News Releases

November 30, 2010

Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company“), an advanced uranium and vanadium exploration and development company, announced today that it has entered into an agreement with Uranium One to acquire two Utah State Mineral Leases and 13 unpatented claims accessible from the Energy Queen Mine, located near La Sal, Utah. The addition of these properties will increase Energy Fuels’ holdings in the area by 1,400 acres, resulting in a contiguous property block at the Energy Queen totaling 3000 acres. Based on Union Carbide Corp. maps developed from drilling performed in the late 1970’s, one of these newly acquired Utah State parcels contains historic resource (not NI 43-101 compliant) of 184,000 lbs. U3O8 and 800,000 lbs. V2O5 within 4,000 feet of underground development planned for the Energy Queen Mine by Energy Fuels.

The Energy Queen is a fully permitted uranium mine currently on care and maintenance. Energy Fuels holds 29 unpatented claims in the area to the west of the original mine site. The Uranium One properties adjoin these claims on the north, west, and south sides and contain the historic producing Rattle Snake Mine as well as other past producers. All of these additional properties are within economic mining distance of the workings planned for the Energy Queen Mine, and may potentially be produced through the existing shaft. Energy Fuels is preparing an internal Preliminary Economic Assessment on the combined properties.

Steve Antony, President and CEO commented, “This acquisition, combined with a steadily rising uranium price, recently moving up through $60/lb. in the spot market, clearly enhances the economic viability of putting the Energy Queen Mine into production. Consolidating the land position around this fully permitted mine is obviously accretive to our production plans for the area and part of our overall strategy to consolidate the entire Uravan Mineral Belt. Our planned Piñon Ridge Mill location is in the heart of this past producing region and we are positioning the Company to be the leading producer in the area.”

This is a non-cash transaction. Uranium One will assign these three parcels and any pertinent data to EFR in exchange for electronic copies of specific historic data in EFR’s possession of interest to Uranium One. Uranium One will also retain an overriding royalty of 1% on any production from the acquired properties.

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