| Wed 28 Dec 2005, 16:35 | | sxr Uranium One Completes Acquisition of Aflease |
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SXR
SXR
sxr Uranium One Completes Acquisition of Aflease
sxr Uranium One Inc
(Formerly Southern Cross Resources Inc.)
(Incorporated in Canada)
(Registration number: 15096422420)
Share code on the JSE: SXR ISIN: CA87112P1062
Share code on the TSX: SXR ISIN: CA8429021089
("SXR")
December 28, 2005
SEC Exemption No. 82-4831
sxr Uranium One Completes Acquisition of Aflease Gold and Uranium Resources Ltd
Toronto, Ontario and Johannesburg, South Africa -- sxr Uranium One Inc.
(formerly Southern Cross Resources Inc.) (the "Corporation") is pleased to
report that the acquisition of all of the ordinary shares of Aflease Gold and
Uranium Resources Limited by way of a scheme of arrangement (the "arrangement")
was completed on December 27, 2005 in accordance with the terms of the final
order of the High Court of South Africa sanctioning the arrangement.
In accordance with the September 14, 2005 acquisition agreement between Southern
Cross and Aflease, on completion of the arrangement the current directors of the
Corporation (other than Mark Wheatley), comprising John Hick, George Bell, Russ
Cranswick, Donald Robinson and Donald Falconer, tendered their resignations and
new directors and executive officers were appointed. The board of directors of
the Corporation now comprises Andrew Adams, as Chairman, Neal Froneman, Terry
MacGibbon, Kenneth Williamson, Terry Rosenberg and John Sibley, together with
Mark Wheatley, who will continue with the board in a non-executive capacity.
Neal Froneman was appointed President and Chief Executive Officer and Jean
Nortier was appointed Chief Financial Officer.
"We are very pleased at the completion of this transaction and believe the
Corporation is now well positioned to move the Dominion project to completion
and to continue to grow, both organically and through acquisition," said Neal
Froneman, Chief Executive Officer. "On behalf of the board, I would like to
express our appreciation to all those involved in this transaction, in
particular to the outgoing directors for their past service and dedication to
the Corporation."
sxr Uranium One Inc. is a Canadian uranium and gold resource company with a
primary listing on The Toronto Stock Exchange and a secondary listing on the JSE
Limited (the Johannesburg Stock Exchange). The Corporation owns 100% of the
Dominion uranium project in South Africa and the fully permitted Honeymoon
uranium project in South Australia. Through a joint venture with Pitchstone
Exploration Ltd., the Corporation is also engaged in uranium exploration
activities in the Athabasca district of Saskatchewan. The Corporation"s Aflease
Gold and Uranium Resources Limited subsidiary owns the Modder East gold property
and related gold assets in South Africa.
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For further information please contact:
Neal Froneman John Fraser Don Falconer
Chief Executive Officer Corporate Communications Vice President, Investor
Relations
Tel: + 27 11 482-3605 Tel: + 27 11 482-3605 Tel: +1 416 350-3657
To receive the Corporation"s news releases by email, contact John Fraser,
Corporate Communications at john@aflease.com or Don Falconer, Investor
Relations, at dfalconer@southerncrossrescom. The TSX has neither approved nor
disapproved of the information contained herein.
Date: 28/12/2005 04:35:07 PM Produced by the JSE SENS Department
