Energy Fuels Announces BLM Approval of Final Permit Authorizing Mining Operations at Whirlwind Mine
12 September 2008 - 3:53AM
Marketwired
Energy Fuels Inc. (TSX: EFR) is pleased to announce that on
September 10, 2008, both the Moab and Grand Junction field offices
of the US Bureau of Land Management jointly issued a Record of
Decision with a Finding of No Significant Impact (FONSI) for the
Whirlwind Mine, which has surface facilities in Mesa County,
Colorado, and additional mining claims in Grand County, Utah.
The decision will enable Energy Fuels to immediately implement
the Plan of Operations for the Whirlwind Mine. This plan allows for
the production of up to 200 tons per day of uranium-bearing
material, and all approved and necessary surface disturbance. Mine
production at this level would result in 250,000 lbs. of U3O8
annual production, which is half the amount typically needed to
fuel a 1000 MW nuclear power plant each year. Additionally, this
mine tonnage will provide about 1,000,000 lbs. of V2O5 annual
production, which will be sold primarily to steelmakers as an
alloying agent.
With this approval, the Whirlwind Mine joins the Energy Queen
Mine near La Sal, Utah as Energy Fuels' second fully permitted
uranium/vanadium mine. These two mines have a total permitted
capacity of 450 tons per day, putting Energy Fuels well on its way
to joining Denison Mines as a major US domestic uranium/vanadium
producer. At today's published prices, these two mines, when fully
developed could generate revenue of US$75 million per year for
Energy Fuels.
George Glasier, Energy Fuels' President & CEO, stated that,
"This decision is the final and most challenging step in a process
requiring 14 separate permits including county, state, and federal
approvals; a process which has been significantly more demanding
than we initially anticipated. In this difficult jurisdiction, I am
proud of our team for acquiring this permit in 14 months from
initial filing. Whirlwind Mine is the first major uranium mine to
be permitted in Colorado in two decades. Much of the work for the
permit covered new ground in this age of more rigorous
environmental standards for mine permitting. Energy Fuels'
groundwork, working through this mine permit process with the
cooperation of BLM staff, will streamline permitting on future
mining properties."
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.
Energy Fuels Inc. is a Toronto-based uranium and vanadium
mineral 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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