Sep 27 2011
Energy Fuels Inc. announced on September 26 that it has reached a key settlement with two of the Objectors to the Company’s water rights’ application for the proposed Pinon Ridge Uranium and Vanadium Mill.
On Wednesday September 21, a settlement agreement was filed in State of Colorado District Court, Water Division 4, whereby Energy Fuels settled with Sheep Mountain Alliance and Living Rivers, two regional conservation groups who intervened in the water application as Objectors. In that settlement agreement SMA and LR agreed to withdraw their opposition to the Company’s water rights application in exchange for Energy Fuels implementing certain environmental and water supply protections. The Water Judge quickly approved the settlement agreement as an Order of the Court.
This settlement will lead to the Company obtaining a Final Decreed Conditional Water Right that will provide the water needed to construct and operate the Pinon Ridge Mill. A similar settlement with the Bureau of Land Management has already been approved by the Court. The only other remaining Objector, the Colorado Water Conservation Board, has given preliminary approval for a settlement pending the purchase of upstream water, which is readily available from the watershed.
“This water settlement is a major milestone for Energy Fuels and the Pinon Ridge Mill,” said Steve Antony, President and CEO of Energy Fuels. “In the Western United States water is scarce and highly significant for all projects. By settling with all of the Objectors, we will secure the water needed for the Mill and add flows to the Dolores River for enhanced wildlife and habitat protection.”
Mr. Antony continued, “We were confident of prevailing in Water Court, but we believe this settlement is in the best interests of Energy Fuels. Perhaps more importantly, it shows that Energy Fuels and Sheep Mountain Alliance can reach mutually acceptable agreements that protect the environment.”
Energy Fuels Inc. is a uranium and vanadium mineral development company. The Company received a Final Radioactive Materials License from the State of Colorado for the proposed Pinon Ridge Uranium and Vanadium Mill in March 2011. The Mill will be the first uranium mill constructed in the United States in over 30 years.