Energy Fuels Significantly Increases Compliant Resource with Updated Whirlwind NI 43-101 Technical Report



    (SYMBOL: "EFR" - TSX)

    TORONTO, March 26 /CNW/ - Energy Fuels (TSX: EFR) has increased the
NI 43-101 compliant U(3)O(8) resource (measured, indicated and inferred) at
the Whirlwind Mine to 3,060,386 lbs., an increase from the 657,000 lbs.
(indicated only) originally reported in January, 2007. This additional
resource is presented in an updated technical report, prepared in accordance
with National Instrument 43-101 - "Standards of Disclosure for Mineral
Projects", by Peters Geosciences of Golden, Colorado and dated March 12, 2008.
Concurrent with this release, the new report will be filed on SEDAR
(www.sedar.com).
    As a result of recommendations made in the initial Whirlwind 43-101
report, prepared by FGM Consulting and released January 16, 2007, Energy Fuels
acquired additional claim blocks (Crosswind and Far West claim blocks) and
consolidated a mineral property package at the Whirlwind Mine consisting of
216 mineral claims covering approximately 4,385 acres. Energy Fuels also
completed a Whirlwind drilling program consisting of 28 holes totaling
18,580 feet during the summer of 2007. Additionally, an agreement is pending
with a third party to purchase the lease on a 320 acre Utah State Section
which is completely surrounded by Energy Fuels' claims. This lease is included
in the resource estimate and accounts for 200,000 lbs. of U(3)O(8) and
648,000 lbs. of V(2)O(5) in the total inferred resource.
    The resource calculation was performed using the polygonal method based
on 97 drill holes at a nominal spacing of 100 feet, and therefore many
polygons enclose approximately 10,000 square feet of area. Of course, the
polygons are smaller in areas where the drill spacing is closer. Vanadium
assay information was available for only a few of the drill holes. Where no
vanadium data existed, the respective intercept was assigned a value based on
the historical district average V(2)O(5):U(3)O(8) ratio of 3.24:1.
    A grade cut-off of 0.06% U(3)O(8) was employed in this estimate, with the
exception of one hole (F-190) where V(2)O(5) was high grade. Dilution has
assumed waste material at a zero grade. It is conservative to use waste at
zero grade for the dilution, since there is often lower grade material
adjacent to the target mineralized zones.
    The table below summarizes the original estimate and the impact of the
revisions on indicated resource:

    
    -------------------------------------------------------------------------
    Indicated                  Grade        Lbs.     Grade              Lbs.
    Resource          Tons   U(3)O(8)    U(3)O(8)  V(2)O(5)          V(2)O(5)
    -------------------------------------------------------------------------
    Whirlwind
     Reported
     01/16/07      164,000      0.20%    657,000      0.66%     2.17 million
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Whirlwind
     Revised
     03/12/08      185,300      0.21%    768,300      0.70%     2.59 million
    -------------------------------------------------------------------------
    Crosswind
     Reported
     03/12/08       18,722      0.25%     92,086      0.81%     0.31 million
    -------------------------------------------------------------------------
    Total
     Indicated
     at 03/12/08   204,022               860,386                2.90 million
    -------------------------------------------------------------------------
    

    In addition to the above indicated resource gain of 31% for U(3)O(8) and
34% for V(2)O(5), investigations of outcrops, new drill data, and historic
maps have led to the inclusion of geologic inferred resources of
2.2 million lbs. U(3)O(8) and 6.8 million pounds V(2)O(5) on the combined
properties. The report states that the "potential to further increase this
resource is quite reasonable."
    Energy Fuels' President & CEO, George Glasier commented "It is very
encouraging that on the basis of just 28 drill holes, Energy Fuels was able to
make such a significant impact on the Whirlwind resource base. We are
confident that the Whirlwind Mine will be a producer for many years, based on
our findings this past year, and the historic mine development models of Union
Carbide and Pioneer-Uravan. These companies would have never made the
investment in the Whirlwind decline if they weren't confident of recovering
that investment."
    Douglas C. Peters, CPG is the Qualified Person, as defined by NI 43-101
responsible for the technical information contained in this release. 
Mr.Peters is independent of the Company as defined by NI 43-101.
    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
exploration and 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





For further information:

For further information: Energy Fuels Inc., Gary Steele, Investor
Relations, (303) 974-2147, Toll free: 1-888-864-2125, Email:
investorinfo@energyfuels.com, Website: www.energyfuels.com

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ENERGY FUELS INC.

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