Energy Fuels Retracts and Clarifies Previous Disclosure Regarding Possible Economic Outcome at the Energy Queen and Whirlwind Mi
08 October 2008 - 7:15AM
Marketwired
Energy Fuels Inc. (TSX: EFR) -
As a result of a review by the Ontario Securities Commission,
Energy Fuels Inc. ("Energy Fuels" or "the Company") is issuing the
following news release to clarify previous disclosures.
Earlier in 2008, Energy Fuels disclosed by way of two separate
news releases, data placing an indicative value on a ton of
in-place resource and on a potential revenue stream that does not
comply with Section 4.2 (1) (j) of NI 43-101. These disclosures
were deemed by OSC to be non-compliant.
The specific disclosures being addressed are:
1. In a press release dated March 12, 2008, which advised the
public that Energy Fuels had acquired the mining permit for its
Energy Queen Mine, the Company stated that, "each ton of Energy
Queen production is valued at almost US$800.00."
2. In a press release dated September 11, 2008, which advised
the public that Energy Fuels acquired the US Bureau of Land
Management permit approval for its Whirlwind Mine, the Company
stated that, "At today's published prices, these two mines,
(Whirlwind and Energy Queen) when fully developed could generate
revenue of US$75 million per year for Energy Fuels."
Energy Fuels wishes to retract both its previous disclosures
regarding the economic outcome of its Energy Queen and Whirlwind
Mine 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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