(SYMBOL: "EFR" - TSX)
TORONTO, Oct. 30 /CNW/ - Energy Fuels Inc. (TSX: EFR) "Energy Fuels" or
"the Company" today announced the selection of world class engineering firm,
CH2M Hill, to join its team advancing the construction of the Pinon Ridge
uranium mill, near Naturita, Colorado, announced on July 18, 2007.
CH2M Hill, with worldwide headquarters just outside of Denver, Colorado
has been selected to join our mill project team to provide EPCM services in
support of licensing, engineering, and mill construction. Other team members
already under contract with work in progress on the project are the
Kleinfelder consulting group, conducting baseline environmental studies and
preparing the mill license application, and Golder Associates providing
geotechnical services and design for the mill site, tailings cells, and
"We are very pleased to have a firm with the expertise and global
prominence of CH2M Hill as part of this project team," said George Glasier,
Energy Fuel's President and CEO. "We are convinced that with the talent and
experience we have assembled for this project, our mill will meet or exceed
our goals to reach production on schedule and budget."
The mill license application to be submitted to the licensing authority,
the Colorado Department of Public Health and Environment (CDPHE), requires
input on actual mill process details. CH2M Hill will prepare an initial Basic
Engineering report which will provide those process details for the license
application and provide a study with +/- 15% capital and operating cost
estimates capable of withstanding third party review. This report will provide
the basis upon which the Company will secure financing for the construction of
the mill. Energy Fuels is confident that this mill can be financed with
minimal shareholder dilution. At the option of Energy Fuels, CH2M Hill's
contract may be expanded to provide detailed engineering, procurement, and
ongoing construction management services once the mill license and financing
have been obtained.
As part of the environmental data gathering and licensing process, Energy
Fuels holds monthly review meetings with CDPHE and has incorporated their
suggestions into the data gathering plan. By soliciting the agency's ongoing
input into the design of the licensing program, the Company remains confident
in its earlier announced target of mill start-up in 2010. In the process of
bidding the mill project, CH2M Hill has confirmed that Energy Fuels'
permitting and construction schedule is realistic and that the mill start-up
can be achieved by the target date.
Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral
exploration and development company actively rehabilitating 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