Benzinga | Nov 3, 2020 08:28AM EST

Energy Fuels Says Has Producted First Rare Earth Element Concentrate On A Pilot Scale At Its White Mesa Mill

LAKEWOOD, Colo., Nov. 3, 2020 /CNW/ - Energy Fuels Inc. (NYSE:UUUU, TSX:EFR) ("Energy Fuels" or the "Company") is pleased to announce that the Company has produced a rare earth element ("REE") carbonate concentrate ("REE Concentrate") on a pilot scale at its 100% owned White Mesa Mill (the "Mill"), located near Blanding, Utah. This REE Concentrate was produced using existing infrastructure and technologies at the Mill from a sample of monazite sands from a North American source. Monazite sands are a valuable natural uranium ore, which also contain high concentrations of REEs. The Mill recovered the high concentrations of REEs in the monazite sands, in addition to the contained uranium which will be sold into the nuclear fuel industry. The REE Concentrate produced this weekend is of high purity and is ready to be sent to a separation plant and further downstream REE processing facility for final acceptance test work.

To the Company's knowledge, this is the first REE Concentrate produced from monazite sands at any significant quantity in North America in over twenty (20) years.

Highlights:

* The Company announced its plan to enter the REE Sector on April 13, 2020.

* In just over six (6) months, the Company has graduated from laboratory scale testing to producing pilot scale REE Concentrate from a one (1) tonne sample of monazite sands mined in North America.

* The Company possesses three (3) tonnes of additional samples of these monazite sands, which it intends to process in the next two months to further refine the process for recovering REEs and uranium from these types of ores.

* This pilot scale testing demonstrates the substantial steps the Company has taken in recent months to re-establish the ability of the U.S. to recover REEs from monazite sands using existing facilities and technologies.

* The Company continues negotiations with various parties to procure sources of monazite sands that can potentially be processed on a commercial scale at the Mill for the recovery of REE Concentrate and uranium.

* The Company is also in ongoing discussions on the possible sale of REE Concentrate produced at the Mill to an REE separation facility.