Energy Fuels Inc.
TSX : EFR

Energy Fuels Inc.

March 24, 2011 10:59 ET

Clarification on Energy Fuels Mill License Approval Press Release of January 6, 2011

TORONTO, ONTARIO--(Marketwire - March 24, 2011) - Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company"), reported the approval of the Radioactive Materials License by the Colorado Department of Public Health and Environment for the 500 ton per day Piñon Ridge uranium/vanadium mill facility on January 6, 2011. In that news release, information was provided concerning the targeted production rates for the proposed Piñon Ridge mill, as well as targeted mining production rates for Energy Fuels' Whirlwind and Energy Queen properties. The Company wishes to advise investors that the targeted production rates, life of mine and projected pounds per year of uranium and vanadium production set out in the January 6, 2011 news release have not been supported by an independent economic assessment, as required by NI 43-101, and these estimates should not be relied upon.

About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company. 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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