Energy Fuels Set to Restart Operations at Canyon Mine, Arizona

Energy Fuels Inc. (NYSEMKT:UUUU,TSX:EFR) reported the preparations are underway to restart active mining operations at the Canyon mine in northern Arizona, USA.

The Company expects to begin to transition mining personnel from its currently-producing Pinenut mine to the Canyon mine during the 2nd quarter of 2015, at which point the Company expects the economic resources at the Pinenut mine to be depleted. The Company’s skilled mining personnel have gained valuable experience mining high-grade “breccia pipe” deposits, including the Arizona 1 and Pinenut mines. In addition, the Company has placed orders for significant capital and operational equipment to be utilized during mine development and ore production operations.

Energy Fuels President and CEO, Stephen P. Antony, said:

Over the past six months, uranium spot prices have increased by about 35%, and are currently showing strength. Nevertheless, prices still remain too low to result in the increases in uranium production we expect the World will need to meet expected long-term demand. Until these expected price increases occur, Energy Fuels is continuing to focus on our lowest cost sources of uranium production, including mining our Arizona projects and processing alternate feed materials. Production at the Pinenut mine has exceeded our expectations over the past year, and I personally thank our miners and mill workers for their professionalism, hard-work and commitment to safety and environmental protection. We look forward to achieving similar success at the Canyon mine.

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