LAKEWOOD, CO, Oct. 10, 2017 /PRNewswire/ - 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.