Energy Fuels Inc. (TSX: EFR) has completed four new NI 43-101
Technical Reports, and has significantly increased the Company's NI
43-101 compliant U3O8 resource, in Colorado and Utah. Measured and
indicated resource has been increased by 2,717,000 lbs. and
inferred resource increased by 3,550,000 lbs., a more than six-fold
increase in the uranium resource reported in two separate 43-101
filings during 2007. The 43-101 compliant V2O5 measured and
inferred resource has also been increased by 11,000,000 lbs. and
inferred resource increased by 12,900,000 lbs., also a six-fold
increase in the vanadium resource reported in 2007.
The measured and indicated resource table following the body of
this release summarizes the 2007 resource estimates for each
property and illustrates the impact of the revisions and new
reports on 2008 measured and indicated resources. The 2008 measured
and indicated U3O8 resource increased 240% to 3.8 million lbs. from
the 1.1 million lbs. reported in 2007. The 2008 measured and
indicated V2O5 resource increased 272% to 14.9 million pounds from
4 million pounds reported in 2007.
These additional resources are presented in an updated technical
report, for the Energy Queen Mine, and three new reports for the
Farmer Girl, Willhunt and Torbyn properties. These reports were all
prepared in accordance with National Instrument 43-101 - "Standards
of Disclosure for Mineral Projects". The Energy Queen and Willhunt
reports were prepared by Peters Geosciences of Golden, Colorado.
The Farmer Girl and Torbyn Reports were prepared by Alinco
GeoServices of Lakewood, Colorado. Concurrent with this release,
the four new reports have been filed on SEDAR (www.sedar.com), and
they will be posted on the Energy Fuels website
(www.energyfuels.com).
As in prior technical reports, resource calculations were
performed using the polygonal method at a nominal spacing of 100
feet, and therefore many polygons enclose approximately 10,000
square feet of area. Of course, the polygons are smaller in areas
where the drill spacing is closer. Vanadium grades are based on
actual assays when available, or the respective intercepts were
assigned a value based on the historical district average V2O5:U3O8
ratio for each property, an accepted industry standard approach in
the Uravan Mineral Belt.
In addition, investigations of outcrops, new drill data, and
historic maps have led to the inclusion of geologic inferred
resources of 3.55 million lbs. U3O8 and 12.9 million pounds V2O5 on
the combined properties, over half of which is on the Whirlwind
Mine property block as released earlier this year. These inferred
resources listed by property are:
Inferred
Resources Only Lbs.U3O8 Lbs. V2O5
----------------------------------------------------------------------------
Whirlwind 2.2 million 6.8 million
Energy Queen 0.4 million 1.9 million
Willhunt 0.5 million 2.5 million
Torbyn 0.3 million 0.9 million
Farmer Girl 0.15 million 0.8 million
--------------------------
Total 3.55 million 12.9 million
According to Energy Fuels' President & CEO, George Glasier,
"In one year, with the addition of 84 completed drill holes to the
28 already drilled at Whirlwind, Energy Fuels has multiplied its
compliant uranium and vanadium resource base by six times. With the
approval of the US BLM plan of operations anticipated this month,
we are ready to mine in an area of significant mineralization. Once
we are producing and routinely exploring with long-hole drilling
from within the mineralized zones, the probability for identifying
additional resource is excellent."
The Qualified Person, as defined by NI 43-101 responsible for
the Energy Queen and Willhunt technical information contained in
this release is Douglas C. Peters, CPG. For the Farmer Girl and
Torbyn technical information, the Qualified Person is M. Hassan
Alief, CPG. Both Mr. Peters and Mr. Alief are independent of the
Company as defined by NI 43-101.
Stephen P. Antony, P.E., a Qualified Person as defined by
National Instrument 43-101, has reviewed and approved the content
of this press release.
----------------------------------------------------------------------------
NI 43-101 Measured and Grade Lbs. Grade Lbs.
Indicated Resource Tons U3 O8 U3 O8 V2O5 V2O5
----------------------------------------------------------------------------
Whirlwind Reported 01/16/07 164,000 0.20% 657,000 0.66% 2.17 million
----------------------------------------------------------------------------
En. Queen Reported 08/08/07 110,000 0.22% 475,000 0.82% 1.80 million
----------------------------------------------------------------------------
EFR 2007 Total 274,000 1,132,000 3.97 million
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Whirlwind Ppty @ 03/12/08:
----------------------------------------------------------------------------
Whirlwind Revised 185,300 0.21% 768,300 0.70% 2.59 million
----------------------------------------------------------------------------
Crosswind Reported 18,722 0.25% 92,086 0.81% 0.31 million
----------------------------------------------------------------------------
Sub-Total 204,022 860,386 2.90 million
----------------------------------------------------------------------------
----------------------------------------------------------------------------
En. Queen Revised 08/06/08 258,000 0.24% 1,214,000 0.96% 4.90 million
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Willhunt Reported 08/06/08 130,120 0.19% 484,000 0.93% 2.42 million
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Torbyn Ppty @ 08/06/08:
----------------------------------------------------------------------------
Torbyn Mine 9,610 0.17% 47,858 0.85% 0.24 million
----------------------------------------------------------------------------
Sapphire Mine 6,390 0.19% 36,046 0.76% 0.14 million
----------------------------------------------------------------------------
Sub-Total 16,000 83,904 0.38 million
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Farmer Girl Ppty @ 08/06/08 19678 0.19 74,215 0.94% 0.37 million
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EFR 2008 Total 627,820 0.22% 2,716,505 0.87% 11.0 million
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL EFR Measured and
Indicated Resource 901,820 0.21% 3,848,505 0.83% 14.97 million
----------------------------------------------------------------------------
Energy Fuels Inc. is a Toronto-based uranium and vanadium
mineral exploration and development company actively rehabilitating
and developing formerly producing mines. With more than 40,000
acres of highly prospective uranium and vanadium property located
in the states of Colorado, Utah and Arizona, the Company has a full
pipeline of additional development prospects. Energy Fuels, through
its wholly-owned Colorado subsidiary, Energy Fuels Resources
Corporation, has assembled this property portfolio along with a
first class management team, including highly skilled technical
mining and milling professionals based in Lakewood and Nucla,
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.
George E.L. Glasier, President & CEO
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2147 or Toll Free: 1-888-864-2125 Email:
investorinfo@energyfuels.com Website: www.energyfuels.com
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