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SXR
SXR
sxr Uranium One Inc - Australia and China sign nuclear cooperation and export
agreements
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")
April 3, 2006 Toronto, Ontario
Australia and China sign nuclear cooperation and export agreements
Toronto, Ontario and Johannesburg, South Africa - sxr Uranium One Inc. welcomes
reports that Chinese Premier Wen Jiabao and Australian Prime Minister John
Howard have today signed nuclear cooperation agreements, paving the way for the
sale of Australian uranium to China.
Today"s announcement will potentially benefit not only Australia"s current
uranium producers but also Uranium One, as a company with developmental stage
Australian uranium assets. Uranium One owns the Honeymoon Uranium Project in
South Australia. This Project has a 21 year uranium mining lease granted in
2002 by the South Australian state authorities and a uranium export licence
granted in 2001 by the Australian federal government.
The Corporation is currently completing a feasibility study for the Project,
including a drilling program consisting of 169 holes, including four core holes
(totalling 20,820 metres) completed in March 2006. Data from this program are
being interpreted and will be integrated with existing data and used to develop
an updated resource estimate in accordance with NI 43-101 and to optimize well-
field design. The Corporation"s October 2004 Honeymoon Project engineering cost
study is also being updated in connection with the feasibility study.
Neal Froneman, President and CEO of Uranium One said:
"The opening up" of the Chinese market to exports of Australian uranium is a
welcome development. Honeymoon is an advanced stage project, which could be in
production within 12-18 months of completion of the feasibility study. If our
Board determines later this year to proceed with the Project, the Corporation
will be well positioned to take advantage of the increased opportunities for
Australian uranium producers which will flow from this agreement. In the
meantime, we commend the governments for this initiative and look forward to its
implementation."
About sxr Uranium One
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
Johannesburg stock exchange. The Corporation owns the Dominion uranium project
in South Africa and the Honeymoon uranium project in South Australia. The
Corporation holds a 79% interest in Aflease Gold Limited, which owns the Modder
East gold project in South Africa. Through a joint venture with Pitchstone
Exploration Ltd., the Corporation is also engaged in uranium exploration
activities in the Athabasca Basin of Saskatchewan.
For further information please contact:
Don Falconer, VP - Investor Relations Jean Nortier Chief Financial
Officer
Telephone: + 416 350 3567 Telephone: + 27 11 482 3605
Email: don@uranium1.com email: jean@uranium1.com
Cautionary note concerning forward-looking statements and disclosure of
estimates of mineral resources: Statements in this release that are not
historical facts are "forward-looking statements" involving known and unknown
risk and uncertainties which are beyond the ability of the Corporation to
control or predict and which could cause actual events or results to differ
materially from those anticipated in such forward-looking statements The TSX
has neither approved nor disapproved of the information contained herein.
Date: 04/04/2006 09:16:52 AM Produced by the JSE SENS Department
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