| Mon 16 Jan 2012, 15:33 | | UUU - Uranium One Inc - Uranium One Announces Record Production and Sales for |
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UUU
UUU
UUU - Uranium One Inc - Uranium One Announces Record Production and Sales for
2011 and Extends Mantra Option
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
January 16, 2012
Uranium One Announces Record Production and Sales for 2011 and
Extends Mantra Option
Toronto, Canada - Uranium One Inc. today announced record production of 10.7
million pounds and record sales of 9.9 million pounds for the full year 2011.
Uranium One also announced that, under the terms of the previously disclosed
Mantra option agreement between the Company and its 51% shareholder ARMZ, it has
elected to pay US$150 million to ARMZ which will both extend the term of the
Mantra purchase option from June 7, 2012 to June 7, 2013 and result in Uranium
One acquiring a 13.9% stake in Mantra from ARMZ.
Production
Attributable production for 2011 increased by approximately 45% to a record of
10.7 million pounds U3O8, compared to 7.4 million pounds produced in 2010.
During the fourth quarter of 2011, attributable production was a record 3.4
million pounds U3O8, an approximate 62% increase compared to 2.1 million pounds
produced during the fourth quarter of 2010.
A breakdown of Uranium One`s attributable production for the fourth quarter and
for the full year 2011 is shown below.
Table 1 - Uranium One Attributable Production (million pounds U3O8)
Mine Q4 2011 Fiscal Year 2011
Akdala 0.64 2.03
South Inkai 0.84 2.82
Karatau 0.94 2.83
Akbastau 0.48 1.44
Zarechnoye 0.26 0.95
Kharasan 0.09 0.33
Willow Creek 0.09 0.21
Honeymoon 0.03 0.05
Total Attributable 3.37 10.66
Production
Sales
Attributable sales for the full year 2011 were a record of 9.9 million pounds
U3O8, representing an approximate 43% increase compared to 2010 attributable
sales of 6.9 million pounds U3O8.
During the fourth quarter of 2011, the attributable sales volume was a record of
3.2 million pounds U3O8, representing an approximate 10% increase in sales
compared to 2.9 million pounds during the fourth quarter of 2010.
Mantra
Under the terms of the Amended and Restated Option Agreement between Uranium One
and ARMZ announced on March 21, 2011, the Company has elected to pay US$150
million to ARMZ which will both extend the term of the Mantra purchase option
from June 7, 2012 to June 7, 2013 and result in Uranium One acquiring a 13.9%
stake in Mantra from ARMZ, subject to receipt of all required regulatory
approvals which are expected before the end of the first quarter of 2012.
The exercise of the option to acquire the remainder of Mantra continues to be
subject to Uranium One minority shareholder approval.
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, and Australia.
For further information, please contact:
Chris Sattler
Chief Executive Officer
Tel: +1 647 788 8500
Anton Jivov
Director, Corporate Development & Investor Relations
Tel: +1 647 788 8461
Cautionary Statement
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Investors are advised to refer to independent technical reports containing
detailed information with respect to the material properties of Uranium One.
These technical reports are available under the profiles of Uranium One Inc. and
UrAsia Energy Ltd. at www.sedar.com. Those technical reports provide the date of
each resource or reserve estimate, details of the key assumptions, methods and
parameters used in the estimates, details of quality and grade or quality of
each resource or reserve and a general discussion of the extent to which the
estimate may be materially affected by any known environmental, permitting,
legal, taxation, socio-political, marketing, or other relevant issues. The
technical reports also provide information with respect to data verification in
the estimation.
Forward-looking statements: This press release contains certain forward-looking
statements. 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 completion of the transactions in which Uranium One is engaged
or expects to be engaged, the state of the capital markets, changes to the
content or application of the relevant laws or regulations, the future steady
state production and cash costs of Uranium One, 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 and the realization of synergies relating thereto, 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 dated
March 31, 2011 for the year ended December 31, 2010 and the section entitled
"Risks and Uncertainties" in Uranium One`s Management`s Discussion & Analysis
for the period ended September 30, 2011, each of 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 www.uranium1.com.
Date: 16/01/2012 15:33:00 Produced by the JSE SENS Department.
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