| Wed 2 May 2007, 7:35 | | SXR - sxr Uranium One Inc - Uranium One Completes |
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SXR
SXR
SXR - sxr Uranium One Inc - Uranium One Completes Acquisition of U.S. Energy
Corp.`s Shootaring Canyon Uranium Mill and U.S. Uranium Properties
sxr Uranium One Inc
(Incorporated in Canada)
(Registration number: 15096422420)
Share code on the JSE: SXR & ISIN: CA87112P1062
Share code on the TSX: SXR & ISIN: CA87112P1062
April 30, 2007
Uranium One Completes Acquisition of U.S. Energy Corp.`s Shootaring Canyon
Uranium Mill and U.S. Uranium Properties
Toronto, Ontario and Johannesburg, South Africa -- sxr Uranium One Inc.
("Uranium One") is pleased to announce the completion today of the purchase from
U.S. Energy Corp. of the Shootaring Canyon Uranium Mill in Utah, as well as a
land package comprising approximately 38,763 acres of uranium exploration
properties in Utah, Wyoming, Arizona and Colorado and a substantial database of
geological information with respect to an additional 1,582,036 acres within a
five mile zone surrounding the purchased properties.
Under the terms of the asset purchase agreement, Uranium One has issued
6,607,605 Uranium One common shares as partial consideration for the purchase.
In addition, Uranium One has agreed to pay U.S. Energy US$20,000,000 upon the
Shootaring Canyon Mill reaching commercial production and US$7,500,000 upon the
first delivery to the Mill, after commercial production, of mineralized material
from any of the purchased properties. U.S. Energy will also receive a royalty
equal to 5% of the gross proceeds from the sale of commodities produced at the
Mill, to a maximum amount of US$12,500,000.
Further details on the complete terms of the acquisition as well as a
description of the purchased assets can be found in Uranium One`s press release
dated February 23, 2007.
About Uranium One
Uranium One Inc. is a Canadian-based uranium producing company with a primary
listing on the Toronto Stock Exchange and a secondary listing on the JSE Limited
(the Johannesburg stock exchange). The Corporation owns the Akdala Uranium Mine
in Kazakhstan and the Dominion Reefs Uranium Mine in South Africa, both of which
are currently in operation. Uranium One is also developing the South Inkai and
Kharassan Uranium Projects in Kazakhstan, as well as the Honeymoon Uranium
Project in South Australia. The Corporation continues to pursue additional
growth opportunities in the United States. Uranium One is also engaged in
uranium exploration activities in the Athabasca Basin of Saskatchewan, the
United States and the Kyrgyz Republic.
For further information, please contact:
Neal Froneman Chris Sattler
Chief Executive Officer Senior Vice President, Investor Relations
Tel: + 27 83 628 0226 Tel: + 1 416 671 3341
Cautionary Statement
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
The Uranium One common shares issued to U.S. Energy Corp. have not been and will
not be registered under the U.S. Securities Act of 1933, as amended and cannot
be offered or sold absent registration under such Act on available exemption
thereof.
Forward-looking statements: Certain of the statements made herein, including any
information as to the Corporation`s future developments, growth and other
activities may be forward-looking and subject to important risk factors and
uncertainties, many of which are beyond the Corporation`s ability to control or
predict. Forward-looking statements are necessarily based on a number of
estimates and assumptions that are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those projected in
the forward-looking statements. Such factors include, among others: uranium and
gold price volatility; impact of any hedging activities, including margin
limits and margin calls; discrepancies between actual and estimated production,
between actual and estimated reserves and resources and between actual and
estimated metallurgical recoveries; changes in national and local government
legislation, taxation, controls, regulations and political or economic
developments in Canada, the United States, South Africa, Australia, Kazakhstan
or other countries in which the Corporation does or may carry on business in the
future; risks of sovereign investment; the speculative nature of uranium and
gold exploration and development, including the risks of obtaining necessary
licenses and permits; dilution; competition; loss of key employees; additional
funding requirements; and defective title to mineral claims or property. In
addition, there are risks and hazards associated with the business of uranium
and gold exploration, development and mining, including environmental hazards,
industrial accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion losses (and the risk of inadequate insurance or
inability to obtain insurance, to cover these risks), as well as the factors
described or referred to in reports filed by the Corporation with the Canadian
securities administrators. Accordingly, readers should not place undue reliance
on forward-looking statements. The Corporation undertakes no obligation to
update publicly or release any revisions to forward-looking statements to
reflect events or circumstances after the date of this document or to reflect
the occurrence of unanticipated events.
For further information about Uranium One, please visit www.uranium1.com
Date: 02/05/2007 07:35:01 Produced by the JSE SENS Department.
