Energy Fuels Announces Capital Preservation Strategy While Advancing Development of Its Asset Base

In consideration of the ongoing uncertainty in the uranium and securities
markets, Energy Fuels (TSX:EFR) has taken a number of steps to reduce its rate
of spending. Energy Fuels' capital preservation strategy is being implemented to
ensure that the Company will be in place with strong, developed assets, ready to
catch any significant upswing in the uranium market. Effective November 21,
2008, the recently permitted Whirlwind Mine will be placed on standby.


Energy Fuels will continue with data gathering and site characterization
activities at the Pinon Ridge mill site, to support its license application
submittal. The Company's existing personnel will assume a greater role in the
preparation of the Pinon Ridge Mill license application rather than contracting
consultants to write the majority of the application, resulting in a significant
cost savings. Key consultants will be retained on an as needed basis to provide
necessary expertise. The Company now anticipates filing for the mill radioactive
materials license in the fourth quarter of 2009. Should the license approval
process and construction proceed at the expected rates, the Pinon Ridge Mill
could be commissioned in 2011.


The Company will continue with pumping and water treatment, environmental and
permit compliance activities, safety inspections, equipment and facilities
maintenance, and security at both the Whirlwind and Energy Queen Mines. The
Whirlwind Mine will be maintained so that it is in a position to "turn-on" and
begin ramping up, moving toward full production, within approximately 30 days of
a decision to proceed.


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