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Energy Fuels Announces Independent Report Confirming Ample Uranium Resource in Region to Supply the Pinon Ridge Mill

TORONTO, ONTARIO--(Marketwire - July 14, 2011) - Energy Fuels Inc. (TSX:EFR - News; "Energy Fuels" or the "Company") today announced the release of a favorable independent report prepared for Montrose County that supports and confirms Energy Fuels' estimates of sufficient economically minable uranium resource in the region to supply the Pinon Ridge Uranium and Vanadium Mill. The report confirms there is sufficient resource, both at current mill design capacity and potential future expanded mill capacity. The report was prepared by Economic & Planning Systems, Inc. ("EPS"), a national economics consulting firm with offices in Denver, Colorado and Sacramento and Berkeley, California.Energy Fuels' proposed Pinon Ridge Mill and several of the Company's mine properties are located in Montrose County, Colorado. In addition, a large portion of the Uravan Mineral Belt is located in Montrose County. Historically, the Uravan Mineral Belt was the most significant uranium-producing region in the United States.The EPS report is entitled "Montrose County Review of Market Conditions Related to Uranium Mining and Milling." It was prepared at the request of Montrose County in order to determine the feasibility and magnitude of regional uranium operations given supply, demand, and competitive constraints. Energy Fuels and the Mill are featured prominently in the report. EPS concluded the following:

-- World uranium demand is expected to double, assuming the planned and
proposed reactors are built. Uranium production in the United States,
including production in Montrose County, will increase to satisfy future
levels of demand and fill the gap from dwindling stockpiles.

-- The Four Corners Region (Colorado, Utah, New Mexico and Arizona)
includes the Uravan Mineral Belt, one of the richest uranium deposits in
the United States. The region is estimated to contain between 31% and
36% of the nation's uranium resource.

-- The White Mesa Mill in Blanding, Utah, represents only minor competition
to the Pinon Ridge Mill and Montrose County uranium production.

-- Montrose County uranium resource has the market advantage of containing
high-grade uranium and large quantities of vanadium that adds
significant value to area mining properties.

-- The uranium resource available to supply for a mill in Montrose County
is as much as 2,667 tons per day at a uranium price of $50/lb and as
much as 4,333 tons per day at a uranium price of $100/lb.

Energy Fuels' Pinon Ridge Mill is currently licensed for a capacity of 500 tons per day, with the potential to expand to 1,000 tons per day through additional permitting, well within the available resource supply identified by EPS. The Pinon Ridge Mill will also have a vanadium circuit to produce significant quantities of this strategic metal.According to Energy Fuels' President and CEO, Steve Antony, "It is very positive to obtain independent 3rd Party verification of our projections. The bottom line is that there are considerable quantities of uranium and vanadium resource that can potentially be mined economically in this region - by us and by others. This report highlights that there is little milling capacity to bring that resource to market. These factors, combined with uranium demand projections, give further justification for the construction of the Pinon Ridge Mill."About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company. With more than 45,000 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.