Welcome!

News Feed Item

Energy Fuels Files Two Technical Reports and Preliminary Base Shelf Prospectus

TORONTO, ONTARIO and LAKEWOOD, COLORADO -- (Marketwired) -- 03/28/14 -- Energy Fuels Inc. (NYSE MKT: UUUU)(TSX: EFR) ("Energy Fuels" or the "Company") is pleased to announce that it has filed an updated mineral resource estimate on its 100% owned La Sal Project, increasing the Company's measured and indicated uranium and vanadium resources by about 2.7 million and 15.5 million pounds, respectively, and an updated mineral resource estimate and preliminary economic assessment on its 100% owned Juniper Ridge Project, increasing the Company's indicated uranium resources by nearly 1 million pounds. In addition, the Company has filed a preliminary base shelf prospectus with the securities commissions in each of the provinces and territories of Canada, except Quebec and intends to file on March 31, 2014 a registration statement (Form F-10) with the United States Securities and Exchange Commission ("SEC"). Each of these filings is described in more detail below.

The La Sal Project:

The Company has filed on SEDAR a report titled, "Technical Report on La Sal District Project (Including the Pandora, Beaver, and Energy Queen Projects), San Juan County, Utah, U.S.A.", which includes an updated NI 43-101 mineral resource estimate (the "La Sal Technical Report"), prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administration ("NI 43-101"). The La Sal Technical Report was prepared by Douglas C. Peters, CPG, who is a "qualified person" and "independent" of the Company within the meaning of NI 43-101. The La Sal Technical Report replaces the March 15, 2011 technical report on the Energy Queen project.

The La Sal Project consists of a series of uranium-vanadium mines along an 11-mile mineral trend located in southeastern Utah. The Pandora/Snowball ("Pandora") mines and the Beaver/LaSal ("Beaver") mines are fully-permitted and fully-developed mines which were in production by Energy Fuels as recently as the Fall of 2012. The Company is currently maintaining these mines on standby, so they can be placed back into production with minimal time or cost, as uranium market conditions warrant. In addition, the La Sal Project includes the Company's fully-permitted and partially-developed Energy Queen project, along with an adjacent property known as the Redd Block property.

The La Sal Technical Report increases the Company's measured and indicated uranium resources by approximately 2.7 million pounds, and its measured and indicated vanadium resources by approximately 15.5 million pounds, compared to the previous Energy Queen technical report. According to the La Sal Technical Report, the project contains 1.14 million tons of Measured and Indicated Mineral Resources with approximately 4.1 million pounds of uranium and 21.5 million pounds of vanadium at average grades of 0.18% U3O8 and 0.94% V2O5, respectively. In addition, the project contains approximately 0.2 million tons of Inferred Mineral Resources with 0.4 million pounds of uranium and 1.9 million pounds of vanadium at average grades of 0.10% U3O8 and 0.51% V2O5, respectively.

Stephen P. Antony, President and CEO of Energy Fuels stated: "The La Sal Project is one of Energy Fuels' key uranium and vanadium production sources, as it has the potential to contribute to our near-term production optionality. Two mines in the project, the Beaver mine and the Pandora mine, were in production as recently as late 2012. We continue to maintain these mines on standby, so we can bring them back into production within just a few months' time with minimal upfront cost, once market conditions improve to suitable levels."

The Juniper Ridge Project:

The Company also filed on SEDAR a report titled, "Juniper Ridge Uranium Project, Carbon County, Wyoming, U.S.A.", which includes an updated NI 43-101 mineral resource estimate and a preliminary economic assessment (the "Juniper Ridge Technical Report") prepared in accordance with NI 43-101. The Juniper Ridge Technical Report was prepared by Douglas L. Beahm, P.E., P.G. and Terence P. McNulty, P.E., D.Sc., each of whom are a "qualified person" and "independent" of the Company within the meaning of NI 43-101. The Juniper Ridge Technical Report replaces a previous February 21, 2012 technical report on the project.

