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EFR Energy Fuels Inc

8.77
-0.21 (-2.34%)
15 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Energy Fuels Inc TSX:EFR Toronto Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.21 -2.34% 8.77 8.75 8.85 9.02 8.77 8.95 281,448 21:12:13

Energy Fuels Announces BLM Approval of Final Permit Authorizing Mining Operations at Whirlwind Mine

11/09/2008 6:53pm

Marketwired Canada


Energy Fuels Inc. (TSX:EFR) is pleased to announce that on September 10, 2008,
both the Moab and Grand Junction field offices of the US Bureau of Land
Management jointly issued a Record of Decision with a Finding of No Significant
Impact (FONSI) for the Whirlwind Mine, which has surface facilities in Mesa
County, Colorado, and additional mining claims in Grand County, Utah.


The decision will enable Energy Fuels to immediately implement the Plan of
Operations for the Whirlwind Mine. This plan allows for the production of up to
200 tons per day of uranium-bearing material, and all approved and necessary
surface disturbance. Mine production at this level would result in 250,000 lbs.
of U3O8 annual production, which is half the amount typically needed to fuel a
1000 MW nuclear power plant each year. Additionally, this mine tonnage will
provide about 1,000,000 lbs. of V2O5 annual production, which will be sold
primarily to steelmakers as an alloying agent.


With this approval, the Whirlwind Mine joins the Energy Queen Mine near La Sal,
Utah as Energy Fuels' second fully permitted uranium/vanadium mine. These two
mines have a total permitted capacity of 450 tons per day, putting Energy Fuels
well on its way to joining Denison Mines as a major US domestic uranium/vanadium
producer. At today's published prices, these two mines, when fully developed
could generate revenue of US$75 million per year for Energy Fuels.


George Glasier, Energy Fuels' President & CEO, stated that, "This decision is
the final and most challenging step in a process requiring 14 separate permits
including county, state, and federal approvals; a process which has been
significantly more demanding than we initially anticipated. In this difficult
jurisdiction, I am proud of our team for acquiring this permit in 14 months from
initial filing. Whirlwind Mine is the first major uranium mine to be permitted
in Colorado in two decades. Much of the work for the permit covered new ground
in this age of more rigorous environmental standards for mine permitting. Energy
Fuels' groundwork, working through this mine permit process with the cooperation
of BLM staff, will streamline permitting on future mining properties."


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 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

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