Energy Fuels acquires remaining interest in northern Arizona's Wate uranium project

Energy Fuels, Inc., announced on Wednesday that it has acquired the high-grade Wate uranium project located in the northern portion of Arizona.

The company said that a technical report from March estimated an approximated 1.12 million pounds of triuranium octoxide material in the project area. The company initially purchased 50 percent of the Wate project in an agreement with VANE Materials. This acquisition from Anfield Resources Holding Corp. allowed Energy Fuels to hold all interest in the site.

“We are extremely pleased to acquire Anfield’s interest in the nearly permitted Wate Project," an Energy Fuels representative said. "The Wate Project is a well-known, high-grade breccia pipe deposit that fits nicely into our existing uranium portfolio. Due to their high-grades, these deposits generally represent the lowest-cost sources of uranium production in our portfolio. We have a wealth of experience mining similar deposits in Arizona, and I am proud of our company’s commitment to the safety of our workers, the community and the environment, as we bring uranium to the marketplace for the production of emission-free, carbon-free electricity.”

The company will need to obtain a mineral release permit from the state government; it is anticipated that this will be granted to Energy Fuels within 12 to 18 months.