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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 Completes Transaction With Uranium One for Acquisition of Key Uranium Resource Acreage at Whirlwind Mine; Adds 6600

29/05/2008 1:30pm

Marketwired Canada


Energy Fuels Inc. (TSX:EFR) -

Whirlwind Mine Resource Acquisition from Uranium One

Energy Fuels (TSX:EFR) has completed the acquisition from Uranium One of a Utah
State uranium lease consisting of 320 acres in Grand County, Utah ("Section
16"). Section 16, surrounded on all sides by acreage currently controlled by
Energy Fuels as part of the Whirlwind mining property, is a strategic fit with
the Whirlwind mining plan. This lease brings the total acreage at Whirlwind
owned or controlled by Energy Fuels to 4,750 contiguous acres.


Significant potential resource is indicated on Section 16 by the many historic
mine workings on the adjoining Whirlwind claims heading directly toward it. The
Whirlwind Mine is currently developed to less than 400 ft. from the Section 16
boundary. Energy Fuels included 200,000 lbs. of U3O8 and 648,000 lbs. of V2O5
from Section 16 in the total inferred resource reported in the March 26, 2008,
NI 43-101 Technical Report for the Whirlwind Mine property. In addition, there
are more than 130,000 lbs. of U3O8 and 416,000 of V2O5 resource indicated by
historical (but not 43-101 compliant) drilling on Section 16. Energy Fuels will
drill at least 6 resource verification holes on Section 16 as part of the 28-30
hole Whirlwind drilling program planned for this upcoming drilling season.


Energy Fuels Successfully Bids on DOE Leases

Energy Fuels was the successful bidder on four of the recently offered US
Department of Energy (DOE) uranium lease tracts as detailed below:




---------------------------------------------------------------------------
          Approx.
Tract     Acreage                                          General Location
-----     -------                                          ----------------
---------------------------------------------------------------------------
C-SR-16A      600      NE of and less than 1 mile from EFR's MO claim block
---------------------------------------------------------------------------
C-CM-24       200 NE of and contiguous with EFR's claim blocks on Club Mesa
                          (approx. 890 acres held before DOE lease auction)
---------------------------------------------------------------------------
C-G-26       4000 North of and contiguous with our claim blocks on Calamity
                   Mesa (approx. 2,227 acres held before DOE lease auction)
---------------------------------------------------------------------------
C-G-27       1800                  East of and contiguous with Tract C-G-26
---------------------------------------------------------------------------



These resource properties increase Energy Fuels' uranium resource acreage to
more than 46,000 acres. There has been a large amount of drilling and
exploration work completed on the DOE leases under the Atomic Energy Commission
(predecessor to the DOE). The four tracts are located in very close proximity to
areas held by Energy Fuels and about which the Company has significant data and
knowledge.


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.


About Energy Fuels

Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral exploration
and development company actively rehabilitating and developing formerly
producing mines and licensing a 1,000 ton per day uranium/vanadium mill near
Naturita, Colorado. With more than 46,000 acres of highly prospective uranium
and vanadium property located in the states of Colorado, Utah and Arizona,
Energy Fuels has a full pipeline of additional development prospects. Energy
Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources
Corporation, has assembled this property and project 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.


Cautionary Statement

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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