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October 28, 2011 <br />Division of Reclamation Mining and Safety <br />Grand Junction Field Office <br />Mr. Russ Means <br />101 S 3 St. <br />Grand Junction CO 81501 <br />Re: Sego Mine 110 Permit #M- 1977 -417, 2011 Annual Report. <br />Mr. Russ Means: <br />ENERGY FUELS RESOURCES <br />CORPORATION <br />OCT 3 1 2011 <br />GRAND JUNG( ,;,;, -, <br />Df''vriii. ,( OF OFFICE <br />RECLAMATION MINING & SAFETY <br />Energy Fuels Resources (EFR) has a lease on the claim group held by Sutherland Drilling <br />which includes the Sego Mine, Permit #M- 1977 -417. EFR is submitting the annual <br />report for that permit on behalf of Sutherland Drilling. There has been no work at the <br />mine in the past year, with the exception of weed spraying. Sutherland Drilling believes <br />there are reserves remaining at the mine that, although not economic at the current prices <br />of uranium and vanadium, will be economic in the next year or so. Therefore, Sutherland <br />Drilling continues to hold this property and mine in an inactive condition. EFR concurs <br />with Sutherland Drilling's opinion. <br />EFR intends to assist Sutherland Drilling in preparation of an Environmental Protection <br />Plan (EPP) prior to the October 1, 2012 deadline, as stated in option #3 of the letter from <br />DRMS explaining the need for the amendment to comply with the revised rules. <br />The initial bond remains in place. It is Sutherland Drilling's belief that the initial <br />reclamation liability bond is representative of their cost to reclaim the mine. <br />Energy Fuels Resources Corporation 44 Union Blvd., Suite 600 <br />‘1 \\-w.energ\ Lakewood. Colorado 80228 <br />l�ltone: 30.E -974 -2140 <br />Fax: 303 -974 -2141 <br />