News Releases

September 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 Zenith Minerals, LLC (Zenith) to acquire from Zenith US Department of Energy (DOE) Lease C-AM-19 which hosts a historical resource of approximately 400,000 lbs of U3O8 and 2 million lbs of V2O5. The lease, comprising 671 acres on Atkinson Mesa in western Montrose County, Colorado, is contiguous with Energy Fuels’ C-AM-19A DOE lease which was acquired in July, 2009, and is only 33 highway miles from the site for Energy Fuels’ proposed Piñon Ridge Mill. This lease was the site of Union Carbide Corporation’s King Solomon Mine complex which produced over 6 million lbs. U3O8 and 30 million lbs V2O5 over its lifetime until closure in 1985.

As part of this overall agreement, Energy Fuels has also entered into an “Area of Mutual Interest” (AMI) agreement with Zenith covering all of Zenith’s earlier held claims in the Uravan Mineral Belt. In exchange for a 2% overriding royalty payable to Zenith for any production from properties within the defined AMI boundary that may be acquired by Energy Fuels within the next three years, Energy Fuels also will acquire all data held by Zenith in the region. The overriding royalty will only be payable on production from properties determined by Energy Fuels to have sufficient value to be attractive for acquisition, and includes any production from the C-AM-19 DOE lease.

An agreement in principal to execute a Mining Lease Agreement has already been reached with one of the underlying claim holders on a contiguous block of 118 claims within the Zenith AMI and Energy Fuels anticipates that lease will be completed within the next few weeks.

In total, this property agreement with Zenith will add about 600,000 lbs. of historical (not yet NI 43-101 compliant) U3O8 resource to Energy Fuels’ inventory at minimal current cost.

Note that “historical resource” estimates referenced in this release are based on information provided by Department of Energy (DOE) in February, 2008 and historical regional mining and drilling by Union Carbide and others. DOE data from estimates originally prepared by the Atomic Energy Commission (AEC), predecessor to DOE, and based on US Geological Survey and AEC drilling conducted during 1951 – 1953. AEC/DOE do not apply resource categories or qualifiers.

Stephen Antony, President and CEO commented, “We continue to consolidate the region as we move toward a mill licensing decision from the State in January 2011. Our strategy is to build pounds and accumulate uranium/vanadium ore for a central mill which can service the entire Uravan Mineral Belt. This region is an area of prolific historical production and we are positioning the Company to be at the center of activity in the future.”

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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