| Tue 23 Dec 2008, 16:53 | | UUU - Uranium One Inc - News Release - Uranium One Announces Industrial |
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UUU
UUU
UUU - Uranium One Inc - News Release - Uranium One Announces Industrial
Production Approval for South Inkai
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 Inc.
900 - 1285 West Pender Street
Vancouver, British Columbia V6E 4B1
Trading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg Stock
Exchange)
NEWS RELEASE
December 23, 2008
Uranium One Announces Industrial Production Approval for South Inkai
Vancouver, British Columbia and Johannesburg, South Africa - Uranium One Inc.
("Uranium One") today announced that the Kazakh Ministry of Energy and Mineral
Resources has formally approved the commencement of industrial production at
South Inkai. The approval was given by way of an amendment to the South Inkai
subsoil use agreement and permits the Company`s 70% owned Betpak Dala joint
venture to ramp up production at the South Inkai Uranium Mine over the next
three years to 5.2 million lbs U3O8 per year.
As a result of the approval, commercial production for accounting purposes will
now commence at South Inkai. The processing plant at South Inkai was completed
earlier this year, and the first sale of South Inkai uranium production is
expected to take place shortly. The revenue and associated expenses with the
sale of South Inkai production will now be included in Uranium One`s
consolidated statements of operations.
South Inkai is Uranium One`s second mine to enter into commercial production and
at full capacity is expected to be twice the size of the Company`s Akdala
Uranium Mine.
As previously announced, Uranium One`s attributable production from South Inkai
is expected to be 766,500 lbs U3O8 for 2008. As of the end of November 2008,
Uranium One`s year to date share of production from South Inkai was
approximately 710,000 lbs U3O8. Well field development is ahead of schedule
and, in November, South Inkai received sufficient sulphuric acid to commence
acidification of Block 4 at the operation.
Uranium One expects its attributable production from South Inkai to be 1.5
million lbs U3O8 in 2009. The average cash cost per pound sold during 2009 at
South Inkai is expected to be approximately US$28 per pound, but due to the
continuing ramp up in production throughout the year, the cash cost per pound
sold is expected to decline to approximately $20 per pound by the end of 2009.
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, 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 the price of uranium 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: 23/12/2008 16:53:21 Produced by the JSE SENS Department.
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