Business
Energy Fuels Files Updated Preliminary Feasibility Study for Sheep Mountain Uranium Project
LAKEWOOD, CO, Feb. 28, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), a leading producer of uranium in the Un
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, CO, Feb. 28, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (\"Energy Fuels\" or the \"Company\"), a leading producer of uranium in the United States, is pleased to announce that it has filed an updated technical report, including a Preliminary Feasibility Study (\"PFS\"), for its Sheep Mountain Project in Fremont County, Wyoming (the \"Project\") on the System for Electronic Document Analysis and Retrieval (\"SEDAR\") at www.sedar.com in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (\"NI 43-101\") and in accordance with Canadian Institute Mining's (\"CIM\") Best Practice Guidelines for the Estimation of Mineral Resources and Mineral Reserves. The technical report, entitled \"Updated Preliminary Feasibility Study National Instrument 43-101 Technical Report Amended and Restated\" and dated February 28, 2020, was authored by Douglas L. Beahm, P.E., P.G., Principal Engineer of BRS Engineering, Inc., who is independent of the Company and a Qualified Person pursuant to NI 43-101. The technical report references and updates the \"Sheep Mountain Uranium Project, Fremont County, Wyoming, USA, Updated Preliminary Feasibility Study, National Instrument 43-101, Technical Report\" dated April 13, 2012, previously filed the Company. The updated PFS incorporates recent changes in CIM mineral resource requirements and changes in the Sheep Mountain Project mine plan. The Sheep Mountain Project consists of the Congo Pit, a proposed open pit mine, and the re-opening of the Sheep Underground mine. The Congo Pit is estimated to contain a total of 3,955,000 tons of Probable Mineral Reserves with an average grade of 0.115% eU3O8 containing 9,117,000 pounds of uranium, and the Sheep Underground is estimated to contain 3,498,000 tons of Probable Mineral Reserves with an average grade of 0.132% eU3O8 containing 9,248,000 pounds of uranium. The updated PFS estimates that, based on an assumed uranium selling price of $60 per pound, the Project will recover an average of approximately 1.4 million pounds of uranium per year over a 12-year mine life at an average operating cost of $36.80 per pound of recovered uranium. Capital expenditures are expected to total $152.6 million (all $ expressed in U.S. dollars) during the life of the Project, including $120.8 million of initial ...