| Mon 1 Dec 2008, 14:30 | | UUU - Uranium One Provides Update on Kazakhstan Operations |
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UUU
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UUU - Uranium One Provides Update on Kazakhstan Operations
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
December 1, 2008
Uranium One Provides Update on Kazakhstan Operations
Vancouver, British Columbia and Johannesburg, South Africa - Uranium One Inc.
("Uranium One") today provided an update on its assets and operations in
Kazakhstan.
Uranium One`s assets in Kazakhstan consist of a 70% interest in the Betpak
Dala LLP joint venture, which owns and operates the Akdala uranium mine and
the South Inkai uranium project, and a 30% interest in the Kyzylkum LLP joint
venture, which owns and operates the Kharasan uranium project.
Betpak Dala Joint Venture
Dividend Payment
Uranium One is pleased to report that it received in November a dividend of
US$40 million (net of Kazakh withholding taxes) from its Betpak Dala joint
venture. The dividend, which was declared earlier this year, is the first
distribution from the Betpak Dala joint venture to its shareholders (Uranium
One and JSC KazAtomProm NAC). Uranium One has invested the proceeds of the
dividend in US dollar denominated short term deposit notes issued and
guaranteed by a Canadian chartered bank.
Update on South Inkai Industrial Production Approval
In late November, the Kazakhstan State Committee on Reserves issued a formal
protocol approving a level of reserves sufficient to permit South Inkai to
produce at industrial production levels.
In light of the foregoing, Betpak Dala expects that the Ministry of Energy and
Mineral Resources will this month formally approve an amendment to the South
Inkai subsoil use agreement permitting industrial production at South Inkai.
This will allow Betpak Dala to begin ramping up production to a level of 5.2
million lbs U3O8 per year at South Inkai.
Kyzylkum Joint Venture
Increase in Kyzylkum Loan Facilities
Uranium One also reports that Citibank has agreed to increase its existing
loan facility for the Kyzylkum joint venture from US$30 million to US$90
million. The increase is subject to the satisfaction of usual and customary
closing conditions and will be used to fund the development of the Kharasan
uranium project. On closing, the increased Citibank facility will bring the
total loan facilities available to Kyzylkum to US$160 million of which US$100
million has been drawn.
About Uranium One
Uranium One is one of the world`s largest publicly traded uranium producers,
with a globally diversified portfolio of assets located in Kazakhstan, the
United States, South Africa and Australia.
For further information, please contact:
Jean Nortier
Chief Executive Officer
Tel: +1 604 601 5642
Chris Sattler
Senior Vice President, Corporate Development and Investor Relations
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, 2007, which is
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 uranium1.com.
Date: 01/12/2008 14:30:02 Produced by the JSE SENS Department.
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