Energy Fuels Granted Approval for License for Pinon Ridge Uranium/Vanadium Mill by Colorado Department of Public Health and Envi
06 Gennaio 2011 - 1:30PM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company"), an
advanced uranium and vanadium development company, reported today
that it has been granted approval by the Colorado Department of
Public Health and Environment ("CDPHE") of a Radioactive Materials
License ("the license") for the 500 ton per day Pinon Ridge Mill
facility to be constructed twelve miles west of Naturita, Colorado
in western Montrose County. The license approval is the most
significant hurdle to be completed before Energy Fuels is allowed
to build and operate the first conventional uranium mill to be
constructed in the US in 30 years, and contribute to the rapidly
growing global demand for nuclear fuel to generate emission-free
electrical power.
Energy Fuels has 60 days to review the CDPHE decision, and the
license, and to decide whether to request a formal hearing on the
license. If Energy Fuels does not request a hearing, the CDPHE
license approval becomes final. That final license approval could
potentially be appealed through an appellate process that uses the
existing record to review CDPHE's decision on the license.
Steve Tarlton, manager of the Radiation Program for CDPHE,
stated that "Energy Fuels has demonstrated that it can build and
operate the mill in a manner that is protective of both human
health and environment. Our comprehensive review considered short-
and long-term impacts of the proposed mill, including radiological
and non-radiological impacts to water, air and wildlife, as well as
economic, social and transportation-related impacts."
Steve Antony, President and CEO of Energy Fuels, commented,
"With this major accomplishment, the Company now has a clear
pathway to new conventional uranium production in the US and we
will be shifting our focus to project financing, product sales and
long-term strategic relationships with potential uranium buyers."
He continued, "During the completion of this licensing process we
assembled a unique skill set in our company and I believe the
decision on the part of the State is testament to our in-house
uranium expertise. The professionalism of our team enabled us to
achieve this major milestone in the growth of Energy Fuels."
Energy Fuels has two fully permitted nearby uranium mines, the
Energy Queen and the Whirlwind which are currently on a care and
maintenance program. The targeted production rate from these mines
is approximately 450 tons per day and these mines will be the
source of most of the uranium/vanadium ore for the new mill. Energy
Fuels estimates that there is more than 40 years of mill feed, at a
production rate of 500 tons per day, within economic trucking
distance of the mill. In anticipation of a positive decision, the
Company has already begun to consolidate certain known mines and
deposits in the area and is in advanced discussions with other
parties to acquire additional properties or arrange toll-milling
agreements for their ore.
The Pinon Ridge Mill, when constructed, will create 85 direct
jobs at the site paying $40,000 to $70,000 per year in this
economically depressed region of Colorado, along with 230 new jobs
to be created in mining, transportation, and support services. It
will produce about 850,000 lbs. per year of yellowcake or U3O8,
enough to provide the annual fuel requirement for 2000 megawatts of
power which would supply a city 1 1/2 times the size of Denver,
Colorado. Additionally, the mill will produce about 3.7 million
lbs. per year of vanadium pentoxide (V2O5), a material used
primarily as an alloying agent in steelmaking and finding new
application as an electrolyte in high capacity batteries for use in
storing power generated by wind farms and solar generators in the
renewable energy industry.
The Pinon Ridge Mill project was approved by the Energy Fuels
Board of Directors in May of 2007. Land was acquired in July of
2007, and work started immediately to gather the necessary
environmental baseline and site characterization data to support
the license application. Basic engineering design of the mill was
initiated soon afterward in the fall of 2007.
In July of 2008, the Company applied to Montrose County,
Colorado, for its Special Use Permit, requesting that the land use
designation for the 880 acre mill site be changed from "General
Agricultural" to "Mineral Resource Operation Facility". This county
permitting process required Energy Fuels to work through three
levels of County regulation including the West End Planning
Advisory Committee, the Montrose County Planning Commission, and
the Board of County Commissioners. There were a total of 6 public
meetings with three separate project presentations and more than 30
hours of testimony from over 300 interested parties, including
residents of Montrose County, and many from outside the County. On
September 30, 2009, the Special Use Permit was unanimously approved
by the County Commissioners of Montrose County.
The application for the license was submitted to CDPHE on
November 18, 2009 and CDPHE found it to be complete on December 18,
2009. Technical review of the license application started
immediately, and on April 21, 2010, CDPHE issued a news release
establishing a deadline of January 17, 2011, for them to issue a
decision on the license application.
In addition to the public hearings held as part of the Montrose
County Special Use Permit approval, the CDPHE held seven meetings
in western Colorado during its review process to obtain public
input on Energy Fuels' license application. As part of their
technical review, CDPHE issued four separate comprehensive requests
for additional information that were addressed by Energy Fuels in
detailed response documents.
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 Naturita, 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.
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2140 or Toll Free: 1-888-864-2125 investorinfo@energyfuels.com
www.energyfuels.com
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