Magnum Uranium Acquisition to Help Meet Expansion Plans of Energy Fuel Inc.
Energy Fuels Inc, a leading uranium and vanadium mineral development Company has acquired Magnum Uranium Corporation; the Canada-based uranium exploration company, on June 30, 2009. Energy Fuels is involved in all levels of the uranium supply chain, including exploration, development, mining and milling. It has highly prospective uranium and vanadium property located in the states of Colorado, Utah and Arizona and continues to pursue opportunities to acquire additional property interests and to seek out other opportunities that create strategic value for the Company and its shareholders. Energy Fuels Inc has planned to construct Pinon Ridge Mill with a capacity of 500 tons of uranium ore per day for a projected life of 40 years. Magnum acquisition will enable the company to have continuous supply of uranium resource to the Pinon Ridge mill. The formation of new entity will also allow Energy Fuels Inc to meet its financial targets in terms of enhancement in the Company’s balance sheet.
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- review of the magnum Uranium acquisition and the repercussions for the company
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