Energy Fuels Announces Additional DOE Lease Acquisitions, Positive Drilling Results, and Grant of Options
July 30 2009 - 9:05AM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company"), has
been informed by the Department of Energy (DOE) that the Company
has been awarded two additional DOE lease tracts (C-AM-19-A and
C-AM-20) released for bid in the May 2008 DOE lease sale. These
tracts are in western Montrose County, Colorado, (within the Uravan
Mineral Belt) about 30 highway miles from the Company's Pinon Ridge
Mill site currently being permitted.
Based on pre-bid public information provided by DOE in February
of 2008, these two tracts combined contain about 2.3 million lbs.
of historical resource (not NI 43-101 compliant) in a region of
well developed historical mining by Union Carbide Corporation. The
DOE data was from an estimate originally prepared by the Atomic
Energy Commission (or AEC, predecessor of the DOE), based on US
Geological Survey and AEC drilling conducted during 1951 - 1953.
AEC/DOE do not apply resource categories or qualifiers. After 1974,
private lease holders on these two tracts drilled another 367
holes. The Company has yet to acquire data from the private
drilling.
Energy Fuels has also initiated its 2009 drilling program on
other Uravan Mineral Belt properties held by the Company in western
Colorado. Much of this drilling budget will be applied to exploring
DOE leased tracts obtained as announced in May 2008 following the
same DOE lease sale referenced above.
Early drilling on the Henry Claim Group in the Club Mesa area
encountered a highly mineralized intercept of 4.5 feet with a grade
of 0.33% U3O8. Historical data from this area indicates the
potential for a V2O5 / U3O8 grade ratio of about 5:1. Drilling is
continuing on this claim group and will progress onto the adjacent
DOE lease block, (C-CM-24).
Drilling should begin in about 60 days on the HC Claim Block and
the contiguous C-G-26 DOE lease, both of which are located on
Calamity Mesa. This drilling has been planned utilizing the data on
the DOE lease obtained by Energy Fuels as announced February 23,
2009, and is planned to develop additional resources with infill
drilling.
Additionally, Energy Fuels has granted 850,000 options for a
term of five years to employees, officers, and consultants to the
Company.
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 development company actively rehabilitating and developing
formerly producing mines. With more than 55,000 acres of highly
prospective uranium and vanadium property located in the states of
Colorado, Utah, Arizona, Wyoming, Idaho, and New Mexico, and
exploration properties in Saskatchewan's Athabasca Basin totaling
almost 50,000 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 recently acquired Magnum Uranium subsidiary,
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.
Contacts: 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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