Energy Fuels Provides Project Update and Corporate Status Review
- January 17, 2011 Deadline for License Decision on the Pinon Ridge Mill - Bureau of Land Management (BLM) Approval of Notice of Intent (NOI) for Exploration on Pocket 2 Claims in the Arizona Strip - Ongoing Geologic, Geophysical, and Economic Evaluation of Mineral Properties - Compliance on All Permits at the Whirlwind and Energy Queen Mines
1:15 PM ET, June 8, 2010
TORONTO, ONTARIO, Jun 8, 2010 (Marketwire via COMTEX) -- Energy Fuels Inc. (EFR) ("Energy Fuels" or the "Company"), is pleased to provide an update on its projects as well as the status of the Company since the appointment of Steve Antony as President and CEO on April 1 of this year. Mr. Antony stated, "Because of the succession planning put in place by George Glasier, the transition of leadership has been seamless at Energy Fuels. Our team continues to make progress on all of our projects, especially the licensing of the mill. We anticipate that with a permitted and licensed mill site in hand, the ability to finance our projects going forward will be significantly enhanced. Energy Fuels has greatly reduced permitting and licensing unknowns and offers potential opportunity to participate in the upside commodity pricing anticipated for both uranium and vanadium with risk parameters that are favorable, well-understood, and defined for the life of our project. This is in sharp contrast with the many uncertainties confronting other uranium projects both domestically and abroad."
Key project accomplishments include:
Pinon Ridge Mill Project: Energy Fuels continues to make progress in permitting the Pinon Ridge mill with the State of Colorado. The Colorado Radioactive Material License and the air quality Construction Permit are the two remaining major permits needed to construct and operate the Pinon Ridge Mill.
Montrose County provided comments regarding the Environmental Report on the Pinon Ridge Mill to the Colorado Department of Public Health and Environment (CDPHE) on April 19, 2010, which established a statutory deadline of January 17, 2011 for a decision by CDPHE on the mill license application, as reported in their late April news release. Energy Fuels has received two Requests for Information from CDPHE, one on February 26, 2010, and the second on May 25, 2010. The Company has provided detailed technical responses to the first request and responses for the second request are now being completed.
Energy Fuels previously obtained approval of its Special Use Permit application from Montrose County on September 30, 2009. The mill license application was determined to be complete by CDPHE on December 18, 2009 and is now being reviewed by the agency for technical adequacy. The two public meetings required by state law to receive comment on the license application were held on January 21, 2010, in Nucla, Colorado, and on February 17, 2010, in Montrose, Colorado. Local support for the mill remained strong at these meetings.
CDPHE has scheduled five more public meetings in towns located in Montrose and San Miguel counties during June and July. These meetings are in addition to the two required public meetings already held. Energy Fuels anticipates that this will complete the public meeting portion of the license review process.
The air quality permit application has been determined to be complete by the Colorado Air Pollution Control Division with the submittal of a Reasonably Available Control Technology (RACT) Report on April 29 and the Air Dispersion Modeling Report on May 28. The air quality permit application will now be reviewed by the Division for technical adequacy.
NOI Approval: In late 2009 and early 2010, Energy Fuels, as operator of its Arizona Strip Partners Joint Venture (ASP) with Royal USA, Inc applied an innovative geophysical approach employing a state-of-the-art versatile time domain electromagnetic system to explore for breccia pipe targets. ASP identified a highly prospective breccia pipe target north of the Grand Canyon and outside the proposed Department of Interior withdrawal area, identified as the Pocket 2 claims. ASP staked these claims and immediately filed a NOI with the Arizona office of the BLM to conduct a 3-D seismic survey and limited drilling on the claim block. The NOI has been approved and field operations should begin in early July.
Property Evaluations: Energy Fuels continues exploration and evaluation of its numerous prospective uranium and vanadium properties through both geological and geophysical techniques. As a result of this ongoing technical effort, the Company's property ownership position has been upgraded to only those prospects offering the best potential for mineable resource. In Colorado and Utah, 230 claims have been released and in Arizona, another 79 claims have been released. This work reduces landholding costs while allowing the Company to focus on the properties with the best likelihood of actually becoming a producing mine. Over the last several months, Energy Fuels has successfully re-negotiated a number of its mineral property leases with claim holders. These negotiations have resulted in the deferral or favorable adjustment of cash advance royalty payments. Energy Fuels also continues to evaluate other significant resource properties within a reasonable haul distance of the Pinon Ridge Mill.
Mine Permit Compliance: Energy Fuels has diligently maintained compliance with all permit conditions at the Whirlwind and Energy Queen Mines including environmental and safety inspections, sampling and reporting. These properties remain fully permitted and ready to move into production, as market conditions allow.
Steve Antony further stated, "During this period of license application review, the support of that process, and overall tight budgets at Energy Fuels, we have been working to improve our position on several fronts, including addressing our availability of capital to assure sufficient funds to maintain liquidity through the approval of the mill license. Our efforts have positioned Energy Fuels as a uranium mining opportunity ready to capitalize on a strengthening uranium market, as forecast by many market watchers."
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 39,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan's Athabasca Basin totaling approximately 38,500 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., 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.
SOURCE: Energy Fuels Inc.
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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