Energy Fuels Discovers High-Grade Copper Mineralization at Its Canyon Uranium Mine

Lakewood, Colorado: Energy Fuels Inc. (NYSE MKT: UUUU; TSX: EFR) (“Energy Fuels” or the “Company”), a leading producer of uranium in the United States, is pleased to report that it has discovered an extensive system of high-grade copper mineralization at its 100%-owned Canyon Mine in northern Arizona.  As previously announced, the Company is currently evaluating the Canyon deposit to expand and upgrade the uranium resources.  The Canyon Mine is the highest-grade uranium mine in the U.S., and based on uranium recovery alone, the Company expects production costs from the Canyon Mine to be competitive with the best underground uranium mines globally, including mines in Canada, based on industry-published cost estimates.  However, now that extensive high-grade copper mineralization has been discovered within the deposit – with exploration results to date averaging 8.75% Cu and one intercept hitting 5-feet of 31.69% Cu – the Company is now expanding the scope of the evaluation of the Canyon deposit to analyze recovering copper as a byproduct of uranium recovery, which has the potential to make the economics of the Canyon Mine even better.
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