling at San Rafael since the earlier 43-101 technical reports were filed.
So far in the 2011 calendar year, Energy Fuels has increased measured and indicated U3O8 resources by more than 2.4 million lbs. U3O8, including the acquisition of the Hollie claims from Titan Uranium. Titan’s Hollie resources were already estimated in accordance with NI 43-101 as a result of earlier work by Magnum Uranium before it was merged into Energy Fuels. Inferred resources have increased by about 666,000 lbs. These resource contributions come from the following sources:
| Measured and Indicated Lbs. |
Inferred Lbs. | |
|---|---|---|
| San Rafael Hollie Claims (already in 983,300 43-101 Resource) | 983,300 | |
| San Rafael Consolidation | 1,000,000 | 522,000 |
| Whirlwind Property Acquisition | 236,000 | |
| Energy Queen Property Acquisition | 181,000 | 144,000 |
| TOTALS | 2,400,300 | 666,000 |
Steve Antony, President and CEO of Energy Fuels stated, “These additional resource pounds are a direct result of our consolidation initiative in Colorado and Utah. We think this is just the beginning of what we can accomplish with a clear focus and the new investment capital that we are raising.”
The updated resource estimates for the Whirlwind and Energy Queen properties are set out in technical reports dated March 15, 2011 prepared by Douglas C. Peters, Certified Professional Geologist, of Peters Geosciences, Golden, Colorado, an independent qualified person for purposes of NI 43-101. The updated resource estimate for the San Rafael Property is set out in a technical report dated March 21, 2011 prepared by O. Jay Gatten, Utah Professional Geologist, an independent qualified person for purposes of NI 43-101. Copies of the technical reports are available on SEDAR (www.sedar.com) and on the Company’s website (www.energyfuels.com).
• • •
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company. With more than 38,000 acres of highly prospective uranium and vanadium property 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 Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Energy Fuels Inc.
Gary Steele
Investor Relations
(303) 974-2140
Toll free: 1-888-864-2125
Email: investorinfo@energyfuels.com
Website: www.energyfuels.com