Exploration & Processing - Fall 2010 - (Page 100)

ENERGY FUELS RESOURCES CORP . BY LUKE GILLESPIE ENERGY FUELS RESOURCES BELIEVES IN THE POWER OF NUCLEAR ENERGY, AND IT IS PRIMING ITSELF TO BE A LEADING PRODUCER OF URANIUM. ENERGY FOR THE FUTURE A The first facility of its kind to be built in the United States in nearly 30 years, Pinon Ridge Mill is expected to produce 500 tons of uranium and vandium per day. Some believe uranium is the answer to the country’s dependence on fossil fuels. COMPANY PROFILE Energy Fuels Resources Corp. www.energyfuels.com Headquarters: Lakewood, Colo. Employees: 15 Services: Uranium and vanadium ore mining and milling ccording to the U.S. Energy Information Administration’s Nuclear Energy Review, 104 U.S. commercial nuclear power plants produce a total of 806.2 billion kilowatt-hours of electricity. In February, the Obama administration approved an $8 billion loan guarantee for the construction of two nuclear reactors in Georgia, which would be the first plants to undergo construction in the United States since the 1970s. It appears that the use of nuclear energy is becoming a possible solution to the end of reliance on fossil fuels. But nuclear energy needs uranium, and to get uranium, nuclear plants need Energy Fuels Resources Corp. Energy Fuels was founded in 2005 to develop mines and mills for uranium production. The principal business strategy of Energy Fuels is to license and construct the 500-ton-per-day Pinon Ridge Mill to process ore containing both uranium and vanadium. Pinon Ridge is located 12 miles west of Naturita, Montrose County, Colo. It will be the first facility of its kind to be built in the United States in almost 30 years. According to Gary Steele, vice president of corporate marketing, Energy Fuels originally planned to reach an agreement to have its ore toll milled by another uranium processor. However, as negotiations fell through, it became clear that the best course was for Energy Fuels to find its own land and develop its own mill. “To open mines up, it became evident that the only way to compete was to develop our own mill,” Steele says. “We evaluated seven different mill sites, measuring the socioeconomic impact, access to water and overall infrastructure access.” Energy Fuels found that Pinion Ridge, situated in the Uravan Mineral Belt, was the best place for operations. “It was hands down the best site of the seven,” Steele exclaims. “It’s an 880-acre site, and the mill is right in the heart of a long-term uranium producing area.” On Track Since July 2007, Energy Fuels has been aggressively pursuing Pinon Ridge licensing, gathering and presenting sufficient data for a radioactive materials license. “We have sufficient [National Instrument] 43-101 measured, indicated and inferred resource identified to feed the mill at a 500-ton-a-day rate for eight to 10 FALL 2010 on track to become a fully integrated uranium and vanadium producer in the United States.” 100 | EXPLORATION-PROCESSING.COM Gary Steele, vice president of corporate marketing: “We are http://www.EXPLORATION-PROCESSING.COM

Table of Contents for the Digital Edition of Exploration & Processing - Fall 2010

Exploration & Processing - Fall 2010
Spillover Effects
Profitable Path to Renewable Energy
Dynamic Air Shelters Ltd.
Elevating Boats LLC
Gazelle’s Oilfield Services Ltd.
International Alliance Group
Lydford Mining Co.
Offshore Inland Marine, Industrial & Oilfield Services
Q.B. Johnson Manufacturing Inc.
Thermo Design Engineering
Western Camp Services Ltd.
Western Copper Corp.
Alberta Welltest Incinerators
Blakely Construction Co. Inc.
Bluewater Constructors Inc.
Energy Fabrication Inc.
OFM Pump Inc.
Lithium Americas Corp.
New Dominion Construction Inc.
Otis Gold
Owen Sound Ledgerock Ltd.
Reagan Equipment Co. Inc.
Swick Mining Services (Canada) Inc.
American Oil & Gas – The Goliath Project
Africo Resources Ltd.
American Tank Company Inc.
Atlas Copco Geotechnical Drilling & Exploration
Clarkco Oilfield Services Inc.
Energy Fuels Resources Corp.
ESA Renewables LLC
GPR Industries (1994) Ltd.
Helio Resource Corp.
Landdrill International Inc.
Laurel Aggregates Inc.
LoneStar Energy Fabrication
NioGold Mining Corp.
Pacific Booker Minerals Inc.
Phoenix Exploration Co.
Premium Rock Bit Corp.
Queenston Mining Inc.
RAE Engineering & Inspection Ltd.
Goldcorp – Red Lake Gold Mines
C-FER Technologies Inc.
Surepoint Group
Eden Stone and Valders Stone & Marble Inc.
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Exploration & Processing - Fall 2010