(SYMBOL: "EFR" - TSX)
TORONTO, Jan. 8 /CNW/ - Energy Fuels Inc. (TSX: EFR) "Energy Fuels" or
"the Company" moved one step closer to full mining operations at the Company's
Whirlwind Mine near Gateway, Colorado. On December 18, the Mesa County Board
of Commissioners approved the County Conditional Use Permit for the Whirlwind
Mine by a unanimous 3 to 0 vote. This is the first of three major permits
required to bring the Whirlwind Mine into production. Permits still in
process, and anticipated in the next few months are with the State of Colorado
Department of Reclamation, Mining, and Safety, and the US Bureau of Land
As part of the permit review process, Energy Fuels agreed to a hauling
compromise. Hauling from the mine will be limited to three time periods per
day, and these haulage periods will be clearly posted on the county road to
the mine. Since Whirlwind is expected to produce at the rate of 200 tons per
day, (8 highway truck loads), this haulage schedule fully supports mine
production. Also, to accommodate the recreational use of the county road,
Energy Fuels will suspend hauling on weekends between April 15 and
Successful development drilling earlier this year resulted in a
modification to the Whirlwind mining plan. Energy Fuels' management team
re-evaluated the production schedule and concluded that the most prudent use
of the company's resources at this time was to invest in the long term
efficiency of the Whirlwind Mine. Additional mine development projects were
initiated, rather than pursuing a small amount of near term production. This
management decision delayed initial Whirlwind production into the second
quarter of 2008, closer to an anticipated milling schedule through either a
toll milling agreement, or through the Pinon Ridge Mill.
Additionally, Energy Fuels filed its audited Annual Report and Financial
Statements on December 29. These documents are available at www.sedar.com. The
update of the Company's "Management Discussion and Analysis" (MD&A) will be of
special interest to those following Energy Fuels.
Energy Fuels also announces that it has granted, subject to Toronto Stock
Exchange approval, 1,050,000 stock options under its Incentive Stock Option
Plan for a term of five (5) years at an exercise price of $2.25 to directors,
employees, officers, and consultants of the Company.
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:
firstname.lastname@example.org; The Equicom Group, Martti Kangas, Investor
Relations, (416) 815-0700 x 243, email@example.com