LAKEWOOD,
CO, June 17, 2016 /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 completed its previously announced acquisition of Mesteña
Uranium, LLC ("Mesteña").
Mesteña's primary asset is the Alta Mesa Project
("Alta Mesa"), a fully-licensed in situ recovery ("ISR")
uranium production facility located in South Texas. Alta Mesa
is currently on standby, but is capable of ramping-up to commercial
production levels within approximately six months of a positive
production decision by Energy Fuels, with only minimal capital
requirements. At full capacity, Alta Mesa is capable of
producing 1.5 million pounds of uranium per year. The Company
expects to file a technical report outlining a maiden resource
estimate at Alta Mesa within the next month. The technical report
will be published in accordance with National Instrument 43-101
– Standards of Disclosure for Mineral Projects.
Stephen P. Antony,
President and CEO of Energy Fuels stated: "With the
completion of our acquisition of Mesteña, we believe that Energy
Fuels is now the premier uranium producer in the U.S. Energy
Fuels now has three uranium production facilities located in the
U.S. and more licensed and operational processing capacity (11.5
million pounds of uranium per annum) than any other uranium
producer in the U.S. It is important to note that the U.S.
remains the largest consumer of uranium in the World today.
Additionally, our acquisition of Mesteña is of particular
importance in today's current uranium price environment, as we
believe our 'all-in' costs of production at Alta Mesa will become
one of the lowest in our current portfolio, along with our
alternate feed material business and our Canyon mine. As
uranium markets improve, Alta Mesa offers Energy Fuels production
scalability that we can bring online sooner and at lower uranium
prices. I offer my sincere gratitude to the former owners of
Mesteña in helping us achieve this outcome, and welcome them as
shareholders of Energy Fuels."
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.
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 in situ
recovery ("ISR") production center with a licensed capacity of 2
million pounds of U3O8 per year. Alta
Mesa is an ISR production center currently on standby. 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'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".
Cautionary Note Regarding Forward-Looking
Statements: Certain information contained in this
news release, including any information relating to: the Company
being the premier producer of uranium in the U.S.; the
Company's expectations regarding the Alta Mesa Project's low
'all-in' costs, capital requirements, economics, and timing for
restarting production; the Company's expectations regarding the
filing of a maiden resource estimate for Alta Mesa; the Company's
licensed production capacity; the Company's ability to begin
production at Alta Mesa sooner and at lower uranium prices;
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 the premier producer of uranium in the U.S.;
the Company's expectations regarding the Alta Mesa Project's low
'all-in' costs, capital requirements, economics, and timing for
restarting production; the Company's expectations regarding the
filing of a maiden resource estimate for Alta Mesa; the Company's
licensed production capacity; the Company's ability to begin
production at Alta Mesa sooner and at lower uranium prices;
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.
SOURCE Energy Fuels Inc.