UEC Universal Energy (Tier2)

Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") announced today
that the Company purchased a mining lease (the "Crain Lease") in southeast
Utah's Sage Plain District from Uranium Energy Corp. ("UEC") for $500,000 (CAD),
together with the provision for a future overriding royalty. The Crain Lease is
located on approximately 640-acres in San Juan County, Utah, and is near the
historic Calliham and Sage Mines which are properties already controlled by
Energy Fuels.


Energy Fuels immediately assigned the Crain Lease to Colorado Plateau Partners,
LLC ("CPP"), a 50/50 joint venture of Energy Fuels and Lynx-Royal JV, LLC
("Lynx-Royal") formed to explore and develop mineral resources in the Sage Plain
District and other nearby areas. Lynx-Royal has paid $250,000 (CAD) to Energy
Fuels to convey the Crain Lease to the CPP joint venture, reducing Energy Fuels'
net expenditure to $250,000. As the contractual operator of any mines developed
by CPP, Energy Fuels will receive all production from this property as mill feed
for the Company's proposed Pinon Ridge uranium/vanadium mill ("Pinon Ridge").


The Crain Lease has historic mineral resources estimated to be 225,000 lbs. U3O8
and 1.5 million lbs. V2O5. The combined historic resource in the potential
mining unit created by the Crain Lease and other properties owned or controlled
by Energy Fuels and CPP is approximately 1.5 million lbs. U3O8 and 10.7 million
lbs. V2O5. These historic resource estimates are based on drilling performed by
Umetco Minerals, Pioneer Uravan, and Truchas Ltd. in the 1970s and 1980s, and
are deemed reliable by Energy Fuels' geologists. The Company will immediately
evaluate the data package acquired as part of this property purchase, and
complete a 43-101 technical report by the end of the year.


The Crain property resource block is accessible through historic mine workings
on Energy Fuels' Calliham property acquired earlier this year. Engineering
studies are currently underway to rehabilitate and develop the resources in this
district. Preliminary mine permitting activities will begin with the State of
Utah, within the next 30 days. The Calliham/Sage Plain resources will evolve
into Energy Fuels' third fully permitted and production-ready mining project
over the next year.


The Sage Plain properties are located within economic trucking distance (about
70 highway miles) of Pinon Ridge, which received a Final Radioactive Materials
License from the State of Colorado on March 7, 2011. This License is the most
important governmental approval required to build and operate the Pinon Ridge
Mill.


Steve Antony, President and CEO of Energy Fuels, commented, "The Sage Plain
District historically produced significant quantities of uranium and vanadium.
In fact, the vanadium content of the resource is up to nine times higher than
the uranium content. Our recent acquisitions in this proven area are important
steps toward bringing these mining properties back into production and providing
additional feed for the Pinon Ridge Uranium and Vanadium Mill." 


Stephen P. Antony is a Qualified Person as defined by National Instrument 43-101
and has reviewed and approved the content of this press release.


About Energy Fuels:  Energy Fuels Inc. is a uranium and vanadium mineral
development company. With more than 45,000 acres of highly prospective uranium
and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming,
and New Mexico, and exploration properties in Saskatchewan's Athabasca Basin
totaling approximately 32,000 additional acres, the Company has a full pipeline
of additional development prospects. Energy Fuels, through its wholly-owned
Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia
subsidiary, Magnum Uranium Corp., has assembled this property portfolio along
with a first class management team, including highly skilled technical mining
and milling professionals based in Lakewood and Naturita, Colorado and Kanab,
Utah. 


This news release contains certain "Forward-Looking Statements" within the
meaning of Section 21E of the United States Securities Exchange Act of 1934, as
amended and "Forward Looking Information" within the meaning of applicable
Canadian securities legislation. All statements, other than statements of
historical fact, included herein are forward-looking statements and
forward-looking information that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the Company's
documents filed from time-to-time with the British Columbia, Alberta and Ontario
Securities Commissions.

Universal Energy (Tier2) (TSXV:UEC)
Historical Stock Chart
From Apr 2024 to May 2024

Universal Energy (Tier2) (TSXV:UEC)
Historical Stock Chart
From May 2023 to May 2024