Energy Fuels Inc. has successfully completed what is probably the most significant step on the critical path to constructing the Pinon Ridge Mill which will process uranium and vanadium ore in the Paradox Valley of western Montrose County, Colorado. The three person Montrose County Board of County Commissioners unanimously approved the Company's Special Use Permit Application; the third unanimous approval in the County's permitting procedures. This clears the way for Energy Fuels to aggressively pursue the next important step in the permitting process which is obtaining the Radioactive Source Material License from the Colorado Department of Public Health and Environment. Upon issuance of the mill license, Energy Fuels will have the right to construct and operate the mill.

Energy Fuels Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net loss and comprehensive loss of CAD 1,882,737 or CAD 0.04 per basic and diluted share on interest income of CAD 151 against net loss and comprehensive loss of CAD 1,313,332 or CAD 0.02 per basic and diluted share on interest income of CAD 83,754 for the same period a year ago. Net cash used in operating activities was CAD 1,478,979 compared to CAD 1,908,140 for the same period a year ago. Acquisition of equipment was CAD 25,079 compared to CAD 541 for the same period a year ago. Mineral property acquisition and expenditures was CAD 655,209 compared to CAD 2,188,994 for the same period a year ago. For the six months, the company reported net loss and comprehensive loss of CAD 1,830,124 or CAD 0.03 per basic and diluted share on interest income of CAD 26,732 against net loss and comprehensive loss of CAD 3,681,669 or CAD 0.07 per basic and diluted share on interest income of CAD 524,182 for the same period a year ago. Net cash used in operating activities was CAD 1,260,873 compared to CAD 2,870,582 for the same period a year ago. Acquisition of equipment was CAD 25,079 compared to CAD 10,072 for the same period a year ago. Mineral property acquisition and expenditures was CAD 4,098,141 compared to CAD 9,208,069 for the same period a year ago.

Energy Fuels Inc. has been informed by the Department of Energy (DOE) that the Company has been awarded two additional DOE lease tracts (C-AM-19-A and C-AM-20) released for bid in the May 2008 DOE lease sale. These tracts are in western Montrose County, Colorado, (within the Uravan Mineral Belt) about 30 highway miles from the Company's Pinon Ridge Mill site currently being permitted.