Energy Fuels Announces High-Grade Uranium Intercepts at the Canyon Mine

LAKEWOOD, CO, Aug. 18, 2016 /PRNewswire/ – Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU), a leading producer of uranium in the United States, is pleased to announce that it has intercepted several large and high-grade areas of mineralization at its Canyon Mine, a conventional uranium mine located in northernArizona, USA.
The Company is currently pursuing an underground delineation core drilling program from a station located at a depth of approximately 1,000 feet below the surface.  To date, thirteen (13) core holes have been drilled, and most have encountered uranium mineralization in multiple levels throughout the deposit, including 8.5-feet of mineralization with an average grade of 6.88% eU₃O₈, 48.0-feet of mineralization with an average grade of 1.02% eU₃O₈, and 35-feet of mineralization with an average grade of 1.39% eU₃O₈.  The Company expects to drill a total of fifteen (15) core holes from the first station during the current drilling program, which is expected to be followed up by additional delineation drilling from a second station later this year.
The table below summarizes the data for the ten (10) best individual intercepts that the Company has encountered to date:

In addition to the delineation drilling, the Company is also continuing to sink an 8-foot by 20-foot mine shaft, which will be used to access the deposit.  The shaft is currently at a depth of approximately 1,100 feet.
Stephen P. Antony, President and CEO of Energy Fuels stated:  “So far, the results of the underground drill program at the Canyon deposit are very positive.  The uranium grades, thicknesses, and continuities we have encountered at this stage of our delineation drilling program are confirming our high expectations for the deposit.  Furthermore, as we extend core holes beyond the known zones of mineralization, additional high-grade uranium resources are being identified that are expanding the size of the deposit beyond what was described in the Technical Report.
“We have long known that the Canyon deposit boasts world-class uranium grades, and we have the potential to increase the tonnage to be mined through underground delineation drilling.  Historically, uranium produced from other similar deposits in northern Arizona was low-cost and competitive globally with other low-cost underground uranium mines, including mines in Canada.  In addition, the Canyon Mine enjoys other important advantages.  It is fully licensed and permitted.  It is at a very advanced stage of construction, with all surface development completed and the shaft is close to being complete.  And, the mine is located within economic trucking distance of Energy Fuels’ White Mesa Mill, which is licensed, operating, and has the capacity to process the Canyon material into finished yellowcake that can be sold to global nuclear utilities.  We look forward to completing our current drill program, potentially performing future delineation drill programs, and continuing to confirm the size and quality of the resources.”
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