| Tue 15 Aug 2006, 9:07 | | Uranium One announces that its Aflease Gold subsid |
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SXR
SXR
Uranium One announces that its Aflease Gold subsidiary has reported Interim
Results to June 30, 2006
sxr Uranium One Inc.
26 Wellington Street East, Suite 820
Toronto, Ontario M5E 1S2
Share code on the JSE: SXR & ISIN: CA87112P1062
Share code on the TSX: SXR & ISIN: CA87112P1062
("Corporation")
26 Wellington Street East, Suite 820
Toronto, Ontario M5E 1S2
Trading Symbol: SXR - Toronto Stock Exchange, Johannesburg Stock Exchange
NEWS RELEASE
August 15, 2006 Toronto, Ontario
Uranium One announces that its Aflease Gold subsidiary has reported Interim
Results to June 30, 2006
Toronto, Ontario and Johannesburg, South Africa - sxr Uranium One Inc. ("Uranium
One") today reported that its majority-owned subsidiary Aflease Gold Ltd.
("Aflease Gold") has announced its unaudited interim results for the 12 months
ended June 30, 2006. The interim results are for the 12 month period due to a
financial year end change to December 31, 2006.
For the 12 months ended June 30, 2006, Aflease Gold reported a net loss of
ZAR9.3 million, or 2.41 cents a share compared with a loss of ZAR1.2 million, or
0.36 cents a share in the 12 months to June 30, 2005. The increased loss results
from the company moving into an aggressive exploration and development phase
with primary focus on the Modder East feasibility study and more recently the
bulk earthworks and construction of the Modder East portal.
During the 12 months ended June 30, 2006, Aflease Gold incurred general and
administrative expenditures of ZAR4.2 million, compared with ZAR694 thousand in
the 12 months to June 30, 2005, and exploration and associated costs of ZAR5.1
million, compared with ZAR13 thousand in the prior period. The increase in
expenditure over the most recent period related mainly to costs associated with
completing the Modder East feasibility study, exploration on the East Rand
assets, and the sourcing of additional managerial and technical capacity in
order to develop Modder East and deliver on exploration projects.
Subsequent to the reorganization of Aflease Gold in January 2006, the company
raised approximately ZAR36.1 million through the issuance of Aflease Gold
shares, resulting in Uranium One"s equity interest decreasing by approximately
5% to approximately 75% as at June 30, 2006.
Said Neal Froneman, President and CEO of Aflease Gold and Uranium One:
"Aflease Gold has been very active since its formation in January 2006. The
company continues to make excellent progress on the initial phase of
construction at its Modder East Gold Project and is scheduled to announce the
results of the audited feasibility study for this project later this week. In
line with the company"s aggressive growth strategy, exploration has begun at Sub
Nigel (Spaarwater) and Etendeka in Namibia."
As at August 11, 2006 the exchange rate was US$1=ZAR6.7705.
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, as well as
a number of exploration projects. The Corporation holds a 75% interest in
Aflease Gold, 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.
About Aflease Gold
Aflease Gold Ltd. was reorganized on January 23, 2006 through the reverse
takeover of Sub Nigel Gold Mining Company Ltd. by New Kleinfontein Mining
Company Ltd., a wholly owned subsidiary of Aflease Gold and Uranium Resources
Ltd. The company owns the Modder East Gold Project in South Africa, as well as
a portfolio of other gold projects elsewhere in South Africa and at Etendeka in
Namibia. The ordinary shares of the company are owned as to approximately 75%
by sxr Uranium One Inc.
For further information please contact:
Neal Froneman Chris Sattler
Chief Executive Officer Vice President, Investor
Tel: + 27 11 482 3605 Relations
Tel: +1 416 350 3657
Forward-looking statements: Certain of the statements made herein, including any
information as to the Corporation"s future financial or operating performance,
may be forward-looking and subject to important risk factors and uncertainties,
many of which are beyond the Corporation"s ability to control or predict.
Forward-looking statements are necessarily based on a number of estimates and
assumptions that are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in the forward-
looking statements. Such factors include, among others: gold price volatility;
impact of any hedging activities, including margin limits and margin calls;
discrepancies between actual and estimated production, between actual and
estimated reserves and resources and between actual and estimated metallurgical
recoveries; changes in national and local government legislation, taxation,
controls, regulations and political or economic developments in South Africa or
other countries in which the Corporation does or may carry on business in the
future; risks of sovereign investment; the speculative nature of gold
exploration and development, including the risks of obtaining necessary licenses
and permits; dilution; competition; loss of key employees; additional funding
requirements; and defective title to mineral claims or property. In addition,
there are risks and hazards associated with the business of gold exploration,
development and mining, including, among others, environmental hazards,
industrial accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion losses (and the risk of inadequate insurance or
inability to obtain insurance, to cover these risks). Accordingly, readers
should not place undue reliance on forward-looking statements. The Corporation
undertakes no obligation to update publicly or release any revisions to forward-
looking statements to reflect events or circumstances after the date of this
document or to reflect the occurrence of unanticipated events. Investors are
advised to refer to competent persons reports on the Corporation"s material
properties for detailed information with respect to such properties, which
information is subject to the qualifications and notes set forth therein.
Date: 15/08/2006 09:07:24 AM Produced by the JSE SENS Department
