MM Magnum Uranium Com Npv

Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") and Magnum Uranium
Corp. (TSX VENTURE:MM) ("Magnum Uranium") are pleased to announce that the
companies have entered into a definitive arrangement agreement to implement the
acquisition of Magnum by Energy Fuels originally announced on March 30, 2009.
Pursuant to the agreement, the parties will complete a plan of arrangement
whereby Energy Fuels will acquire all of the outstanding shares of Magnum
Uranium on the basis of 0.78 shares of Energy Fuels for each Magnum Uranium
share. Based on the currently outstanding shares of Magnum Uranium, Energy Fuels
would issue approximately 23.33 million shares to acquire all of the currently
outstanding Magnum Uranium shares. It is anticipated that the transaction will
close on or about June 30, 2009.


The transaction is to be effected pursuant to a plan of arrangement under the
Business Corporations Act (British Columbia), which will require approval of the
shareholders of Magnum Uranium holding at least 66 2/3% of the issued shares of
Magnum Uranium being voted at a shareholders meeting being in favour of the
transaction. The Magnum shareholders' meeting has been scheduled for June 22,
2009. It is expected that a notice of meeting and management information
circular containing detailed information concerning the transaction will be
filed on SEDAR and mailed to Magnum shareholders by the end of May. Completion
of the transaction is conditional upon satisfaction of various conditions
precedent, including receipt of all required court and regulatory approvals.


"The execution of the Arrangement Agreement marks an important milestone for
Magnum and its shareholders. Our board of directors, being in receipt of an
external fairness opinion, has unanimously concluded that this transaction is
the best way to maximize the value of Magnum's assets. Post-Arrangement,
shareholders will have exposure to a production-focused uranium company with an
extensive asset base in the Western United States." stated Craig Lindsay,
President & CEO of Magnum.


In addition, George Glasier, President & CEO of Energy Fuels said, "We are
pleased to complete this important step toward consolidation of uranium assets
in the Colorado Plateau. The combination with Magnum Uranium will enhance the
property portfolio of Energy Fuels, add significant 43-101 resource to our
potential mill feed inventory, and fit well with Energy Fuels' plan to become
the next North American conventional uranium producer."


Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral development
company actively rehabilitating and developing formerly producing mines. With
more than 46,000 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.


Magnum Uranium is a Vancouver-based minerals exploration company focused on the
acquisition and development of uranium assets in North America. Currently,
Magnum's primary property holdings are located in the Western United States,
specifically Wyoming, Utah, Idaho, and New Mexico, and in Canada's Athabasca
Basin.


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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