| Mon 29 Dec 2008, 7:05 | | UUU - Uranium One Inc - News Release - Uranium One completes Australian joint |
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UUU
UUU
UUU - Uranium One Inc - News Release - Uranium One completes Australian joint
venture transactions with Mitsui
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 24, 2008
Uranium One Completes Australian Joint Venture Transactions with Mitsui
Vancouver, British Columbia and Johannesburg, South Africa - Uranium One Inc.
("Uranium One") and Mitsui & Co., Ltd. of Japan today announced that all
regulatory approvals required to close the joint venture transactions previously
announced on October 15, 2008 have been obtained. Mitsui has now acquired a 49%
interest in the Honeymoon project and Uranium One`s Australian exploration
portfolio including the Goulds Dam and Billeroo projects, and other prospective
tenements on the Stuart Shelf and Eyre Peninsula.
The total minimum cash commitment from Mitsui will be approximately A$104
million for its share of Uranium One Australia`s business. The majority of
these funds will be used to advance the development of the Honeymoon project
through to commercial production.
Greg Cochran, Uranium One`s Executive Vice President Australia and Asia, said:
"We greatly appreciate the efforts of the Federal and State regulators to
provide the necessary approvals to close this transaction within a short
timeframe and we are delighted to welcome Mitsui as our new partner and look
forward to working with them. We expect to commence site development work at
the Honeymoon project early in the New Year. The project has a design capacity
of 880,000 lbs U3O8 per year with an expected mine life of 6 years and
production is expected to commence in 2010."
South Australia State Premier Mike Rann commented:
"The South Australian Government welcomes the agreement between Uranium One and
Mitsui of Japan and looks forward to work beginning on construction of the
Honeymoon mine. The decision by an overseas investor to commit millions of
dollars to develop this mine amid the current global economic uncertainty
highlights the confidence resource companies have in South Australia. The jobs
and investment flowing from this joint venture agreement will support the long-
term economic development of this State and provide important export earnings
for Australia."
Mr. Fuminobu Kawashima, Executive General Manager of Mitsui`s Energy Division,
expressed his satisfaction at completing the transaction and said:
"Mitsui has a long and successful investment history in various resource sectors
in Australia. It is our great pleasure to extend our business portfolio through
this transaction with Uranium One. We hope the joint venture will contribute to
long-term growth of both companies and the local economy."
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
Greg Cochran
Executive Vice President, Australia & Asia
Tel: (08) 8112 2888
Stephen Marlow, Marlow Communications
Tel: (08) 8431 5907 or 0409 600 557
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: 29/12/2008 07:05:27 Produced by the JSE SENS Department.
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