Energy Fuels Inc.

Energy Fuels Inc.

March 12, 2007 17:05 ET

Energy Fuels Announces First Phase of 2007 Drilling Program

TORONTO, ONTARIO--(CCNMatthews - March 12, 2007) - Energy Fuels Inc. (TSX VENTURE:EFR) ("Energy Fuels" or "the Company") is pleased to announce that the Company has received permit approval from the Colorado Division of Reclamation, Mining, and Safety (DRMS) and the US Bureau of Land Management (BLM) for the Company's 2007 drilling exploration program on the MCT Claim group in San Miguel County, Colorado. The MCT Claims are one of the seven (7) claim groups acquired as part of the URenergy Properties in September, 2006. The MCT Claims are located less than one-half mile south of Denison Mines Corp.'s Topaz Mine and southwest of Denison's Carnation-Sunday Mine complex. Confirmed mineralization in the Carnation trend comes within several hundred feet of the eastern side of the MCT claims. Denison is currently mining uranium-vanadium ore from this mine complex in the Salt Wash Member of the Morrison Formation. Half of the planned holes are testing for continuation of the mineralized sandstone channel westward onto the MCT group. The remaining holes are wide-spaced exploration holes. The total footage for the project will be approximately 8,400 feet. Energy Fuels has contracted with Rex Wyatt Drilling Co. of Moab, Utah for the rotary drilling. Drilling is scheduled to start March 12, 2007.

The Company has also contracted with Colorado Plateau Logging Company ("CP Logging"), to conduct downhole geophysical logging. CP Logging has recently acquired and equipped a field probe van with all the electronics to provide Gamma, Spontaneous Potential, Single Point Resistance, and induction logs on drill holes, as well as hole deviation data. In addition, Mr. Doug Roberts has joined CP Logging as principal to perform field logging work. Doug has over 15 years of uranium drillhole logging experience with Pathfinder Mines, a subsidiary of Areva NC. Energy Fuels has a contractual commitment from CP Logging services for all 2007 exploration work.

Energy Fuels Inc. is a Toronto-based mineral exploration and development company with uranium and vanadium projects located in the States of Colorado, Utah and Arizona, through its wholly-owned Colorado subsidiary Energy Fuels Resources Corporation, and with gold, base metals and platinum group properties located in Newfoundland and Quebec.

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.

George E.L. Glasier, President & CEO

The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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