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


Energy Fuels Inc. (TSX:EFR) (the "Company") is pleased to announce that it has
closed the previously announced bought deal offering (the "Offering") of
floating-rate convertible unsecured subordinated debentures (the "Debentures")
for aggregate gross proceeds of $22,000,000. The Offering was conducted by way
of short form prospectus dated July 18, 2012 through a syndicate of underwriters
co-led by Dundee Securities Ltd. and Scotia Capital Inc. and including National
Bank Financial Inc., Haywood Securities Inc. and Versant Partners Inc., who
purchased 22,000 Debentures at a price of $1,000 per Debenture.


The Debentures will mature on June 30, 2017 and are convertible into common
shares of the Company at the option of the holder at a conversion price, subject
to certain adjustments, of $0.30 per common share at any time prior to
redemption or maturity. The Debentures are listed for trading on the Toronto
Stock Exchange under the symbol "EFR.DB".


The Company intends to use the net proceeds of the Offering for sustaining
capital for the Company's existing mine operations, mine permitting and
development of the Company's existing properties, repayment of certain
indebtedness, and for working capital and general corporate purposes.


About Energy Fuels 

Energy Fuels Inc. is a uranium and vanadium production and mineral development
company. The Company recently acquired the U.S. mining division of Denison Mines
Corp., which includes the White Mesa uranium mill, and certain producing mines
in the western United States.


Energy Fuels Inc. currently has 679,652,107 common shares outstanding. The
Company's common shares are listed on the Toronto Stock Exchange under the
trading symbol "EFR".


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this news release, including any information
relating to the Company's planned operations and intended use of proceeds of the
Offering, 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", "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 and other risk factors as described in Energy Fuels'
short form prospectus and most recent annual information form.


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