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SXR
SXR
SXR - SXR Uranium One CEO denies reports that Honeymoon Project in Australia is
for sale
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: CA87112P1062
("SXR")
January 12, 2006
SXR Uranium One CEO denies reports that Honeymoon Project in Australia is for
sale
The President and CEO of sxr Uranium One Inc., Neal Froneman, today clarified
the company"s intentions over the Honeymoon project in South Australia.
Uranium One was formed last month through the reverse takeover of Southern Cross
Resources Inc. (SXR) of Canada by South African mining group Aflease Gold and
Uranium Resources lnc.
As a consequence, the Honeymoon asset, which had been held by SXR, is now wholly
owned by Uranium One.
Said Mr. Froneman:
"There have been reports that the old SXR held talks with interested parties
from China about the Chinese acquiring a stake in Honeymoon.
"The talks were not conclusive, and as far as Uranium One is concerned,
Honeymoon is a core asset of our global company and is not up for sale.
"I am on record as having said that the new Board of Uranium One will be asked
to take a decision on the project later this year, and I expect to be in a
position to make a recommendation to the board by June.
"I cannot prejudge that decision, but would emphasize that the strategy of
Uranium One is to develop our assets, and a positive decision on Honeymoon would
be beneficial to South Australia in terms of the local economy and of
employment."
Honeymoon is one of the very few fully permitted uranium projects in the world,
and would employ in-situ leach technology.
The project has NI 43-101 compliant indicated resources of 9.3m lbs of uranium
oxide.
Forward-looking statements
This announcement contains certain forward-looking statements. These forward-
looking statements are subject
to a variety of risks and uncertainties which are beyond sxr Uranium One"s
control (including among others
regulatory and shareholder approval and market fluctuations), which could cause
actual events or results to differ
materially from those anticipated in such forward-looking statements. In this
announcement, predictions about the
future strategy are forward-looking statements. Readers should not place undue
reliance on forward-looking
statements.
Notice To Investors
This announcement does not constitute an offer to sell or an invitation to
purchase or subscribe for any securities.
For Further Information contact: Neal Froneman + 27 83 628 0226
John Fraser + 27 82 331 7330
Don Falconer + 1 416 350 3657
Date: 12/01/2006 05:34:35 PM Produced by the JSE SENS Department
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