| Thu 15 Nov 2007, 9:33 | | UUU - Uranium One Inc - Uranium One announces fina |
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UUU - Uranium One Inc - Uranium One announces financial results for Q3 2007
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
November 14, 2007
Uranium One Announces Financial Results for Q3 2007
Toronto, Ontario and Johannesburg, South Africa - Uranium One Inc. ("Uranium
One") today reported unaudited financial results for the three and nine
months ended September 30, 2007. All figures are in US dollars unless
otherwise indicated. Complete details of the September 30, 2007 financial
statements and management`s discussion and analysis thereon will be made
available on the Uranium One website www.uranium1.com and on SEDAR at
www.sedar.com.
Highlights for the quarter ending September 30, 2007 include:
* Attributable production from Akdala of 463,000 pounds U3O8
* Cash cost per pound sold from Akdala was approximately $9 per
pound(1)
* Production from Dominion was approximately 86,800 pounds U3O8
* In October, production flow commenced at South Inkai
* Revenues of $8.0 million from the sale of 70,000 pounds U3O8,
representing an average realized uranium price of $115 per pound
* Earnings from mine operations of $6.3 million
* The acquisition of Energy Metals Corporation was completed during
the quarter
* Uranium One was added to the S&P/TSX 60 Index subsequent to quarter
end
The net loss for the quarter ending September 30, 2007 was $17.3 million, or
$(0.04) per share. This compares to net income of $25.9 million, or $0.12
per share for the quarter ending October 31, 2006.
Uranium One recorded revenue of $73.0 million for the nine months ending
September 30, 2007 compared to revenue of $21.5 million for the nine months
ending October 31, 2006. Earnings from mine operations were $55.3 million
for the nine months ending September 30, 2007 compared to $7.6 million for
the nine months ending October 31, 2006. For the nine months ending
September 30, 2007, the net loss was $23.0 million, or $(0.07) per share
compared to a net loss of $18.3 million, or $(0.08) per share for the nine
months ending October 31, 2006. Attributable production of U3O8 was
1,403,200 pounds for the nine months ending September 30, 2007, compared to
1,380,300 pounds for the nine months ending October 31, 2006. The cash cost
per pound sold was approximately $11 per pound for the nine months ending
September 30, 2007 compared to a cash cost per pound sold of approximately
$10 per pound for the nine months ending October 31, 2006.
Commenting on the results, Uranium One`s President and CEO Neal Froneman
said:
"Our Akdala Uranium Mine continues to meet expectations with 463,000 pounds
of U3O8 production during the quarter. The delivery and sale of only 70,000
pounds during the quarter has resulted in a build-up of inventory to
approximately 1 million pounds, with a current spot market value of just over
$90 million, which we are committed to deliver into our existing sales
contracts within the next six months. The ramp-up of production from
Dominion is progressing well and I am also pleased to see the commencement of
production flow from South Inkai. In the meantime, management remains
focused on delivery at all of the Company`s mines and development projects."
Conference Call Details
Uranium One will be hosting a conference call and webcast to discuss the
third quarter results on November 15, 2007 starting at 10:00 A.M. (Toronto
time).
For the live conference call, North American callers may dial 1-800-594-3615
and local or international callers may dial 416-915-5761. A live webcast
will also be available at www.newswire.ca/webcast
A recording of the conference call will be available for replay for a one
week period beginning at 1:00 p.m. on November 15, 2007. North American
callers may dial 1-877-289-8525 and local or international callers may dial
416-640-1917. The pass code for the replay is 21253129.
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 Mine 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: + 1 416 350 3657 Tel: + 1 416 350 3657
(1) Uranium One has included a non-GAAP performance measure, cash cost per
pound sold, throughout this document. The Company believes that, in addition
to conventional measures prepared in accordance with GAAP, certain investors
use cash cost per pound sold to evaluate the Company`s operating performance
and ability to generate cash flow. Accordingly, it is intended to provide
additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP.
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: 15/11/2007 09:33:05 Produced by the JSE SENS Department.
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