(SYMBOL: "EFR" - TSX)
TORONTO, March 12 /CNW/ - Energy Fuels (TSX: EFR) is pleased to announce
that, the Utah Division of Oil, Gas and Mining (DOGM) approved the transfer of
the existing mine permit for the Energy Queen Mine, (formerly known as the
Hecla Shaft Mine) located near La Sal, Utah, from Denison Mines to Energy
Fuels Resources Corp. With this approval, Energy Fuels has its first fully
permitted uranium/vanadium mine. The Energy Queen will be capable of producing
200 tons per day once mine refurbishment is complete. Full-scale refurbishment
activities will start immediately and will lead to initial production of
mineralized material from the Energy Queen Mine in 2009.
Recoverable uranium grades at the Energy Queen average about 0.25% (five
pounds U(3)O8 per short ton) and the vanadium grade is about 1.0% (twenty
pounds V(2)O5 per short ton). At the current market price for vanadium
(currently $15 per pound of V(2)O5) and the long-term contract price for
U(3)O8, each ton of Energy Queen production is valued at almost US$800.00.
This permit transfer closely follows the February 27 announcement of the
approval of the Colorado DRMS mining permit for the Whirlwind Mine. Energy
Fuels is awaiting only one additional permit approval at the Whirlwind Mine in
Colorado (the Bureau of Land Management Plan of Operations) to have a combined
total of 400 tons per day of permitted uranium/vanadium mining capability in
place at the Whirlwind and Energy Queen Mines.
Stephen P. Antony, P.E., a Qualified Person as defined by National
Instrument 43-101, has reviewed and approved the content of this press
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: