Energy Fuels Inc.

TSX : EFR


Energy Fuels Inc.

March 07, 2011 12:34 ET

Energy Fuels' Pinon Ridge Uranium/Vanadium Mill Receives Final Radioactive Materials License from State of Colorado

TORONTO, ONTARIO--(Marketwire - March 7, 2011) - Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company"), an advanced uranium and vanadium development company, was issued the final Radioactive Materials License for the Piñon Ridge Uranium Mill today. As previously announced, on January 5, 2011 the Colorado Department of Public Health and Environment ("CDPHE") approved a Radioactive Materials License for the 500 ton per day Piñon Ridge Mill facility to be constructed twelve miles west of Naturita, Colorado in western Montrose County. Energy Fuels had 60 days from the January 5, 2011 approval date to review the CDPHE decision and the license, and to request a formal hearing on the license. Energy Fuels decided not to request a formal hearing, and CDPHE issued the final license. The final license allows Energy Fuels to process an annual maximum quantity of ore at the mill not to exceed a daily operating average of 500 short tons of uranium and vanadium ore.

The license includes 16 conditions that specify additional requirements that must be met prior to mill construction, before the start of operations, during mill operations, and during mill decommissioning. These conditions include requirements for submittal of detailed designs and plans, monitoring and testing, training, reporting, and financial assurance among others. 

In accordance with the license conditions, Energy Fuels Inc.'s subsidiary Energy Fuels Resources Corporation provided CDPHE with an $844,400 cash prepayment on March 4, 2011 that will be deposited in the State Treasury's long-term care fund for eventual post-closure monitoring of the mill facility. The Company also submitted a Decommissioning Funding Plan to CDPHE today for the phased prepayment of $11,070,890 that guarantees that adequate funds will be available to reclaim the mill facility after it is closed.

With the approval of the Radioactive Materials License, Energy Fuels now has both of the primary environmental permits needed to operate a uranium mill in Colorado. The other major permit is the Montrose County Special Use Permit, which was approved by the Board of County Commissioners on September 30, 2009. Environmental permits that are still pending are all in an advanced stage of completion and agency decisions on these permits are anticipated during the 2nd Quarter, 2011.

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.

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