Energy Fuels Announces Capital Preservation Strategy While Advancing Development of Its Asset Base

Energy Fuels Announces Capital Preservation Strategy While Advancing Development of Its Asset Base

In consideration of the ongoing uncertainty in the uranium and securities markets, Energy Fuels has taken a number of steps to reduce its rate of spending. Energy Fuels’ capital preservation strategy is being implemented to ensure that the Company will be in place with strong, developed assets, ready to catch any significant upswing in the uranium market. Effective November 21, 2008, the recently permitted Whirlwind Mine will be placed on standby.

Energy Fuels will continue with data gathering and site characterization activities at the Pinon Ridge mill site, to support its license application submittal. The Company’s existing personnel will assume a greater role in the preparation of the Pinon Ridge Mill license application rather than contracting consultants to write the majority of the application, resulting in a significant cost savings. Key consultants will be retained on an as needed basis to provide necessary expertise. The Company now anticipates filing for the mill radioactive materials license in the fourth quarter of 2009. Should the license approval process and construction proceed at the expected rates, the Pinon Ridge Mill could be commissioned in 2011.

The Company will continue with pumping and water treatment, environmental and permit compliance activities, safety inspections, equipment and facilities maintenance, and security at both the Whirlwind and Energy Queen Mines. The Whirlwind Mine will be maintained so that it is in a position to “turn-on” and begin ramping up, moving toward full production, within approximately 30 days of a decision to proceed.

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

Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 40,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah and Arizona, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation, has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Nucla, Colorado and Kanab, Utah.

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