UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 18, 2016
ENERGY
FUELS INC.
(Exact name of registrant as specified in its charter)
Ontario |
001-36204 |
98-1067994 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer
Identification No.) |
225 Union Blvd., Suite 600
Lakewood, Colorado |
80228 |
(Address of
principal executive offices) |
(Zip Code) |
(303) 974-2140 |
(Registrant’s telephone number, including area code) |
N/A |
(Former name or former address, if changed since last report) |
Check the appropriate
box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
Item 8.01 Other Events.
On August 18, 2016, Energy Fuels Inc. issued
a press release attached hereto as Exhibit 99.1
The information furnished pursuant to this
Item 8.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise
subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing under the
Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated August 18, 2016
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
ENERGY FUELS INC.
(Registrant) |
Dated: August 18,
2016 |
By: /s/ David C. Frydenlund
David C. Frydenlund
Senior Vice President, General Counsel and Corporate Secretary |
|
|
Exhibit 99.1
Energy Fuels Announces High-Grade Uranium Intercepts at the Canyon
Mine
LAKEWOOD, CO, Aug. 18, 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 intercepted several large and high-grade areas of mineralization at its Canyon Mine,
a conventional uranium mine located in northern Arizona, USA.
The Company is currently pursuing an underground delineation
core drilling program from a station located at a depth of approximately 1,000 feet below the surface. To date, thirteen
(13) core holes have been drilled, and most have encountered uranium mineralization in multiple levels throughout the deposit,
including 8.5-feet of mineralization with an average grade of 6.88% eU3O8, 48.0-feet of mineralization with
an average grade of 1.02% eU3O8, and 35-feet of mineralization with an average grade of 1.39% eU3O8.
The Company expects to drill a total of fifteen (15) core holes from the first station during the current drilling program,
which is expected to be followed up by additional delineation drilling from a second station later this year.
The table below summarizes the data for the ten (10) best
individual intercepts that the Company has encountered to date:
Hole Number |
Thickness
(feet) |
Avg. Grade
(% eU3O8) |
GT
(Grade x Thickness) |
CMCH-011 |
8.5 |
6.88% |
58.5 |
CMCH-005 |
48.0 |
1.02% |
49.0 |
CMCH-007 |
35.0 |
1.39% |
48.7 |
CMCH-006 |
38.5 |
1.11% |
42.7 |
CMCH-008 |
40.5 |
0.99% |
40.1 |
CMCH-004 |
38.0 |
1.02% |
38.8 |
CMCH-007 |
8.5 |
2.48% |
21.1 |
CMCH-013 |
30.0 |
0.66% |
20.6 |
CMCH-006 |
38.0 |
0.50% |
19.0 |
CMCH-002 |
29.0 |
0.62% |
18.0 |
All holes were logged for gamma by trained Company personnel
to calculate eU3O8%. Gamma logging tools were calibrated prior to the drilling program and verified
by an independent 3rd party geophysicist. Samples from the zones showing high eU3O8% assay
values are currently being sampled and sent to the Company's White Mesa Mill for further verification.
According to a June 27, 2012 technical report ("Technical
Report") prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects
("NI 43-101"), the Canyon deposit contains 83,000 tons of Inferred Mineral Resources with an average grade of 0.98% eU3O8,
containing 1.63 million pounds of uranium. The existing Technical Report was based on the results of surface drilling.
The current underground drilling program is intended to further define and delineate the uranium resources in the Canyon deposit
– and to potentially expand and upgrade the resources – above what are described in the Technical Report. If
required, the Company expects to have an updated Technical Report prepared for the Canyon deposit, in accordance with NI 43-101.
In addition to the delineation drilling, the Company is also
continuing to sink an 8-foot by 20-foot mine shaft, which will be used to access the deposit. The shaft is currently at a
depth of approximately 1,100 feet.
Stephen P. Antony, President and CEO of Energy Fuels stated:
"So far, the results of the underground drill program at the Canyon deposit are very positive. The uranium grades, thicknesses,
and continuities we have encountered at this stage of our delineation drilling program are confirming our high expectations for
the deposit. Furthermore, as we extend core holes beyond the known zones of mineralization, additional high-grade uranium
resources are being identified that are expanding the size of the deposit beyond what was described in the Technical Report.
"We have long known that the Canyon deposit boasts world-class
uranium grades, and we have the potential to increase the tonnage to be mined through underground delineation drilling. Historically,
uranium produced from other similar deposits in northern Arizona was low-cost and competitive globally with other low-cost underground
uranium mines, including mines in Canada. In addition, the Canyon Mine enjoys other important advantages. It is fully
licensed and permitted. It is at a very advanced stage of construction, with all surface development completed and the shaft
is close to being complete. And, the mine is located within economic trucking distance of Energy Fuels' White Mesa Mill,
which is licensed, operating, and has the capacity to process the Canyon material into finished yellowcake that can be sold to
global nuclear utilities. We look forward to completing our current drill program, potentially performing future delineation
drill programs, and continuing to confirm the size and quality of the resources."
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'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, including sampling, analytical, and test data underlying such disclosure.
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 drilling results to date from the Canyon mine and any conclusions which may be drawn from such results;
the total number of holes the Company expects to drill in the current delineation program; the conclusions contained in the
2012 Technical Report and any future technical reports which may be prepared in accordance with NI 43-101; the final depth of the
shaft; the potential that the resources and/or tonnage may be expanded beyond what is described in the 2012 Technical Report; the
Company's belief that the Canyon deposit is world-class; the costs of production and competitiveness of other similar mines, and
any inference to the Canyon deposit; the factors which the Company believes makes the Canyon deposit unique; 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
drilling results to date from the Canyon mine and any conclusions which may be drawn from such results; the total number of holes
the Company expects to drill in the current delineation program; the conclusions contained in the 2012 Technical Report and
any future technical reports which may be prepared in accordance with NI 43-101; the final depth of the shaft; the potential that
the resources and/or tonnage may be expanded beyond what is described in the 2012 Technical Report; the Company's belief that the
Canyon deposit is world-class; the costs of production and competitiveness of other similar mines, and any inference to the Canyon
deposit; the factors which the Company believes makes the Canyon deposit unique;; 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 Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("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.
%CIK: 0001385849
For further information: Investor Relations Inquiries: Energy
Fuels Inc., Curtis Moore - VP - Marketing & Corporate Development, (303) 974-2140 or Toll free: (888) 864-2125, investorinfo@energyfuels.com,
www.energyfuels.com
CO: Energy Fuels Inc.
CNW 08:30e 18-AUG-16
This regulatory filing also includes additional resources:
ex991.pdf
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