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Energy Fuels Acquires Hollie Claims-Expands Mineral Resources in the San Rafael Project, Emery County Utah

TORONTO, ONTARIO--(Marketwire - Feb. 3, 2011) - Energy Fuels Inc. (TSX:EFR - News; "Energy Fuels" or the "Company"), an advanced uranium and vanadium development company, announced today that the Company has agreed to acquire a 100% interest in a block of ten mining claims (the Hollie Claims) in Emery County, Utah, from Titan Uranium Corp. Based on the amended technical report entitled "Magnum Uranium Corp.'s Deep Gold Uranium Deposit, Emery County, Utah" dated May 21, 2009 (filed on Sedar by Magnum Uranium on May 22, 2009), the Hollie Claims contain an indicated mineral resource of 983,300 pounds U3O8 from 158,200 tons at a grade of 0.311% U3O8. This resource was originally drilled on an approximate 100ft. x 100ft. grid by Pioneer-Uravan in the late 70's with confirmation drilling done by Magnum Uranium in 2007.The Hollie Claims, located about 120 miles from the site of Energy Fuels' recently approved Pinon Ridge uranium mill, are surrounded by claims in the San Rafael uranium district acquired by the Company from Magnum Uranium in the merger completed June 30, 2009. The purchase price for the Hollie Claims will be satisfied by the issuance of 1,046,067 shares of Energy Fuels common stock.Steve Antony, President and CEO of Energy Fuels stated that, "With the addition of these indicated resources to our existing San Rafael 43-101 compliant U3O8 mineral resource base of 1.4 million lbs. measured and indicated and 1.3 million lbs. inferred resources, we now have sufficient resources in place to justify a mine plan and further development of the San Rafael project. We feel that additional drilling will expand the resource in the area even further."Stephen P. Antony, President and CEO, and a Qualified Person as defined by National Instrument 43-101 has reviewed and approved the content of this press release.About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company actively rehabilitating and developing formerly producing mines. With more than 38,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan's Athabasca Basin totaling approximately 32,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Naturita, Colorado and Kanab, Utah.This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia, Alberta and Ontario Securities Commissions.