| Wed 22 Aug 2007, 9:47 | | UUU - Uranium One - Announces Uranium Toll Milling |
|
UUU
UUU
UUU - Uranium One - Announces Uranium Toll Milling agreement with Cameco`s Power
Resources Inc.
Uranium One Inc
(Incorporated in Canada)
(Registration number: 15096422420)
Share code on the JSE: UUU & ISIN: CA91701P1053
Share code on the TSX: UUU & ISIN: CA91701P1053
August 21, 2007
Uranium One Announces Uranium Toll Milling Agreement with Cameco`s Power
Resources Inc.
Toronto, Ontario and Johannesburg, South Africa - Uranium One Inc. ("Uranium
One") is pleased to announce that it has entered into a definitive agreement
with Power Resources Inc. ("PRI"), the U.S. subsidiary of Cameco Corporation,
whereby PRI will process uranium bearing ion exchange resins from Uranium One`s
owned and operated in situ recovery (ISR) projects in Wyoming.
The agreement has a term of 5 years and commences the earlier of the month in
which an aggregate of at least 250,000 pounds of dried uranium concentrate has
been produced from Uranium One resins, or January 1, 2010. This agreement will
provide Uranium One with near-term uranium processing capability from its
uranium properties in the Powder River and Great Divide Basins of Wyoming.
Under the terms of the agreement, Uranium One will transport uranium bearing ion
exchange resins from its uranium mining operations to PRI`s Smith Ranch-Highland
uranium facilities, or an alternate facility owned and operated by PRI or an
affiliate of PRI located in the States of Wyoming or Nebraska, for processing
and production of up to 1.4 million pounds per year of dried uranium
concentrates. For its services, PRI shall be paid a cash fee or may retain for
its own account a percentage of the dried uranium concentrates recovered from
Uranium One resins. PRI must amend their operating licenses to accept uranium
bearing resins from Uranium One. This amendment is subject to approval by the
Nuclear Regulatory Commission.
Initial Uranium One production is expected to be sourced from the Moore Ranch
Project, located approximately 50 miles north of the Smith Ranch-Highland
complex, with additional production expected to be sourced from the Allemand-
Ross, Barge and Ludeman projects which are also located in close proximity to
Smith Ranch-Highland.
The Moore Ranch Project hosts a NI 43-101 compliant measured resource base of
2.95 million tons grading 0.1% containing 5.8 million pounds U3O8. Resource
delineation drilling, baseline environmental studies, as well as hydrologic
testing efforts are ongoing at the site. Preparation of applications for
required permits and licenses are in the final stages with submittals
anticipated before the end of the year.
Neal Froneman, President and CEO of Uranium One commented:
"This toll milling agreement with Power Resources moves us closer to achieving
our target of sales of uranium from our Wyoming projects by 2010. Together with
expected production from the Hobson ISR facility in Texas, Uranium One`s
operations in Wyoming are expected to make the Company one of the largest
uranium producers in the United States. Paul Matysek and Dennis Stover,
together with their team have been instrumental in negotiating this agreement
with Power Resources. I wish to congratulate the team on this significant
accomplishment and I am confident that they will continue to deliver on our
development and operational targets going forward."
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 70% of the operating
Akdala Uranium Mine in Kazakhstan and is also developing the South Inkai and
Kharasan Uranium Projects in Kazakhstan. Uranium One owns the Dominion Uranium
Project in South Africa, as well as the Honeymoon Uranium Project in South
Australia. In the United States, Uranium One has extensive property holdings in
Wyoming, Texas, Utah and New Mexico, including the Shootaring Canyon Mill and
the Hobson ISR facility. Uranium One is also engaged in uranium exploration
activities in the United States, the Athabasca Basin of Saskatchewan, South
Africa, Australia and the Kyrgyz Republic.
For further information, please contact:
Neal Froneman Chris Sattler
Chief Executive Officer Senior Vice President, Investor Relations
Tel: + 27 11 482 3605 Tel: + 1 416 350 3657
Cautionary Statement
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Forward-looking statements: This press release contains certain forward-looking
statements. Forward-looking statements include but are not limited to those
with respect to the price of uranium and gold, the estimation of mineral
resources and reserves, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production, capital
expenditures, costs and timing of the development of new deposits, success of
exploration activities, permitting time lines, currency fluctuations,
requirements for additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, title disputes or
claims and limitations on insurance coverage and the timing and possible outcome
of pending litigation. In certain cases, forward-looking statements can be
identified by the use of words such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes" or variations of such
words and phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved. Forward-
looking statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of
Uranium One to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such risks
and uncertainties include, among others, the actual results of current
exploration activities, conclusions of economic evaluations, changes in project
parameters as plans continue to be refined, possible variations in grade and ore
densities or recovery rates, failure of plant, equipment or processes to operate
as anticipated, accidents, labour disputes or other risks of the mining
industry, delays in obtaining government approvals or financing or in completion
of development or construction activities, risks relating to the integration of
acquisitions, to international operations, to prices of uranium and gold as well
as those factors referred to in the section entitled "Risk factors" in Uranium
One`s Annual Information Form for the year ended December 31, 2006 and in the
Annual Information Form of Energy Metals Corporation for the year ended June 30,
2006, both of which are available on SEDAR at www.sedar.com, and which should be
reviewed in conjunction with this document. Although Uranium One has attempted
to identify important factors that could cause actual actions, events or results
to differ materially from those described in forward-looking statements, there
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that forward-
looking statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Uranium One expressly disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except in accordance with applicable
securities laws.
Scientific and technical information contained herein has been reviewed on
behalf of the Corporation by Mr. M.H.G. Heyns, Pr.Sci.Nat. (SACNASP), MSAIMM,
MGSSA, Senior Vice President Technical Services of the Corporation, a qualified
person for the purposes of NI 43-101.
For further information about Uranium One, please visit www.uranium1.com
Date: 22/08/2007 09:47:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
