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f / 1 y ~~~ ~~~~~~~~~~~~~~~~ 999 ENERGY FUELS CORPORATION 385 Inverness Drive South, Suite 200 2145 Resort Drive, Suite 204 EngleH~ood, Colorado 80112 P.O. Box 773457 Steamboat Springs, Colorado 80477 Telephone (303) 925-0781 Facsimile (303) 904-4989 Telephone (970) 879-7310 Facsimile (970) 879-1307 Rich A. Munson Executive Vice President 6 December 2001 David Barry ~ i~'r- Division of Minerals & Geology ~'~~~~C.' 13 l3 Sherman Street, Room 215 ~'~~ ~ ~ ~~ Denver, CO 80203 ~iYi~aj& Re: Benton Batrkrttptcies -- Energy Fuels Dear Dave: This letter follows our recent telephone conversation concerning the continuing bankruptcy notices the Division is receiving involving "Energy Fuels". As we discussed, Energy Fuels Coal, Inc. and Energy Fuels Mining, Inc. are not related in any way [o the entities that tiled under Chapter I I of the Baril:ruptcy Code in Colorado in 1995. The entities that filed were Energy Fuels, Ltd. and Energy Fuels Exploration Company, entities owned and controlled by Oren Benton. As we discussed, prior to 1991, all of the Energy Fuels entities listed above were part of a group of companies owned by John Adams of Steamboat Springs. Energy Fuels was primarily engaged in two minerals businesses: coal and uraniwn. In 1991, the control and ownership of all the Energy Fuels entities related to the uranium operations were transferred by Mr. Adams to Oren Benton, also of Denver. Mr. Benson's group operated the uranium entities but kept the Energy Fuels name rather than changing the name to his "Concord" name as we anticipated he would do. In 1995, Energy Fuels, Ltd. and Energy Fuels Exploration Company were forced to file bankruptcy because Mr. Benton had caused them to guarantee the obligations of his uranium trading company, NUEXCO. As we understand it, all [he uranium assets of the two Energy Fuels entities were sold to International Uranium Company, a Canadian company with a Denver office.