EFR Energy Fuels Inc

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES 


Energy Fuels Inc. (TSX:EFR) ("Energy Fuels") is pleased to announce that at a
special meeting held today shareholders of Energy Fuels overwhelmingly approved
the previously announced acquisition of the US Mining Division of Denison Mines
Corp. ("Denison"). Pursuant to the proposed transaction, which is to be effected
by a Plan of Arrangement of Denison (the "Arrangement"), Energy Fuels will issue
425,441,494 common shares in exchange for all of the shares and inter-company
indebtedness of the subsidiaries of Denison holding all of Denison's mining
assets and operations located in the United States. Details of the transaction
are set out in Energy Fuels' management information circular dated May 28, 2012,
which is available under Energy Fuels' profile on www.sedar.com. 


Of the votes cast at the Energy Fuels shareholder meeting, 99.21% were in favour
of the Arrangement. Earlier today, shareholders of Denison also approved the
Arrangement, with 99.07% of the votes cast at the Denison meeting voted in
favour. 


Shareholders of Energy Fuels also approved the issuance of compensation shares
to Dundee Securities Ltd. in connection with the Arrangement and the proposed
share consolidation of the issued and outstanding shares of Energy Fuels on a 10
to 1 basis. The board of directors of Energy Fuels will decide when and if the
share consolidation will be implemented. The share consolidation will not be
implemented prior to the completion of the Arrangement. 


Completion of the Arrangement is subject to satisfaction of various conditions,
including the issuance of a final order approving the Arrangement by the
Superior Court of Justice. The hearing in respect of such final order is
scheduled for June 27, 2012. Subject to satisfaction of such conditions, Energy
Fuels and Denison anticipate that the Arrangement will effective at 11:59 pm on
June 29, 2012.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 

Certain information contained in this news release, including any information
relating to the proposed Arrangement between Energy Fuels and Denison, the
benefits and synergies of the Arrangement, future opportunities for Energy Fuels
and any other statements regarding Energy Fuels' future expectations, beliefs,
goals or prospects constitute forward-looking information within the meaning of
applicable securities legislation (collectively, "forward-looking statements").
All statements in this news release that are not statements of historical fact
(including statements containing the words "expects", "does not expect",
"plans", "anticipates", "does not anticipate", "believes", "intends",
"estimates", "projects", "potential", "scheduled", "forecast", "budget" and
similar expressions) should be considered forward-looking statements. All such
forward-looking statements are subject to important risk factors and
uncertainties, many of which are beyond Energy Fuels' ability to control or
predict. A number of important factors could cause actual results or events to
differ materially from those indicated or implied by such forward-looking
statements, including without limitation: the parties' ability to consummate the
Arrangement; the conditions to the completion of the Arrangement, including the
receipt of court approval or the regulatory approvals required for the
Arrangement may not be obtained on the terms expected or on the anticipated
schedule; the parties' ability to meet expectations regarding the timing,
completion and accounting and tax treatments of the Arrangement; the volatility
of the international marketplace; and any other factors described in Energy
Fuels' most recent annual and quarterly financial reports. 


Energy Fuels assumes no obligation to update the information in this
communication, except as otherwise required by law. Additional information
identifying risks and uncertainties is contained in Energy Fuels' filings with
the various provincial securities commissions which are available online at
www.sedar.com. Forward-looking statements are provided for the purpose of
providing information about the current expectations, beliefs and plans of the
management of each of Energy Fuels relating to the future. Readers are cautioned
that such statements may not be appropriate for other purposes. Readers are also
cautioned not to place undue reliance on these forward-looking statements, that
speak only as of the date hereof. 


This news release and the information contained herein does not constitute an
offer of securities for sale in the United States and securities may not be
offered or sold in the United States absent registration or exemption from
registration.

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