Energy Fuels Announces Closing of Merger with Magnum Uranium Corp.
02 July 2009 - 9:00PM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company") is
pleased to announce that the merger of Energy Fuels and Magnum
Uranium Corp. was successfully completed effective June 30, 2009.
With the closing of this transaction, Magnum shareholders became
shareholders of Energy Fuels on the basis of 0.78 shares of Energy
Fuels for each Magnum common share held.
As previously reported, this transaction provides Energy Fuels
with significantly more resource to develop for mill feed at the
Company's Pinon Ridge mill, and more cash to develop the mill and
mines. Additionally, the Company now has a Wyoming ISR property
with exciting potential and is a partner in an exploration project
in Canada's Athabasca Basin. This addition of assets provides a
broader platform and a significant first step for additional
consolidation in Energy Fuel's area of interest.
Energy Fuels' President & CEO, George Glasier said at
closing, "We welcome the former shareholders of Magnum Uranium as
shareholders of Energy Fuels. We know that the resources formerly
held by Magnum will be developed profitably for the uranium market
more quickly through the combination with Energy Fuels, than
through any other method."
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 55,000 acres of highly
prospective uranium and vanadium property located in the states of
Colorado, Utah, Arizona, Wyoming, Idaho, and New Mexico, and
exploration properties in Saskatchewan's Athabasca Basin totaling
almost 50,000 additional acres, the Company has a full pipeline of
additional development prospects. Energy Fuels, through its
wholly-owned Colorado subsidiary, Energy Fuels Resources
Corporation, 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.
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2147 or Toll Free: 1-888-864-2125 investorinfo@energyfuels.com
www.energyfuels.com
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