Energy Fuels Reports on Data Package Acquisition, 2008 Exploration Drilling, and Option Grant

On May 29, 2008, Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company")
announced that it was the successful bidder on four Department of Energy ("DOE")
uranium lease tracts in western Colorado. The Company has recently concluded a
transaction whereby it has acquired from a private party exclusive title to
drill hole data on one of the DOE lease tracts (C-G-26). This lease tract is
contiguous with the Energy Fuels HC Claim block on Calamity Mesa in Mesa County,
Colorado, about 10 miles east of the Company's Whirlwind Mine. Data acquired in
this transaction includes drill maps, gamma ray logs, lithologic logs, and
survey control for about 180 drill holes, and defines a mineralized resource.
The consideration for this data acquisition was a combination of shares of the
Company's common stock and cash. President and CEO, George Glasier, stated that,
"If undertaken today, an exploration program to develop this quantity and
quality of data would cost Energy Fuels well over US$1 million, and take two to
three years to complete. The Company is pleased to acquire this data under
favorable terms, that allow the preservation of our cash reserves." 


Also, during 2008, Energy Fuels drilled 80 holes on seven separate properties.
Four of these holes were drilled on the Energy Queen Mine property, as part of a
2007 drilling program and were included in the original and amended Energy Queen
NI 43-101 Technical Reports. The remaining 76 holes are summarized in the table
below. Drilling on four of the properties intersected uranium mineralization.
The Company will incorporate these findings in updated NI 43-101 Technical
Reports to be submitted during 2009.




---------------------------------------------------------------------------
             No. of
Property      Holes   Findings                         Impact
---------------------------------------------------------------------------
Whirlwind        26   Mineralization found in 3        Expect to add
 Mine Area            inferred resource areas.         to measured resource
                      New mineralization found
                      adjacent to earlier 
                      defined measured resource
---------------------------------------------------------------------------
Willhunt         15   Significant mineralization       Expect to add
 Claims               encountered. Continuation        to measured resource
                      of channel sandstones
                      confirmed.
---------------------------------------------------------------------------
Farmer Girl      12   Five holes hit a mineralized     Expect to add
 Mine Area            zone in exploration target       to measured resource
                      areas
---------------------------------------------------------------------------
Torbyn           12   Two holes hit mineralized        Expect to add
 Claims               zones in exploration target      to measured resource
 (Tenderfoot          areas
 Mesa)
---------------------------------------------------------------------------
HC Claims         8   No significant mineralization.   None
 (Calamity            Favorable sandstones near
 Mesa)                C-G-26 DOE lease boundary
---------------------------------------------------------------------------
Luke Claims       3   Trace mineralization and         None
                      favorable sandstones
---------------------------------------------------------------------------



Energy Fuels has also granted, subject to Toronto Stock Exchange approval,
800,000 options for a term of five years to members of the Board of Directors
and Senior Management of the Company.


Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral development
company actively rehabilitating and developing formerly producing mines. With
more than 46,000 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