Energy Fuels Increases Measured and Indicated Uranium Resources by 27% with Updated NI 43-101 Technical Reports
April 14 2011 - 2:09PM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company"),
announced that the Company has updated the mineral resource
estimates on its primary, fully permitted mining properties (the
Whirlwind and Energy Queen Mines), as well as on its San Rafael
project. The updated resource estimates result in a measured and
indicated uranium mineral resource increase of about 27% from 5.1
million lbs. to more than 6.4 million lbs. U3O8. Inferred mineral
resource increased by about 18% from 3.7 million lbs. to over 4.3
million lbs. Details of the updated Energy Fuels uranium resource
are shown below:
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Energy Fuels Mineral Resources
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U3O8
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Tons Grade Lbs.
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Measured
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Energy Queen 136,870 0.29% 789,960
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Indicated
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Whirlwind 169,129 0.30% 1,003,322
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Energy Queen 86,820 0.35% 605,925
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San Rafael 758,050 0.23% 3,404,600
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Other Pptys 157,646 0.20% 642,119
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M & I Total 6,445,926
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Inferred
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Whirlwind 437,100 0.23% 2,000,000
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Energy Queen 67,780 0.27% 366,250
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San Rafael 453,850 0.21% 1,859,600
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Other Pptys 27,600 0.22% 120,000
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Inferred Total 4,345,850
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The growth in resources reported in these updated technical
reports came primarily from adjoining property acquisitions.
Significant pounds were added at San Rafael that became accessible
as a result of the Hollie Claims acquisition from Titan Uranium.
There was also new drilling at San Rafael since the earlier 43-101
technical reports were filed.
So far in the 2011 calendar year, Energy Fuels has increased
measured and indicated U3O8 resources by more than 2.4 million lbs.
U3O8, including the acquisition of the Hollie claims from Titan
Uranium. Titan's Hollie resources were already estimated in
accordance with NI 43-101 as a result of earlier work by Magnum
Uranium before it was merged into Energy Fuels. Inferred resources
have increased by about 666,000 lbs. These resource contributions
come from the following sources:
Measured and Indicated Inferred
Lbs. Lbs.
------------------------- ------------
San Rafael Hollie Claims (already in
43-101 Resource) 983,300
San Rafael Consolidation 1,000,000 522,000
Whirlwind Property Acquisition 236,000
Energy Queen Property Acquisition 181,000 144,000
------------------------- ------------
TOTALS 2,400,300 666,000
Steve Antony, President and CEO of Energy Fuels stated, "These
additional resource pounds are a direct result of our consolidation
initiative in Colorado and Utah. We think this is just the
beginning of what we can accomplish with a clear focus and the new
investment capital that we are raising."
The updated resource estimates for the Whirlwind and Energy
Queen properties are set out in technical reports dated March 15,
2011 prepared by Douglas C. Peters, Certified Professional
Geologist, of Peters Geosciences, Golden, Colorado, an independent
qualified person for purposes of NI 43-101. The updated resource
estimate for the San Rafael Property is set out in a technical
report dated March 21, 2011 prepared by O. Jay Gatten, Utah
Professional Geologist, an independent qualified person for
purposes of NI 43-101. Copies of the technical reports are
available on SEDAR (www.sedar.com) and on the Company's website
(www.energyfuels.com).
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium
mineral development company. With more than 38,000 acres of highly
prospective uranium and vanadium property located in the states of
Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration
properties in Saskatchewan's Athabasca Basin totaling approximately
32,000 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 British Columbia subsidiary, Magnum Uranium
Corp., has assembled this property portfolio along with a first
class management team, including highly skilled technical mining
and milling professionals based in Lakewood and Naturita, 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)
974-2140 or Toll free: 1-888-864-2125 investorinfo@energyfuels.com
www.energyfuels.com
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