Energy Fuels Inc. is a Canadian-based uranium exploration and development company that is trying to capitalize on the uranium price escalation (latest spot price $91US/lb) by putting into production several old mines recently acquired in the United States.

Key Properties

Whirlwind

Energy Fuels acquired the Whirlwind properties located in Utah and Colorado several months ago. The key in the acquisition is its uranium and vanadium Whirlwind mine. A January 2007 NI 43-101 compliant technical report of the mine disclosed current Indicated resource of 657,000 lbs of uranium oxide and 2.17 million lbs of vanadium oxide based on 69 drill holes while recommending further drilling to be done; the company has contracted another 19,500 feet of drilling to be finished in 2007 on its Whirlwind claims in hopes of finding additional deposits.

In order to put the Whirlwind mine into production and graduate from production visibility to the select group of producers, the company needs to meet certain goals, including steps to rehabilitate the mine (expected to start Q2 2007 lasting 6 months with expected CapEx <$1 million), negotiating a tolling arrangement, preparing a pre-feasibility study, and obtaining full approval of the expansion of its existing permit. If everything goes as planned, Energy Fuels plans to reopen the Whirlwind Mine by late 2007, with processing scheduled a year later once stockpiles have been gathered to adequate levels.

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