TUE Titan Uranium Inc.

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


Energy Fuels Inc. (TSX:EFR) ("Energy Fuels"") and Titan Uranium Inc. (TSX
VENTURE:TUE) ("Titan") are pleased to announce that Titan completed the sale of
its Canadian assets to Mega Uranium Ltd. (TSX:MGA) ("Mega") today. In the
transaction, Titan conveyed several prospective uranium properties located in
Saskatchewan's Athabasca Basin and in Nunavut to Mega in exchange for 10,000,000
common shares of Mega.


The sale of these assets was a condition to the closing of the Plan of
Arrangement between Titan and Energy Fuels. Under the Arrangement, Titan will
become a wholly-owned subsidiary of Energy Fuels, and 10,000,000 shares of Mega
will accrue to Energy Fuels. 


Stephen P. Antony, President and CEO of Energy Fuels stated: "The sale of
Titan's Canadian assets to Mega was a key condition of the Titan merger. These
properties are outside of Energy Fuels' area of focus, and Mega is a strong,
well-managed company that can move these properties into eventual production and
achieve excellent shareholder value." 


As previously reported, the Plan of Arrangement was approved by shareholders of
Energy Fuels on February 10, 2012, and by shareholders of Titan on February 14,
2012. The application by Titan for the final court order approving the
Arrangement was approved on February 21, 2012. Energy Fuels and Titan will close
the transaction on February 29th, 2012. 


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 

Certain information contained in this news release, including any information
relating to the proposed Transaction between Energy Fuels and Titan, the
benefits and synergies of the Transaction, future opportunities for the combined
company and any other statements regarding Energy Fuels' and Titan's 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", "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'
and Titan's 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 Transaction; the conditions to the completion
of the Transaction, including the receipt of shareholder approval, court
approval or the regulatory approvals required for the Transaction 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 Transaction; the volatility of the international
marketplace; and any other factors described in Energy Fuels' and Titan's most
recent annual and quarterly financial reports. 


Energy Fuels and Titan assume 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' and Titan's
respective 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 and Titan 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 Sates and securities may not be
offered or sold in the United States absent registration or exemption from
registration.

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