Energy Fuels completes mine deal

Energy Fuels Inc., the company proposing to build a uranium mill near Naturita, has completed the acquisition of property in Utah containing nearly 3 million pounds of uranium.

The acquisition, in which Energy Fuels purchased the interests of a partner, Aldershot Resources Ltd., gives Energy Fuels full ownership of the Sage Plain project in eastern Utah.

“It’s a project we’ve been dealing with for a couple years at least,” said Curtis Moore, Energy Fuels spokesman.

The Sage Plain Project, which sits about 15 miles northeast of Monticello, Utah, and 54 road miles from the company’s recently acquired White Mesa mill near Blanding, Utah, is estimated to contain 2.8 million pounds of uranium and 17.8 million pounds of vanadium.

“The nice thing about vanadium is that it’s not coupled to the uranium market,” Moore said, describing vanadium as providing a secondary market that doesn’t require costly changes to mills for processing.

The White Mesa mill can process vanadium ore and Energy Fuels’ proposed Pinyon Ridge mill near Naturita would be able to do so as well.

Energy Fuels has begun the permitting for the Sage Plain project and hopes to obtain approvals in a year to 18 months, the company said in a statement.

The Sage Plain project includes two leases on federal land, four on state land and 94 unpatented mining claims on federal land.

Energy Fuels completed the acquisition for $750,000 in cash, the cancellation of debt owed by Aldershot to Energy Fuels, and 3,527,570 shares of Energy Fuels common stock.

Energy Fuels, meanwhile, is preparing for a Nov. 7-13 administrative hearing in Naturita on its request for a radioactive-materials handling permit from the Colorado Department of Public Health and Environment for the $150 million Pinyon Ridge mill.


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