News Releases

October 14, 2010

Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company“), has been awarded a Department of Energy (DOE) lease tract (SR-12) that was originally released for bid by DOE in the May, 2008 lease sale. This 641 acre lease, in western San Miguel County, Colorado (within the Uravan Mineral Belt), was originally won by another bidder who subsequently dropped the lease. It is contiguous with other properties held by Colorado Plateau Partners Joint Venture in which the Company is partnered with Australian company Royal Resources.

Based on pre-bid public information provided by DOE in February of 2008, this tract contains about 156,000 lbs. of historical U3O8 resource (not currently NI 43-101 compliant). Historical production records from the area indicate a historical V2O5 resource of about 1.5 million lbs. on the lease. The DOE data comes from an estimate originally prepared by the Atomic Energy Commission (or AEC, predecessor of the DOE), based on US Geological Survey and AEC drilling conducted during 1951 – 1953. AEC/DOE do not apply resource categories or qualifiers.

Additionally, Energy Fuels is pleased to obtain the consulting services of Mr. Richard Cherry to support of the Company’s consolidation strategy in the western USA and product marketing effort. Mr. Cherry is a veteran nuclear industry executive, having worked for leading companies in uranium mining, milling, marketing, conversion, and power generation for over 35 years. During the period 2000-2006, Mr. Cherry was President and CEO of Cotter Corporation and Nuclear Fuels Corporation, (both affiliates of General Atomics Corporation). He was responsible for all aspects of Cotter’s mining and milling operations during the period when Cotter was actively mining and milling uranium and vanadium in the US; and for Nuclear Fuels Corporation, he was responsible for worldwide uranium marketing for all General Atomics’ affiliates. During the period 1997-2000 Mr. Cherry was Vice President of ConverDyn (a joint venture between Honeywell International and General Atomics) providing US uranium conversion services to large electrical utilities world-wide. Prior to joining General Atomics, Mr. Cherry was involved in uranium trading for UG U.S.A. and nuclear fuel procurement for the 1,166 MW Wolf Creek Nuclear Generating Station owned by several Kansas utilities. Mr. Cherry holds an M.S. in Mechanical Engineering and a B.S. in Engineering Physics.

“Stephen Antony, President and CEO of Energy Fuels commented, “As we move toward the January decision on our Piñon Ridge Mill license, I am pleased to have the expertise of an experienced uranium professional like Richard Cherry on our team. Richard will be working closely with me on the consolidation strategy and with Gary Steele, our Senior Vice President of Marketing, on securing long-term contracts for our uranium products. We have seen the spot price for uranium strengthen over recent months and securing forward looking contracts will help us build on that momentum.”

Stephen P. Antony, President and CEO, and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the content of this press release.

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