Energy Fuels has acquired mineral properties adjacent to its Roca Honda project in New Mexico from Uranium Resources.
The acquired properties, which spread across 4,580 acres, include fee mineral ownership of 640-acres, fee ownership of 36 unpatented lode mining claims and a leasehold interest in 131 unpatented lode mining claims.
Energy Fuels owns a 60% stake in Roca Honda project, while Sumitomo owns the remaining 40% interest.
Under the joint venture (JV) agreement, Energy Fuels will offer the acquired properties to be included in the Roca Honda Resources JV.
Energy Fuels said the properties have the potential to improve the economics of Roca Honda by adding uranium resources, increasing mine life, and possible mine synergies.
Currently, Roca Honda is in an advanced stage of permitting, which is anticipated to be finished in 2017.
Energy Fuels president and CEO Stephen Antony said: "We are very pleased to have acquired these key properties, since they have the potential to significantly expand the scale and improve the economics of this major U.S. uranium project.
"We continue to believe that Roca Honda is one of the true ‘flagship’ uranium mining projects in the U.S. today. It boasts high-grades and a large-scale production profile; it is adjacent to the Mount Taylor Mine; and Energy Fuels’ 100%-owned White Mesa uranium mill, the only conventional uranium mill operating in the U.S. today, is within economic trucking distance."