EFR Energy Fuels Inc

Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company"), an advanced
uranium and vanadium exploration and development company, announced the closing
today of a non-brokered private placement financing (the "Offering").


Highlights-



--  Gross Proceeds: $3,080,000 in Canadian Funds 
--  Offering: Non-brokered private placement of 19,250,000 shares 
--  Offering Price: $0.16 per common share 
--  Use of Proceeds: Advancement of the approval of the Pinon Ridge Mill
    License Application, and overall business plan objectives. 



Under the Offering, the Company issued 19,250,000 common shares at a price of
CDN$0.16 per share for gross proceeds of CDN$3,080,000. Dundee Resources Limited
("Dundee"), a wholly owned subsidiary of Dundee Corporation, subscribed for all
of the 19,250,000 common shares issued under the Offering. The private placement
is subject to a 5% cash finder's fee payable to an arm's length party.


Dundee has the right to nominate 2 of the 7 members of the Board of Directors of
Energy Fuels as long as it holds at least 10% of the outstanding common shares
of the Company. Accordingly, Paul A. Carroll and Mark E. Goodman have been
appointed to the board and Michael Gundy and Donald Falconer have retired. Birks
Bovaird, Chairman of the Company, said "We would like to thank Messrs. Gundy and
Falconer for their services as directors during this formative period."


Mr. Carroll is President of Carnarvon Capital Corporation, a corporate
management and investment company, and President and CEO of World Wide Minerals
Ltd., a former uranium mining and marketing company. He has had a lengthy career
in the legal and mining fields and has been a director of many publicly traded
and privately held companies, including Dundee Corporation, International Corona
Corp. and Zemex Corp. Mr. Goodman is Chairman of the Board of Valdez Gold Inc.
and is a member of the board of several publicly traded and privately held
companies, including Cogitore Resources Inc., Odyssey Resources Ltd., Corona
Gold Corp., Dia Bras Exploration Inc. and the Dynamic Venture Opportunities
Fund.


The proceeds from the Offering will be used to advance the approval of the Pinon
Ridge Mill License Application through the decision deadline of January 17,
2011, as announced in April by the Colorado Department of Public Health and
Environment; to maintain all existing permits and facilities; and to continue
the evaluation of consolidation opportunities. 


Steve Antony, President and CEO, stated, "With this additional capital, and at
our current cash burn rate, we are funded to continue operations at the current
level through calendar 2011. As we get closer to the approval of the radioactive
materials license, expected no later than January 17, 2011, we will aggressively
pursue long term funding for the capital required to construct and reclaim the
Pinon Ridge Mill. We are very excited to welcome Dundee as our single largest
shareholder and to have their support of our business model as we execute the
plan to become a near-term producer of both uranium and vanadium and participate
in the evolving western US uranium business."


Following the Offering, Dundee is expected to hold approximately 19.8% of the
issued and outstanding shares of the Company.


About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral
development company actively rehabilitating and developing formerly producing
mines. With more than 38,000 acres of highly prospective uranium and vanadium
property located in the states of Colorado, Utah, Arizona, Wyoming, and New
Mexico, and exploration properties in Saskatchewan's Athabasca Basin totaling
approximately 32,000 additional acres, the Company has a full pipeline of
additional development prospects. Energy Fuels, through its wholly-owned
Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia
subsidiary, Magnum Uranium Corp., 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.

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