Energy Fuels (UUUU) Announces Positive Mineralization Results for Nichols Ranch ISR Project

August 15, 2016 8:54 AM EDT
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Energy Fuels Inc. (NYSE: UUUU) announced that it has intercepted several large and high-grade areas of mineralization in the next wellfield expected to go into production at its Nichols Ranch ISR Project ("Nichols Ranch") in Wyoming, USA. On August 1, 2016, the Company began delineation drilling and the installation of the wellfield to be associated with Header House 9 at Nichols Ranch. Currently, four rigs are being utilized to drill pilot holes, ream, case, and complete the injection and recovery wells for this wellfield. Header House 9 is expected to begin producing uranium later in 2016.

To date, a total of 52 holes in this new wellfield have been drilled. Of the 52 holes, 46 have encountered mineralization which is above the grade % x thickness ("GT") cut-off of 0.3. This includes one hole which encountered 5.0 feet of mineralization with an average grade of 2.40% eU3O8. In addition, many of the holes have encountered multiple intercepts above the GT cutoff. It is anticipated that a total of 120 wells will be incorporated into Header House 9. The table below contains data for the 10 best holes drilled to date in this wellfield:

Hole Number

Thickness

(feet)

Avg. Grade

(% eU3O8)

GT*

(Grade X Thickness)

AZ034

5.0

2.401

12.00

AV030

31.5

0.302

9.51

AY034

28.0

0.224

6.26

AX028

22.0

0.265

5.84

AU029

22.0

0.236

5.19

AV033

27.0

0.186

5.02

AW037

20.0

0.215

4.30

AW034

31.5

0.134

4.22

AZ029B

11.0

0.374

4.11

AZ033

17.0

0.239

4.06

* GT represents grade multiplied by the thickness and is calculated by multiplying eU3O8 grade (in percent) by gamma anomaly thickness (in feet) as determined from down-hole radiometric probing. For example, a drill hole that has 10 feet of 0.10% uranium mineralization has a GT of 1.0 and would be considered a good hole by ISR mining standards.

Stephen P. Antony, President and CEO of Energy Fuels stated: "The drill results we are seeing in the wellfield for Header House 9 at Nichols Ranch are very positive, and the uranium grades and thicknesses are significantly exceeding expectations. Indeed, it is quite rare to encounter mineralization in U.S. ISR projects that have grades above 2.0% U3O8 and GT values above 10. Due to the size of the wellfield, expected number of wells, and the quality of mineralization we are encountering, we expect this to be the largest and most productive portion of the wellfield at Nichols Ranch to date. Overall, the Nichols Ranch deposit continues to deliver results that exceed our original expectations. We look forward to producing uranium from this new wellfield beginning later this year."

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.



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