| Mon 10 Dec 2007, 8:25 | | UUU - Uranium One Inc - News release |
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UUU
UUU
UUU - Uranium One Inc - News 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
NEWS RELEASE
Uranium One Inc.
390 Bay Street, Suite 1610
Toronto, Ontario M5H 2Y2
Trading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg Stock
Exchange)
NEWS RELEASE
December 10, 2007
Uranium One Reports Breach of Storm Water Containment Dam at Dominion
Toronto, Ontario and Johannesburg, South Africa - Uranium One Inc. ("Uranium
One") reported today that a breach of a storm water containment dam located at
the Dominion Reefs Uranium Mine occurred at approximately 7:00 PM local time on
December 8, 2007 as a result of abnormally high rainfall in the Klerksdorp area
(approximately 58 millimetres in 30 minutes). Repairs to the dam wall were
completed on the morning of December 9, 2007. A full inspection has confirmed
that no damage occurred to the tailings dam facility at Dominion.
The storm water containment dam is designed to contain surface run-off and the
overflow from the tailings facility return water dam. Preliminary estimates are
that approximately 100 megalitres of water were discharged into the Jagspruit, a
small stream which ultimately feeds into the Vaal River.
The breach of the storm water containment dam did not result in any personal
injury or loss of life. Based on initial water sampling and analysis, Uranium
One does not expect any environmental impact due to the discharge.
Officials at the Department of Water Affairs and Forestry, as well as the
Department of Minerals and Energy were notified of the breach.
As a precautionary measure, operations at the DRUM processing plant were
suspended immediately following the incident. Processing operations resumed at
approximately 9:00 AM local time on December 9, 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 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:
Robert van Niekerk Chris Sattler
Executive Vice President, Africa & Europe 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: 10/12/2007 08:25:23 Produced by the JSE SENS Department.
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