TUE Titan Uranium Inc.

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES


Energy Fuels Inc. (TSX:EFR) ("Energy Fuels") and Titan Uranium Inc. (TSX
VENTURE:TUE) ("Titan") are pleased to announce that the companies have entered
into a definitive business combination agreement to implement the acquisition of
Titan by Energy Fuels as originally announced on October 25, 2011. Pursuant to
the agreement, the parties will complete a plan of arrangement whereby Energy
Fuels will acquire all of the outstanding shares of Titan on the basis of 0.68
of an Energy Fuels share for each Titan share. Based on the currently
outstanding shares of Titan, Energy Fuels would issue approximately 88.26
million shares to acquire all of the currently outstanding Titan shares. It is
anticipated that the transaction will close during February, 2012.


Steve Antony, President & CEO of Energy Fuels said, "With this acquisition,
Energy Fuels can be counted among the largest holders of potentially recoverable
uranium resource in North America. Adding Titan's 31 million pounds of NI 43-101
Indicated Mineral Resource significantly enhances the attractiveness of Energy
Fuels in this global uranium marketplace."


In addition, Chris Healey, President & CEO of Titan stated, "The execution of
the business combination agreement marks an important milestone for Titan 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 Titan's assets. Post-arrangement, Titan
shareholders will have exposure to a production-focused uranium company with
conventional uranium mining expertise, an extensive asset base in the Western
United States, and an approved license to construct and operate a new
conventional uranium mill." 


The transaction is to be effected pursuant to a plan of arrangement under the
Canada Business Corporations Act, which will require approval of the
shareholders of Titan holding at least 66 2/3% of the votes cast at a
shareholders meeting of Titan being in favour of the transaction.


Dundee Securities Ltd. is acting as financial advisor to Energy Fuels. BayFront
Capital Partners is acting as financial advisor to Titan.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this news release, including any information
relating to the proposed Transaction between Energy Fuels and Titan, the
benefits and synergies of the Transaction, future opportunities for the combined
company and any other statements regarding Energy Fuels' and Titan's future
expectations, beliefs, goals or prospects constitute forward-looking information
within the meaning of applicable securities legislation (collectively,
"forward-looking statements"). All statements in this news release that are not
statements of historical fact (including statements containing the words
"expects", "does not expect", "plans", "anticipates", "does not anticipate",
"believes", "intends", "estimates", "estimates", "projects", "potential",
"scheduled", "forecast", "budget" and similar expressions) should be considered
forward-looking statements. All such forward-looking statements are subject to
important risk factors and uncertainties, many of which are beyond Energy Fuels'
and Titan's ability to control or predict. A number of important factors could
cause actual results or events to differ materially from those indicated or
implied by such forward-looking statements, including without limitation: the
parties' ability to consummate the Transaction; the conditions to the completion
of the Transaction, including the receipt of shareholder approval, court
approval or the regulatory approvals required for the Transaction may not be
obtained on the terms expected or on the anticipated schedule; the parties'
ability to meet expectations regarding the timing, completion and accounting and
tax treatments of the Transaction; the volatility of the international
marketplace; and any other factors described in Energy Fuels' and Titan's most
recent annual and quarterly financial reports.


Energy Fuels and Titan assume no obligation to update the information in this
communication, except as otherwise required by law. Additional information
identifying risks and uncertainties is contained in Energy Fuels' and Titan's
respective filings with the various provincial securities commissions which are
available online at www.sedar.com. Forward-looking statements are provided for
the purpose of providing information about the current expectations, beliefs and
plans of the management of each of Energy Fuels and Titan relating to the
future. Readers are cautioned that such statements may not be appropriate for
other purposes. Readers are also cautioned not to place undue reliance on these
forward-looking statements, that speak only as of the date hereof.


This news release and the information contained herein does not constitute an
offer of securities for sale in the United Sates and securities may not be
offered or sold in the United States absent registration or exemption from
registration.

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