TORONTO, ONTARIO -- (Marketwire) -- 08/19/08 -- Energy Fuels (TSX: EFR) wishes to retract the news release dated August 19, 2008 which contained a miscalculation of the measured and indicated resource totals resulting in an overstatement of values. The news release should read as follows:
The Company has completed four new NI 43-101 Technical Reports, and has significantly increased the Company's NI 43-101 compliant U3O8 resource, in Colorado and Utah. Measured and indicated resource has been increased to 2,717,000 lbs. and inferred resource increased to 3,550,000 lbs., a more than four-fold increase in the uranium resource reported in two separate 43-101 filings during 2007. The 43-101 compliant V2O5 measured and indicated resource has also been increased to 11,000,000 lbs. and inferred resource increased to 12,900,000 lbs., a six-fold increase in the vanadium resource reported in 2007.
The measured and indicated resource table following the body of this release summarizes the 2007 resource estimates for each property and illustrates the impact of the revisions and new reports on 2008 measured and indicated resources. The 2008 measured and indicated U3O8 resource increased 140% to 2.7 million lbs. from the 1.1 million lbs. reported in 2007. The 2008 measured and indicated V2O5 resource increased 177% to 11.0 million pounds from 4 million pounds reported in 2007.
These additional resources are presented in an updated technical report, for the Energy Queen Mine, and three new reports for the Farmer Girl, Willhunt and Torbyn properties. These reports were all prepared in accordance with National Instrument 43-101 - "Standards of Disclosure for Mineral Projects". The Energy Queen and Willhunt reports were prepared by Peters Geosciences of Golden, Colorado. The Farmer Girl and Torbyn Reports were prepared by Alinco GeoServices of Lakewood, Colorado. Concurrent with this release, the four new reports have been filed on SEDAR (www.sedar.com), and they will be posted on the Energy Fuels website (www.energyfuels.com).
As in prior technical reports, resource calculations were performed using the polygonal method at a nominal spacing of 100 feet, and therefore many polygons enclose approximately 10,000 square feet of area. Of course, the polygons are smaller in areas where the drill spacing is closer. Vanadium grades are based on actual assays when available, or the respective intercepts were assigned a value based on the historical district average V2O5:U3O8 ratio for each property, an accepted industry standard approach in the Uravan Mineral Belt.
In addition, investigations of outcrops, new drill data, and historic maps have led to the inclusion of geologic inferred resources of 3.55 million lbs. U3O8 and 12.9 million pounds V2O5 on the combined properties, over half of which is on the Whirlwind Mine property block as released earlier this year. These inferred resources listed by property are:
Inferred
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Resources Only Lbs. U3O8 Lbs. V2O5
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Whirlwind 2.2 million 6.8 million
Energy Queen 0.4 million 1.9 million
Willhunt 0.5 million 2.5 million
Torbyn 0.3 million 0.9 million
Farmer Girl 0.15 million 0.8 million
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Total 3.55 million 12.9 million
According to Energy Fuels' President & CEO, George Glasier, "In one year, with the addition of 84 completed drill holes to the 28 already drilled at Whirlwind, Energy Fuels has multiplied its compliant uranium resource base by four times, and its compliant vanadium resource by six times. With the approval of the US BLM plan of operations anticipated this month, we are ready to mine in an area of significant mineralization. Once we are producing and routinely exploring with long-hole drilling from within the mineralized zones, the probability for identifying additional resource is excellent."
The Qualified Person, as defined by NI 43-101 responsible for the Energy Queen and Willhunt technical information contained in this release is Douglas C. Peters, CPG. For the Farmer Girl and Torbyn technical information, the Qualified Person is M. Hassan Alief, CPG. Both Mr. Peters and Mr. Alief are independent of the Company as defined by NI 43-101.
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.
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NI 43-101 Measured and Grade Lbs. Grade Lbs.
Indicated Resource Tons U3O8 U3O8 V2O5 V2O5
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Whirlwind Reported 01/16/07 164,000 0.20% 657,000 0.66% 2.17 million
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En. Queen Reported 08/08/07 110,000 0.22% 475,000 0.82% 1.80 million
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EFR 2007 Total 274,000 1,132,000 3.97 million
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Whirlwind Ppty @ 03/12/08:
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Whirlwind Revised 185,300 0.21% 768,300 0.70% 2.59 million
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Crosswind Reported 18,722 0.25% 92,086 0.81% 0.31 million
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Sub-Total 204,022 860,386 2.90 million
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En. Queen Revised 08/06/08 258,000 0.24% 1,214,000 0.96% 4.90 million
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Willhunt Reported 08/06/08 130,120 0.19% 484,000 0.93% 2.42 million
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Torbyn Ppty @ 08/06/08:
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Torbyn Mine 9,610 0.17% 47,858 0.85% 0.24 million
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Sapphire Mine 6,390 0.19% 36,046 0.76% 0.14 million
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Sub-Total 16,000 83,904 0.38 million
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Farmer Girl Ppty @ 08/06/08 19,678 0.19% 74,215 0.94% 0.37 million
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EFR 2008 Measured & 627,820 0.22% 2,716,505 0.87% 11.0 million
Indicated Total
(Inclusive of 2007 Total)
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Energy Fuels Inc. is a Toronto-based uranium and vanadium mineral exploration and 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.
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.
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