The Juniper Ridge Technical Report increases the mineral resource estimate for the project by nearly 20% in comparison to the previous technical report. The new resource estimate for the Juniper Ridge project shows the project having a total of approximately 5.2 million tons of Indicated Mineral Resources containing 6.1 million pounds of uranium with an average grade of 0.06% eU3O8. In addition, the project is estimated to have an additional 107,000 tons of Inferred Mineral Resources containing 182,000 pounds of uranium with an average grade of 0.09% eU3O8.

Under the base-case scenario in the preliminary economic assessment ("PEA"), the Company anticipates utilizing open pit mining in conjunction with on-site heap leach recovery that produces an intermediate uranium concentrate in the form of loaded resin, which could be shipped to Energy Fuels' 100% owned White Mesa Mill near Blanding, Utah (or other regional facilities) for final processing. Historic mining at the project occurred in the 1950's and 1960's, during which time significant uranium was produced.

Under the base-case scenario in the PEA, the Juniper Ridge Project is expected to produce a little over 500,000 pounds of U3O8 per year over a 10-year mine life. The project is expected to require initial capital expenditures of $37.5 million, and to generate an after-tax internal rate of return of 22% and net present value of $21.3 million, applying an 8% discount rate. In addition, the direct cash cost of production, including processing and royalties, is expected to total $38.84 per pound. The PEA assumes a constant uranium price of $65/pound over the 10-year life of the project.

Preliminary Base Shelf Prospectus & U.S. Registration Statement:

The Company also has filed a preliminary base shelf prospectus (the "Prospectus") with the securities commissions in each of the provinces and territories of Canada, except Quebec, and intends to file on Monday, March 31, 2014 a registration statement on Form F-10 with the SEC, which will not yet become effective. The securities may not be sold, nor may offers to buy, be accepted prior to the time the registration statement becomes effective. Details on these filings are described below.

Under the Prospectus, the Company may issue common shares, warrants, subscription receipts, preferred shares, debt securities, or any combination of such securities as units, in amounts, at prices, and on terms to be determined based on market conditions at the time of sale, and as set forth in an accompanying prospectus supplement, for an aggregate offering amount of up to US$100,000,000 during the 25 month period that the final short form base shelf prospectus remains effective.

Stephen P. Antony, President and CEO of Energy Fuels commented: "An important aspect of Energy Fuels' strategy is to create and maintain the optionality of our US-based uranium production assets so we can significantly increase uranium production as market conditions may improve in the coming years. This base shelf prospectus puts Energy Fuels into a position to access new financing opportunities that could be utilized in pursuing this strategy over the next two years and ensures that we are ready to rapidly execute on new transactions as they arise."

This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Stephen P. Antony, P.E., President & CEO of Energy Fuels, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the technical disclosure contained in this document.

About Energy Fuels: Energy Fuels is currently America's largest conventional uranium producer, which supplied approximately 25% of the uranium produced in the United States in 2013. Energy Fuels operates the White Mesa Mill, which is the only conventional uranium mill currently operating in the U.S. The mill is capable of processing 2,000 tons per day of uranium ore and has a licensed capacity of over 8 million lbs. of U3O8 per year. Energy Fuels has projects located in a number of Western U.S., including a producing mine, mines on standby and mineral properties in various stages of permitting and development. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol "EFR" and on the NYSE MKT under the trading symbol "UUUU".

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable Canadian and United States securities legislation, which may include, but is not limited to, statements and expectations with respect to the Juniper Ridge and La Sal Project resource estimates, development plans, permitting, and project economics, the filing of the preliminary or final base shelf prospectus and obtaining a receipt therefor, future offerings of securities, having any registration statement referred to herein declared effective in the U.S., and the timing of filing an F-10 registration statement. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects" "does not expect", "is expected", "subject to", "prospective" or "believe", or variations of such words and phrases, or state that certain actions, events or results "may", "could", or "will be taken", "be achieved" or "have the potential to". All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated March 26, 2014, which is available for review on the System for Electronic Document Analysis and Retrieval at www.sedar.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Contacts:
Energy Fuels Inc.
Curtis H. Moore
Investor Relations
(303) 974-2140 or Toll free: 1-888-864-2125
[email protected]
www.energyfuels.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...