NewsEnergy Fuels Acquires Hollie Claims-Expands Mineral Resources in the San Rafael Project, Emery County Utah
Energy Fuels Acquires Hollie Claims-Expands Mineral Resources in the San Rafael Project, Emery County Utah
Feb. 3, 2011 (Marketwire) --
TORONTO,ONTARIO -- (Marketwire) -- 02/03/11 -- Energy Fuels Inc. (TSX: EFR)("Energy Fuels" or the "Company"), an advanced uranium and vanadiumdevelopment company, announced today that the Company has agreed toacquire a 100% interest in a block of ten mining claims (the HollieClaims) in Emery County, Utah, from Titan Uranium Corp. Based on theamended technical report entitled "Magnum Uranium Corp.'s Deep GoldUranium Deposit, Emery County, Utah" dated May 21, 2009 (filed on Sedarby Magnum Uranium on May 22, 2009), the Hollie Claims contain anindicated mineral resource of 983,300 pounds U3O8 from 158,200 tons at agrade of 0.311% U3O8. This resource was originally drilled on anapproximate 100ft. x 100ft. grid by Pioneer-Uravan in the late 70's withconfirmation drilling done by Magnum Uranium in 2007.
The Hollie Claims, located about 120 miles from the site of EnergyFuels' recently approved Pinon Ridge uranium mill, are surrounded byclaims in the San Rafael uranium district acquired by the Company fromMagnum Uranium in the merger completed June 30, 2009. The purchase pricefor the Hollie Claims will be satisfied by the issuance of 1,046,067shares of Energy Fuels common stock.
Steve Antony, President and CEO of Energy Fuels stated that, "With theaddition of these indicated resources to our existing San Rafael 43-101compliant U3O8 mineral resource base of 1.4 million lbs. measured andindicated and 1.3 million lbs. inferred resources, we now havesufficient resources in place to justify a mine plan and furtherdevelopment of the San Rafael project. We feel that additional drillingwill expand the resource in the area even further."
Stephen P. Antony, President and CEO, and a Qualified Person as definedby National Instrument 43-101 has reviewed and approved the content ofthis press release.