Energy Fuels Inc.

Energy Fuels Inc.

February 23, 2009 10:00 ET

Energy Fuels Reports on Data Package Acquisition, 2008 Exploration Drilling, and Option Grant

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2009) - On May 29, 2008, Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") announced that it was the successful bidder on four Department of Energy ("DOE") uranium lease tracts in western Colorado. The Company has recently concluded a transaction whereby it has acquired from a private party exclusive title to drill hole data on one of the DOE lease tracts (C-G-26). This lease tract is contiguous with the Energy Fuels HC Claim block on Calamity Mesa in Mesa County, Colorado, about 10 miles east of the Company's Whirlwind Mine. Data acquired in this transaction includes drill maps, gamma ray logs, lithologic logs, and survey control for about 180 drill holes, and defines a mineralized resource. The consideration for this data acquisition was a combination of shares of the Company's common stock and cash. President and CEO, George Glasier, stated that, "If undertaken today, an exploration program to develop this quantity and quality of data would cost Energy Fuels well over US$1 million, and take two to three years to complete. The Company is pleased to acquire this data under favorable terms, that allow the preservation of our cash reserves."

Also, during 2008, Energy Fuels drilled 80 holes on seven separate properties. Four of these holes were drilled on the Energy Queen Mine property, as part of a 2007 drilling program and were included in the original and amended Energy Queen NI 43-101 Technical Reports. The remaining 76 holes are summarized in the table below. Drilling on four of the properties intersected uranium mineralization. The Company will incorporate these findings in updated NI 43-101 Technical Reports to be submitted during 2009.

No. of
Property Holes Findings Impact
Whirlwind 26 Mineralization found in 3 Expect to add
Mine Area inferred resource areas. to measured resource
New mineralization found
adjacent to earlier
defined measured resource
Willhunt 15 Significant mineralization Expect to add
Claims encountered. Continuation to measured resource
of channel sandstones
Farmer Girl 12 Five holes hit a mineralized Expect to add
Mine Area zone in exploration target to measured resource
Torbyn 12 Two holes hit mineralized Expect to add
Claims zones in exploration target to measured resource
(Tenderfoot areas
HC Claims 8 No significant mineralization. None
(Calamity Favorable sandstones near
Mesa) C-G-26 DOE lease boundary
Luke Claims 3 Trace mineralization and None
favorable sandstones

Energy Fuels has also granted, subject to Toronto Stock Exchange approval, 800,000 options for a term of five years to members of the Board of Directors and Senior Management of the Company.

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.

George E.L. Glasier, President & CEO

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