Energy Fuels Applies to List in U.S.-Based Exchange and Provides Update on Canyon Mine

Energy Fuels Inc. (TSX:EFR,OTCQX:EFRFD) submitted its application to be listed on a recognized US stock exchange. The Company also agreed to temporarily place shaft-sinking operations at its Canyon mine in Arizona on standby due to market conditions.

As quoted in the press release:

In addition, as a result of the Company’s shares trading on a consolidated basis today, for a period of twenty (20) trading days, Energy Fuels’ common shares will trade on the OTCQX under the symbol “EFRFD”. The letter “D” was added to the end of the Company’s ticker symbol by the U.S. Financial Industry Regulatory Authority (“FINRA”) for the purpose of designating Energy Fuels as having recently implemented a share consolidation. After twenty trading days, the Company’s trading symbol is expected to revert back to “EFRFF”.

Recent USFS actions and decisions regarding the mine have been challenged by several environmental groups and a local tribe (the “Plaintiffs”). The validity of the approved Plan of Operations has not been challenged by the Plaintiffs. That litigation is ongoing in front of the United States District Court for the District of Arizona (the “District Court”). Recently, the Plaintiffs appealed to the United States Circuit Court of Appeals for the Ninth Circuit (the “Court of Appeals”) the District Court’s order denying Plaintiff’s motion for a preliminary injunction and applied to the Court of Appeals for an emergency injunction pending appeal.

Today, the parties to the litigation entered into a stipulated agreement (the “Agreement”) and filed a joint motion with the District Court for the purpose of staying the Plaintiff’s appeal of the District Court’s decision denying the preliminary injunction and the request for an emergency injunction. In return, the Company committed to temporarily place shaft-sinking operations at the Canyon mine on standby until the earlier of a District Court decision on the merits of the case, or December 31, 2014. During this period of standby, Energy Fuels will continue to conduct all non-shaft sinking operations and maintenance activities pursuant to applicable USFS regulations and the approved Plan of Operations.

Click here to read the Energy Fuels Inc. (TSX:EFR,OTCQX:EFRFD) press release
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