Energy Fuels Announces Acquisition of Sage Plain Properties from Aldershot Resources
22 Agosto 2012 - 6:30PM
Marketwired
Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") today
announced the execution of a Letter Agreement under which the
Company has agreed in principal to purchase the interests of
Aldershot Resources Ltd. in the Sage Plain Project Area for
US$750,000 in cash, forgiven debt, and 3,518,182 shares of Energy
Fuels common stock.
The Company and Aldershot hold a number of properties in the
Sage Plain Project area in a 50/50 joint venture called Colorado
Plateau Partners LLC ("CPP"). Through CPP, Energy Fuels and
Aldershot hold the Calliham Lease, the Crain Lease, four Utah State
Leases, and 94 unpatented mining claims on BLM land. After the
acquisition, Energy Fuels will own 100% of the Sage Plain Project,
which is located about 15 miles northeast of Monticello, Utah.
Permitting on the Sage Plain Project has been initiated, and the
Company anticipates receiving approvals for the project within the
next 12-18 months. As has been previously reported, the Sage Plain
Project as a whole contains 642,971 tons of measured and indicated
resource at grades of 0.22% uranium (eU3O8) and 1.39% vanadium
(V2O5), or 2,833,795 lbs. uranium and 17,829,289 lbs. vanadium.
Energy Fuels will also acquire Aldershot's interest in a number
of additional uranium properties in Arizona which are held by
Arizona Strip Partners LLC, a second joint venture with
Aldershot.
Steve Antony, President and CEO stated, "This transaction
represents another step in Energy Fuels' ongoing strategy of
value-added consolidation in our core area of interest, and will
potentially provide more feed for our White Mesa Mill."
Stephen P. Antony, P.E., President & CEO of Energy Fuels, is
a Qualified Person as defined by National Instrument 43-101 and has
reviewed and approved the technical disclosure contained in this
document.
About Energy Fuels: Energy Fuels is America's largest
conventional uranium and vanadium producer, supplying nearly a
third of the uranium produced in the U.S. The company operates the
White Mesa Mill, which is the only conventional uranium mill
currently operating in the U.S., capable of processing 2,000 tons
per day of uranium ore. Energy Fuels has projects located
throughout the Western U.S., including producing mines and mineral
properties in various stages of permitting and development.
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: 1-888-864-2125investorinfo@energyfuels.com
Energy Fuels Inc. Curtis Moore Corporate Communications (303)
974-2140 or Toll free: 1-888-864-2125 www.energyfuels.com
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