Energy Fuels Inc.
TSX : EFR

Energy Fuels Inc.

April 08, 2009 08:00 ET

Energy Fuels Announces Management Changes and the Acquisition of Additional Resource Property Adjoining the Energy Queen Mine

TORONTO, ONTARIO--(Marketwire - April 8, 2009) - Energy Fuels Inc. (TSX:EFR)("Energy Fuels" or the "Company") is pleased to announce that Mr. Jeffrey L. Vigil, CPA, will join the Company effective April 13, 2009, as Chief Financial Officer (CFO). Mr. Vigil is a financial veteran in the mining industry, with significant CFO experience. He was formerly Vice President - Finance for Energy Fuels Nuclear Inc., the largest uranium miner in the US during the 1980's, producing more than 5 million pounds per year of yellowcake at one time. Both George Glasier, CEO, and Steve Antony, COO, previously worked with Mr. Vigil as part of the Energy Fuels Nuclear team.

Mr. Vigil pursued varied finance and accounting consulting assignments in 2007 and 2008, including assisting Energy Fuels in its early design and installation of accounting systems and software. From 1996 to 2007, Mr. Vigil served as CFO for Koala Corporation; a public company traded on the NASDAQ exchange, with approximately 350 employees and operating divisions in New York, Florida, Texas, and British Columbia. Koala increased sales from $8.9 million in 1996 to a peak of $61.6 million in 2000. Mr. Vigil managed the full range of CFO responsibilities at Koala including financial and management reporting, bank and equity financings, tax planning and compliance, treasury, and risk management. He was instrumental in the acquisition of 6 companies by Koala and the divestiture of five operating divisions between 1997 and 2000.

Gordon Phair has chosen to step down as Chief Financial Officer for Energy Fuels, Inc. and subsidiary Energy Fuels Resources Corp., to allow more time to pursue personal interests. Mr. Phair has served the Company well during the early years of development, and contributed to the growth of Energy Fuels. His employment will end effective April 15th, 2009. Mr. Phair has agreed to remain available to the Company, and Energy Fuels will enter into a consulting agreement with him beginning April 16, 2009.

In another management change, further consolidating Energy Fuels' corporate activities in Colorado, Gary Steele, the Company's Vice President - Corporate Marketing was appointed Corporate Secretary at the Company's Annual General and Special Meeting on March 19, replacing Michael Skutezky, who supported the Company in this role as a Toronto-based consultant. Mr. Steele joined Energy Fuels in 2006. He will continue to apply his extensive and broad experience in mining, mineral economics and securities markets to investor relations, economic and project evaluation, and utility marketing at Energy Fuels.

Mr. Glasier said, "Jeff Vigil is more than capable of fulfilling the role of CFO at Energy Fuels as we move forward, continuing the growth of the Company. We especially welcome his broad knowledge of public company issues, and his hands-on experience in mergers and acquisitions. We look forward to his contributions. We want to thank Gordon for his contributions as CFO and in moving Energy Fuels forward as a public company on the Toronto Stock Exchange. We also appreciate Gary adding the duties of the Corporate Secretary to his other activities in behalf of Energy Fuels."

Property Acquisition

Continuing Energy Fuels' active strategy of consolidating prospective uranium properties, the Company has acquired a block of 29 claims known as the RM/Judas Group, (approximately 520 acres), from Mesa Uranium Corp. These claims are contiguous with the Energy Queen property on the west side, on trend with the Energy Queen mineralized zone, and immediately north of the Rattle Snake Mine, a historic uranium producer.

Since acquiring the 700 acre Energy Queen Mine lease in December, 2006, Energy Fuels has increased the resource land position in this immediate area to over 2,700 acres. This acreage includes the original lease, the Redd Royalties lease about 1/2 mile to the northwest of the Energy Queen lease, the DAR claim block about 2 miles south of the Energy Queen, and the newly acquired contiguous acreage to the west. Exploration plans are being formulated on the additional properties as budgets will allow.

Stephen P. Antony, P.E., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the content of this press release.

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.

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.

Contact Information