TORONTO, ONTARIO--(Marketwire - 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 Inferred Lbs. Lbs. ------------------------- ------------ San Rafael Hollie Claims (already in 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.
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