| Thu 28 May 2009, 9:49 | | UUU - Uranium One Inc - News Release - Uranium One provides Kazakhstan update |
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UUU - Uranium One Inc - News Release - Uranium One provides Kazakhstan update
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
May 27, 2009
Uranium One Provides Kazakhstan Update
Vancouver, British Columbia and Johannesburg, South Africa - With respect to
recent media reports regarding Uranium One`s Kazakh assets, the Company is aware
that the Kazakh authorities are conducting an investigation into certain of the
activities of Kazatomprom, the Kazakh state-owned uranium mining company. The
terms of reference of this investigation have not been disclosed but the Company
and its Kazakh joint ventures are cooperating with the Kazakh authorities in
their investigation.
Recent media reports have indicated that Uranium One`s interest in the Kyzylkum
joint venture may be one of the matters which the Kazakh authorities are
investigating. Uranium One`s Kazakh assets were acquired in November 2005 from
a group of Kazakh investors by UrAsia Energy Ltd., which became a subsidiary of
Uranium One in April 2007. UrAsia paid full value for these assets, including
$75 million for its 30% interest in Kyzylkum, which operates the Kharasan
uranium project, and $350 million for its 70% interest in the Betpak Dala joint
venture, which operates the Akdala and South Inkai mines.
UrAsia`s acquisition of these assets, as well as Uranium One`s subsequent
acquisition of UrAsia, were completed in accordance with the requirements of
Kazakh law, and both transactions were approved by the Kazakh authorities.
Since November 2005, Uranium One has provided loans of more than $119 million to
its Kazakh joint ventures to assist in the development of these assets.
Operations at Uranium One`s Kazakh projects are continuing and production
remains in line with the Company`s guidance for the year.
Senior officials of Uranium One have requested a meeting with the new
administration of Kazatomprom next week in Kazakhstan. The Company will provide
further updates as additional information becomes available.
For further information, please contact:
Jean Nortier
Chief Executive Officer
Tel: + 1 778 384 6217
Chris Sattler
Executive Vice President, Corporate Development and Investor Relations
Tel: + 1 416 644 3981
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 prices 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, 2008, 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: 28/05/2009 09:49:01 Produced by the JSE SENS Department.
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