TORONTO, ONTARIO--(Marketwire - Nov. 10, 2010) - Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company"), an advanced uranium and vanadium exploration and development company, and Royal Resources Limited (ASX:ROY) ("Royal"), its Perth, Australia based joint venture partner, announced today that the Arizona Strip Partners LLC ("ASP") joint venture, formed in May of 2008 by the companies, has completed two drill holes confirming successful application of two geophysical exploration techniques to locate breccia pipe targets in the Arizona Strip.
Two methods were used to identify the targets. The first was the Helicopter-borne Time Domain Electromagnetic Geophysical Survey with a VTEM-M system. The second was a 3-D Seismic Survey. Both methods identified breccia pipes for follow up drilling.
"Historic grades from breccia pipes in the region are very high, averaging 0.65% U3O8 which has made exploration in the area attractive even with uranium prices lower than today's +$55 spot price," commented Stephen Antony, President and CEO of Energy Fuels. "We are very encouraged by the success we have had using these advanced geophysical techniques in identifying breccia pipe targets. Discovering these pipes is much like looking for a needle in a haystack, but we've taken much of the guess work out of the equation with this technology."
Several breccia pipes were staked and prioritized for further exploration work. Two drill holes to depths of 1,240 feet and 1,340 feet respectively have been completed to date on one of the target pipes. The two drill holes clearly confirmed the presence of a very large breccia pipe structure. Neither hole intersected the pipe throat where uranium mineralization is most likely to occur. The Company is currently evaluating information from drilling and the surveys to determine additional drilling plans.
Stephen P. Antony, President and CEO, and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the content of this press release.
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 Nucla, 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.
About Royal Resources: Royal Resources Limited (ASX:ROY) is an active, successful and well-funded explorer with an exploration focus on iron ore and uranium projects in the two low sovereign risk nations of Australia and the USA.
Royal's flagship project is the Razorback iron ore project located in South Australia. Razorback is potentially a large magnetite deposit with easy access to existing and available rail and port infrastructure. Royal is initially targeting 500 to 1,000 million tonnes of magnetite mineralization at grades of 25% to 65% Fe. On the August 25, 2010 Royal announced a JORC-compliant maiden Inferred Resource of 277Mt at 25.9% Fe. Royal intends to fast track the deposit to feasibility study and production once resource definition work is completed and the proposed operation shown to be economically and technically viable.
Royal's uranium projects are located in the Northern Territory of Australia and the Uravan Mineral Belt and the Arizona Strip in the USA's Colorado Plateau. Exploration in the USA is undertaken under the auspices of two major joint ventures, with the Arizona Strip area being assessed under a partnership with Toronto Stock Exchange listed Energy Fuels, Inc.