| Mon 8 Oct 2007, 12:55 | | UUU - Uranium One Inc - Company press release |
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UUU - Uranium One Inc - Company press release
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
Uranium One Submits Permit Application for Moore Ranch Project in Wyoming
Toronto, Ontario and Johannesburg, South Africa - Uranium One Inc. ("Uranium
One") is pleased to announce that it has submitted an application to the Nuclear
Regulatory Commission ("NRC") in the United States to construct and operate an
in situ uranium recovery facility at the Moore Ranch Project located in Campbell
County, Wyoming. This is the first application for a new uranium recovery
facility to be submitted to the NRC since 1988.
The application was submitted on October 3, 2007 by Uranium One`s wholly owned
subsidiary, Energy Metals Corporation. Members of the NRC staff are currently
reviewing the application to determine whether it contains sufficient
information to begin detailed environmental and safety reviews.
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.
In August 2007, Uranium One announced that it had entered into an 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 projects in Wyoming. Initial production is
expected to be sourced from the Moore Ranch Project for processing at PRI`s
facilities in Wyoming or Nebraska.
Neal Froneman, President and CEO of Uranium One commented:
"The submission of our application for an ISR facility at the Moore Ranch
Project to the NRC - the first in almost two decades - is a landmark event in
the rapidly evolving renaissance of the United States uranium mining industry.
We look forward to becoming a leading uranium producer in the world`s largest
nuclear power generating market."
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.
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.
This press release uses the term "measured" resource as defined in accordance
with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Readers are cautioned not to assume that all or any part of the mineral deposits
in the "measured" category will ever be converted into reserves. Mineral
resources are not mineral reserves and do not have demonstrated economic
viability.
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
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
October 8, 2007
Date: 08/10/2007 12:55:01 Produced by the JSE SENS Department.
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