Energy Fuels Acquires Rest of Wate High-Grade Uranium Project

Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) announced has acquired the remaining 50-per-cent interest in the high-grade Wate uranium deposit from Anfield Resources Holding Corp. The Company previously acquired a 50% interest in Wate from VANE Minerals. As a result of the current acquisition from Anfield, Energy Fuels now owns and controls a 100% interest in the Wate Project.
As quoted in the press release:

According to a March 10, 2015 technical report, prepared in accordance with National Instrument 43-101 (“NI 43-101”), the Wate Project holds approximately 1.12 million pounds of U3O8 contained in approximately 71,000 tons of Inferred Mineral Resources with an average grade of 0.79% eU3O8.
Northern Arizona, where the Wate Project is located, contains the highest-grade uranium deposits in the United States, and some of the highest-grade uranium deposits in the World. The Wate Project is a “breccia pipe” deposit, similar to the Company’s Arizona 1, Pinenut, and Canyon mines. The Company recently restarted shaft sinking operations at the Canyon mine, which according to a June 27, 2012 technical report, prepared in accordance with NI 43-101, holds approximately 1.6 million pounds of U3O8 contained in approximately 83,000 tons of Inferred Mineral Resources with an average grade of 0.98% eU3O8. It is anticipated that future production from both the Canyon mine and the Wate Project would be processed at Energy Fuels’ White Mesa uranium mill in Utah, which is currently the only operating uranium mill in the U.S.
As consideration for the transaction, Energy Fuels paid $275,000 cash and issued 92,906 common shares to Anfield at closing. In addition, upon the Company’s completion of future permitting milestones and other conditions, the Company will make an additional cash payment of $275,000 to Anfield and will issue to Anfield additional Energy Fuels common shares having a value of $275,000.
The Wate Project is located on land owned by the State of Arizona and is at an advanced stage of permitting. The main permit to be issued is a mineral lease from the State of Arizona, which holds primary permitting authority. Mineral leases in Arizona are similar to mining permits in other jurisdictions, granting the holder the right to mine, ship ores, and conduct all support operations. The Company expects to receive the mineral lease on the project in twelve to eighteen months, subject to the satisfaction of certain additional requirements. Once the mineral lease is granted, the Company expects to move forward to acquire the additional State aquifer protection and air quality permits and other approvals required to commence development and mining.

Energy Fuels President and CEO, Stephen P. Antony, P.E., stated:

We are extremely pleased to acquire Anfield’s interest in the nearly-permitted Wate Project. The Wate Project is a well-known, high-grade breccia pipe deposit that fits nicely into our existing uranium portfolio. Due to their high-grades, these deposits generally represent the lowest-cost sources of uranium production in our portfolio. We have a wealth of experience mining similar deposits in Arizona, and I am proud of our Company’s commitment to the safety of our workers, the community, and the environment, as we bring uranium to the marketplace for the production of emission-free, carbon-free electricity.

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