| Wed 31 Oct 2007, 10:26 | | UUU - Uranium One Inc - Uranium One Provides Produ |
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UUU - Uranium One Inc - Uranium One Provides Production Guidance and
Announces Management Appointments
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
October 31, 2007
Uranium One Provides Production Guidance and Announces Management Appointments
Toronto, Ontario and Johannesburg, South Africa - Uranium One Inc. ("Uranium
One") announced today production guidance for its operations and development
projects, as well as several appointments to its management team.
The Company`s U3O8 production estimate for 2007 has been revised from 2.5
million pounds to approximately 2.1 million pounds. This revision is primarily
due to the extended autoclave commissioning period at the Dominion Reefs Uranium
Mine plant in South Africa. The first autoclave has now been commissioned and
is operating at design throughput. The South Inkai uranium processing plant has
begun production on schedule; however, production targets have been adjusted due
to a temporary shortage of sulphuric acid caused by delays in the completion of
a local Kazakhstan copper smelter. This shortage is expected to only impact on
uranium start-up projects.
The 2007 attributable production forecast for the Akdala Uranium Mine remains
1.8 million pounds U3O8 at a cash operating cost of approximately US$10 per
pound sold. Pre-commercial production for 2007 from the Dominion Reefs Uranium
Mine is expected to be in excess of 200,000 pounds U3O8. Pre-commercial
attributable production for 2007 from the South Inkai Uranium Mine is expected
to be 60,000 pounds of U3O8.
For 2008, the Company is revising its production forecast to 4.6 million pounds
U3O8 from 7.4 million pounds U3O8, primarily due to the temporary sulphuric acid
shortage which is expected to impact the ramp-up of both South Inkai and
Kharasan. Together with its joint venture partner, Kazatomprom, the Company is
seeking longer-term solutions to the sulphuric acid constraint; however, until
these solutions have been identified, the Company is adjusting its 2008
production forecast downwards. Consolidated cash operating costs in 2008 are
expected to be approximately US$20 per pound. Uranium One`s estimated total
attributable production forecast for 2008 is as follows:
Project U3O8 (lbs)
Akdala 1,800,000
Dominion 2,000,000
South Inkai 500,000
Kharasan 220,000
Honeymoon 50,000
Hobson 35,000
Total Estimated Attributable U3O8 Production 4,605,000
With the continuing ramp-up of its various mining projects, Uranium One
anticipates total attributable production of approximately 8 million pounds U3O8
in 2009 and approximately 11 million pounds of U3O8 in 2010. The 2009 and 2010
production forecasts assume that the Industrial Production Licences for both
South Inkai and Kharasan will be granted by the first half of 2009 and that the
temporary shortage of sulphuric acid is resolved in the latter half of 2008.
Management Appointments
Dr. Dennis Stover has been appointed Executive Vice President, Americas. Dr.
Stover was previously the Chief Operating Officer of Energy Metals Corporation.
Dr. Stover served as Chief Engineer for Everest Minerals Corporation over a
period of 11 years during which he oversaw the development of the Highland ISR
Uranium Project in Wyoming as well as several additional ISR projects in Texas,
including the Hobson ISR facility currently being refurbished by Uranium One.
Dr. Stover has also served as Vice President, Engineering and Project
Development for Rio Algom Mining Corp., where he directed the design,
construction and start-up of the Smith Ranch ISR Project in Wyoming.
Donna Wichers has been appointed Senior Vice President, ISR Operations. Ms.
Wichers was previously Senior Vice President of Energy Metals Corporation. Ms.
Wichers has over 30 years experience in operations, permitting, regulatory and
environmental affairs for ISR projects in Wyoming. Ms. Wichers was involved in
permitting, regulatory and environmental affairs for Wyoming`s first commercial
scale ISR project, being the Irigaray mine. Ms. Wichers also worked in similar
capacities at the Christensen Ranch and Smith Ranch ISR mines. Prior to joining
Energy Metals Ms. Wichers was General Manager, ISL Operations and Reclamation
for Areva`s subsidiaries in the United States.
Mr. Paul Clarke has joined Uranium One as Senior Vice President and Branch
Chief: Kazakhstan. Mr. Clarke will be based in Almaty, Kazakhstan and will be
responsible for Uranium One`s joint venture interests in Betpak Dala and
Kyzylkum. Mr. Clarke has over 35 years experience in the international mining
industry, most recently with Highland Gold Mining Limited in Moscow, where he
was Projects Manager for the development of its operations. Prior to joining
Highland Gold, Mr. Clarke worked as a consulting Mining Engineer for Opsan
Services Inc. in various Asian countries including Central Asia. Mr. Clarke has
also served as Manager, Mining for the Kumtor Gold operation in the Kyrgyz
Republic and was instrumental in bringing the mine into production.
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.
For further information about Uranium One, please visit www.uranium1.com
Date: 31/10/2007 10:26:20 Produced by the JSE SENS Department.
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