Energy Fuels Inc.
TSX : EFR

Energy Fuels Inc.
Magnum Uranium Corp.
TSX VENTURE : MM

Magnum Uranium Corp.

June 23, 2009 07:00 ET

Energy Fuels and Magnum Uranium Announce Shareholder Approval of Plan of Arrangement

TORONTO, ONTARIO--(Marketwire - June 23, 2009) - Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") and Magnum Uranium Corp. (TSX VENTURE:MM) ("Magnum") are pleased to announce that shareholders of Magnum have approved the proposed Plan of Arrangement between Magnum and Energy Fuels in a vote on which 99.6% of the votes cast were in favour of the Arrangement. Completion of the transaction is subject to approval of the court and the TSX Venture Exchange. Magnum and EFI anticipate that closing of the Plan of Arrangement will take place on June 30, 2009 and that, in anticipation of closing, Magnum will request that trading in its shares will be halted before market open on June 30, 2009.

Craig Lindsay, President & CEO of Magnum observed that, "We at Magnum are very pleased to bring this kind of value to our shareholders during the recent market downturn. We are especially excited to see our property portfolio in the hands of a capable developer like Energy Fuels. The Magnum properties are part of the mill feed strategy for Energy Fuels' Pinon Ridge uranium mill, and the path to production is now well defined."

George Glasier, President & CEO of Energy Fuels offered that, "We are happy to see the confidence shown in the Energy Fuels management team by the shareholders of Magnum, as we complete another milestone in the consolidation of Colorado Plateau uranium assets. The combination of these two companies results in a stronger, better capitalized company with a significant increase in uranium resource, and a corporate treasury enhanced by almost 50%. These assets will contribute to the advancement of Energy Fuels' Pinon Ridge milling plan and overall growth strategy."

Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 46,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah and Arizona, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation, has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Nucla, Colorado and Kanab, Utah.

Magnum Uranium is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. Currently, Magnum's primary property holdings are located in the Western United States, specifically Wyoming, Utah, Idaho, and New Mexico, and in Canada's Athabasca Basin.

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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