Mineral Resource Estimate For The Tony M Mine

TORONTO - Consolidated Uranium, Inc. reported the completion of a confirmation drill program and a mineral resource estimate and supporting technical report prepared in accordance with NI 43-101 at the Tony M mine. The Technical Report was prepared by the independent consulting firm SLR International Corporation (SLR).

The Mineral Resource estimate is based upon a commodity price of US$65.00 per pound of U3O8, and a cut-off grade of 0.14% eU3O8 are reported as an: Indicated Mineral Resource of 1,185,000 tons grading 0.28% eU3O8 for 6.6 million pounds contained uranium; and Inferred Mineral Resource of 404,000 tons grading 0.27% eU3O8 for 2.2 million pounds contained uranium. The Mineral Resource estimate for the Tony M Mine is consistent with the historic Mineral Resource estimate previously reported by Energy Fuels Inc. in 2012 when compared using a cut off grade of 0.10 % U3O8.

Key recommendations from the Technical Report include: Exploration drilling and underground sampling to investigate the vanadium potential of the deposit based on results from the confirmation drill program which showed the V2O5/U3O8 ratio ranges from an average of 1:1 to greater than 17:1 in places; and Completion of a Preliminary Economic Assessment (PEA) to consider re-opening the Tony M mine (including Mineral Resource update).

Chairman and CEO, Phil Williams, said, “We are very pleased with the results of the confirmation drill program and mineral resource estimate for the Tony M Mine. We were attracted to the project not only because it was a past producing mine with all the infrastructure and permits in place for rapid and low-cost restart when uranium market conditions warrant, but also because of the robust nature of the deposit which is confirmed by this mineral resource estimate. The indicated mineral resource grade of 0.28% U3O8 ranks among the highest of all US uranium projects. Additionally, we are encouraged by the previously untested vanadium potential which was highlighted in our drilling. As the only company with guaranteed access to the Energy Fuels White Mesa Mill, which has a vanadium recovery circuit, if this potential bears out it could improve the overall economics of the project. These results confirm the Tony M Mine’s place in our portfolio as our number one US asset and we look forward to an aggressive program at the project next year, which we expect will advance us towards a production decision.”