Energy Fuels Reports on Data Package Acquisition, 2008 Exploration Drilling, and Option Grant
23 Febbraio 2009 - 4:00PM
Marketwired
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.
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No. of
Property Holes Findings Impact
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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
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Willhunt 15 Significant mineralization Expect to add
Claims encountered. Continuation to measured resource
of channel sandstones
confirmed.
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Farmer Girl 12 Five holes hit a mineralized Expect to add
Mine Area zone in exploration target to measured resource
areas
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Torbyn 12 Two holes hit mineralized Expect to add
Claims zones in exploration target to measured resource
(Tenderfoot areas
Mesa)
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HC Claims 8 No significant mineralization. None
(Calamity Favorable sandstones near
Mesa) C-G-26 DOE lease boundary
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Luke Claims 3 Trace mineralization and None
favorable sandstones
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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
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2147 or Toll Free: 1-888-864-2125 Email:
investorinfo@energyfuels.com Website: www.energyfuels.com
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