News Releases

July 7, 2010

Energy Fuels Inc. (TSX-EFR) (“Energy Fuels” or the “Company“), an advanced uranium and vanadium exploration and development company, announced the closing today of a non-brokered private placement financing (the “Offering”).

Highlights-

• Gross Proceeds: $3,080,000 in Canadian Funds
• Offering: Non-brokered private placement of 19,250,000 shares
• Offering Price: $0.16 per common share
• Use of Proceeds: Advancement of the approval of the Piñon Ridge Mill License Application, and overall business plan objectives.

Under the Offering, the Company issued 19,250,000 common shares at a price of CDN$0.16 per share for gross proceeds of CDN$3,080,000. Dundee Resources Limited (“Dundee”), a wholly owned subsidiary of Dundee Corporation, subscribed for all of the 19,250,000 common shares issued under the Offering. The private placement is subject to a 5% cash finder’s fee payable to an arm’s length party.

Dundee has the right to nominate 2 of the 7 members of the Board of Directors of Energy Fuels as long as it holds at least 10% of the outstanding common shares of the Company.

Accordingly, Paul A. Carroll and Mark E. Goodman have been appointed to the board and Michael Gundy and Donald Falconer have retired. Birks Bovaird, Chairman of the Company, said “We would like to thank Messrs. Gundy and Falconer for their services as directors during this formative period.”
Mr. Carroll is President of Carnarvon Capital Corporation, a corporate management and investment company, and President and CEO of World Wide Minerals Ltd., a former uranium mining and marketing company. He has had a lengthy career in the legal and mining fields and has been a director of many publicly traded and privately held companies, including Dundee Corporation, International Corona Corp. and Zemex Corp. Mr. Goodman is Chairman of the Board of Valdez Gold Inc. and is a member of the board of several publicly traded and privately held companies, including Cogitore Resources Inc., Odyssey Resources Ltd., Corona Gold Corp., Dia Bras Exploration Inc. and the Dynamic Venture Opportunities Fund.

The proceeds from the Offering will be used to advance the approval of the Piñon Ridge Mill License Application through the decision deadline of January 17, 2011, as announced in April by the Colorado Department of Public Health and Environment; to maintain all existing permits and facilities; and to continue the evaluation of consolidation opportunities.

Steve Antony, President and CEO, stated, “With this additional capital, and at our current cash burn rate, we are funded to continue operations at the current level through calendar 2011. As we get closer to the approval of the radioactive materials license, expected no later than January 17, 2011, we will aggressively pursue long term funding for the capital required to construct and reclaim the Piñon Ridge Mill. We are very excited to welcome Dundee as our single largest shareholder and to have their support of our business model as we execute the plan to become a near-term producer of both uranium and vanadium and participate in the evolving western US uranium business.”

Following the Offering, Dundee is expected to hold approximately 19.8% of the issued and outstanding shares of the Company.

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