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Energy Fuels Stock Options Exercised by Former Magnum Uranium Shareholders

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2010) - Energy Fuels Inc. (TSX:EFR - News; "Energy Fuels" or the "Company"), an advanced uranium and vanadium development company reported today that since November 1, 2010, it has raised $461,565 through the exercise of stock options held by former employees, consultants, and affiliates of Magnum Uranium Corp. The exercise of these options resulted in a further 1,025,700 shares of Energy Fuels common stock being issued, bringing the total outstanding to 98,281,407 shares. Fully diluted shares remain unchanged at 103,823,707. Magnum Uranium Corp. and Energy Fuels completed a business combination on June 30, 2009."We were obviously pleased to receive this cash infusion, which has added significantly to our treasury balance." commented Steve Antony, President and CEO of Energy Fuels. "These funds will contribute to our ongoing mill licensing effort as well as the implementation of our regional consolidation plan."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.