Energy Fuels Inc.
TSX : EFR

Energy Fuels Inc.

August 23, 2007 09:00 ET

Status Update on Energy Fuels' Whirlwind Property

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2007) - Energy Fuels Inc. (TSX:EFR) "Energy Fuels" or "the Company" recently announced that it has more than doubled its NI 43-101 compliant resource base in Colorado and Utah. We would also like to provide an update on the significant work that has been underway and completed at the Company's Whirlwind Mine project near Gateway, Colorado. In addition to recent activity expanding its resource pipeline through property acquisition and exploration activity, the Company continues its commitment to the production of U3O8 (yellowcake) as our primary strategic initiative.

Energy Fuels has filed its Mine Permit Applications for the Whirlwind Mine (which includes the adjacent Packrat works). These permits, when approved, will grant the company authority to proceed with mine operations at the design rate of 200 tons per day. We anticipate receiving all required permits before the end of 2007.

Further work at Whirlwind under the Company's earlier approved permits has been advancing. Under these permits the company is authorized to mine and stockpile up to 2,000 tons of mineralized material at the site for the purpose of evaluating mining techniques and to provide bulk samples for metallurgical testing and mill flow-sheet development. Specific work projects completed at the Whirlwind site include:

- Ventilation was established to re-open access to the deposit through the Whirlwind decline

- All arched steel sets have been inspected and repaired as required. Broken and bowed timbers between the arched sets have been replaced. 2700' of the decline is in final condition ready for sample extraction.

- Rock bolting from the end of the decline into the mineralized deposit is proceeding on schedule with 500' of drift completed in late July.

- The Whirlwind surface electrical system has been thoroughly evaluated and upgraded to meet Mine Safety and Health Administration requirements

- The main portal into the "Packrat" works at Whirlwind has been reopened and additional U3O8 mineralization, not included in the NI 43-101 compliant resources for the property, has been visually identified

- The Packrat underground shop has been opened and clean up is underway

- The Packrat pad area is established to prospecting permit standards

- The access road to the Packrat portal has been re-established

- A 20,000 foot drilling program has been initiated in Colorado to further define the deposit, verify historic results, and provide stratigraphic data for detailed mine planning.

The next steps for the Whirlwind project, specifically in the Packrat works, include establishing ventilation, initiating roof support, and drift widening, along with further confirmation of the additional resource that has been visually identified in the Packrat.

Energy Fuels is moving into a phase of development that will call for more routine updating of the status at our projects. We look forward to keeping you abreast of our progress through future news releases.

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 also confirms that the Company's working capital and excess cash have no exposure to the recent global credit crisis. Our cash and cash-equivalent investments are short-term commercial paper obligations backed by the credit worthiness of the issuing institutions, not by underlying assets. Each of the five separate commercial paper issues currently held by Energy Fuels has an Investment Grade rating of R1 or better. Funds will continue to be invested with the foremost objective of maintaining safety of principal and providing adequate liquidity to meet current payment obligations and future planned capital expenditures.

Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral exploration and development company with more than 40,000 acres of highly prospective uranium and vanadium property located in the States of Colorado, Utah and Arizona. The Company, 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

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

Contact Information