LAKEWOOD, CO, Oct. 10, 2017 /CNW/ - Energy Fuels Inc. (NYSE
MKT: UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), a leading producer of uranium in the United
States, is pleased to announce that it has filed an updated technical report for its Canyon Mine on the System for
Electronic Document Analysis and Retrieval ("SEDAR") in accordance with National Instrument 43-101 – Standards of Disclosure
for Mineral Projects ("NI 43-101"). The Canyon Mine is a fully-permitted and substantially-developed uranium/copper
mine located in Northern Arizona.
The document, entitled "Technical Report on the Canyon Mine, Coconino County, Arizona,
U.S.A." and dated October 6, 2017, was authored by Mark B. Mathisen,
C.P.G., Valerie Wilson, M.Sc., P.Geo, and Jeffrey L. Woods, QP
MMSA, SME of Roscoe Postle Associates Inc., each of whom is an independent qualified person for purposes of NI 43-101.
As previously reported in the Company's news release dated August 23, 2017, the Canyon Mine
is estimated to contain 139,000 tons of Measured and Indicated Mineral Resources with an average grade of 0.88%
U3O8 containing 2,434,000 pounds of uranium, along with 18,000 tons of Inferred Mineral Resources with an
average grade of 0.38% U3O8 containing 134,000 pounds of uranium. The Main Zone of the deposit is
also estimated to contain 11,939,000 pounds of copper contained in 101,000 tons of Measured and Indicated Mineral Resources with
an average grade of 5.93% Cu. There are no discrepancies between the technical report and the August 23 news release.
About Energy Fuels: Energy Fuels is a leading integrated US-based uranium mining company, supplying
U3O8 to major nuclear utilities. Energy Fuels holds three of America's key uranium production
centers, the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas. The White Mesa Mill is the only conventional uranium mill
operating in the U.S. today and has a licensed capacity of over 8 million pounds of U3O8 per year.
The Nichols Ranch Processing Facility is an ISR production center with a licensed capacity of 2 million pounds of
U3O8 per year. Alta Mesa is an ISR production center currently on care
and maintenance. Energy Fuels also has the largest NI 43-101 compliant uranium resource portfolio in the U.S. among
producers, and uranium mining projects located in a number of Western U.S. states, including one producing ISR project, mines on
standby, and mineral properties in various stages of permitting and development. The Company also produces vanadium as a
co-product of its uranium production from certain of its mines on the Colorado Plateau, as market conditions warrant. The
Company's common shares are listed on the NYSE MKT under the trading symbol "UUUU", and on the Toronto Stock Exchange under the
trading symbol "EFR".
Stephen P. Antony, P.E., President & CEO of Energy Fuels , is a
Qualified Person as defined by Canadian National Instrument 43-101 and has reviewed and approved the technical disclosure
contained in this news release.
Cautionary Note Regarding Forward-Looking Statements: Certain information contained in this news
release, including any information relating to: the Company being a leading producer of uranium in the U.S. ; the
risks associated with the mineral resource estimate contained in the revised NI 43-101 Technical Report; and any other
statements regarding Energy Fuels' future expectations, beliefs, goals or prospects; constitute forward-looking information
within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements in
this news release that are not statements of historical fact (including statements containing the words "expects", "does not
expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "projects", "potential", "scheduled",
"forecast", "budget" and similar expressions) should be considered forward-looking statements. All such forward-looking
statements are subject to important risk factors and uncertainties, many of which are beyond Energy Fuels' ability to control or
predict. A number of important factors could cause actual results or events to differ materially from those indicated or
implied by such forward-looking statements, including without limitation factors relating to: the Company being a leading
producer of uranium in the U.S. ; ; the risks associated with the mineral resource estimate contained in the
revised NI 43-101 Technical Report ; and other risk factors as described in Energy Fuels' most recent annual report
on Form 10-K and quarterly financial reports. Energy Fuels assumes no obligation to update the information in this
communication, except as otherwise required by law. Additional information identifying risks and uncertainties is contained
in Energy Fuels' filings with the various securities commissions which are available online at www.sec.gov and www.sedar.com. Forward-looking statements
are provided for the purpose of providing information about the current expectations, beliefs and plans of the management of
Energy Fuels relating to the future. Readers are cautioned that such statements may not be appropriate for other
purposes. Readers are also cautioned not to place undue reliance on these forward-looking statements, that speak only as of
the date hereof.
Cautionary note to United States investors concerning estimates of measured,
indicated and inferred resources. This news release contains certain disclosure that has been prepared in accordance
with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless
otherwise indicated, all reserve and resource estimates included in this news release have been prepared in accordance with NI
43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") classification system. Canadian standards,
including NI 43-101, differ significantly from the requirements of U.S. securities laws, and reserve and resource information
contained in this news release may not be comparable to similar information disclosed by companies reporting only under U.S.
standards. In particular, the term "resource" does not equate to the term "reserve" under SEC Industry Guide 7.
United States investors are cautioned not to assume that all or any of Measured or Indicated
Mineral Resources will ever be converted into mineral reserves. Investors are cautioned not to assume that all or any part
of an "Inferred Mineral Resource" exists or is economically or legally minable. Energy Fuels does not hold any Reserves as
that term is defined by SEC Industry Guide 7. Please refer to the section entitled "Cautionary Note to United States
Investors Concerning Disclosure of Mineral Resources" in the Company's Annual Report on Form 10-K dated March 15, 2016 for further details.
SOURCE Energy Fuels Inc.
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