Mining personnel from the company’s Pinenut mine will be moved to the Canyon mine during the second quarter this year.
Energy Fuels has signed deals for mine development and ore production equipments. Surface development for a headframe, evaporation pond, hoist, environmental controls, and a maintenance facility at the Canyon mine is underway.
The company plans to install two ventilation shafts, sink 1,200 feet of shaft and complete underground development.
The Canyon deposit is said to host 1.63 million pounds of uranium with an average grade of 0.98% eU3O8 in 83,000 tons of inferred mineral resources.
Along with Pinenut and Canyon mines, Energy Fuels also owns the EZ Complex where it is exploring options to start permitting operations.
The company’s White Mesa Mill, which processes alternate feed materials, has applied for an additional license amendment to process another source of feed material.
Energy Fuels president and CEO Stephen Antony said: "Over the past six months, uranium spot prices have increased by about 35%, and are currently showing strength.
"Until these expected price increases occur, Energy Fuels is continuing to focus on our lowest cost sources of uranium production, including mining our Arizona projects and processing alternate feed materials."
