| Thu 31 Aug 2006, 8:21 | | SXR Uranium One Inc - Uranium One Announces $50 Mi |
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SXR
SXR
SXR Uranium One Inc - Uranium One Announces $50 Million Term Facility
SXR Uranium One Inc
Share code: SXR
Isin: CA87112P1062
390 Bay Street, Suite 1610
Toronto, Ontario M5H 2Y2
Trading Symbol: SXR - Toronto Stock Exchange, Johannesburg Stock Exchange
NEWS RELEASE
August 30, 2006 Toronto, Ontario
Uranium One Announces $50 Million Term Facility
Toronto, Ontario and Johannesburg, South Africa -- sxr Uranium One Inc.
announced today that its Uranium One Africa subsidiary has raised South African
Rand 350 million (approximately US$50 million) on the security of its ordinary
shares of Aflease Gold Limited pursuant to a futures-related term facility
entered into with Nedcor Securities of South Africa. The Nedcor facility, which
has a 12 month term, may be terminated or extended at any time. Interest is
payable by Uranium One Africa at the South African Rand rate of 9% per annum.
During the term of the facility, Uranium One Africa continues to be entitled to
vote its shares of Aflease Gold Limited and to receive the benefit of any
dividends and distributions paid on the shares.
Uranium One"s Chief Executive Officer, Neal Froneman, commented:
"The Nedcor facility provides the Company with additional financial resources to
continue with the development of its uranium assets, both at Dominion in South
Africa and at Honeymoon in Australia. It also illustrates the financing
flexibility available to us given our balance sheet and asset base, something
which will stand us in good stead as we move to uranium production in the first
quarter of 2007."
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 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:
Jean Nortier Chris Sattler
Chief Financial Officer Vice President, Investor Relations
Tel: + 27 11 482 3605 Tel: +1 416 350 3657
Cautionary Statement
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
This News Release includes certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and "forward-
looking information" within the meaning of applicable Canadian legislation. All
statements other than statements of historical fact included in this release
including, without limitation, statements regarding potential mineralization and
reserves and future plans and objectives of Uranium One, are forward-looking
statements (or forward-looking information) that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements. Important factors could cause actual results to
differ materially from Uranium One"s expectations. Such factors include, among
others, the actual results of exploration activities, actual results of
reclamation activities, the estimation or realization of mineral reserves and
resources, the timing and amount of estimated future production, costs of
production, capital expenditures, costs and timing of the development of new
deposits, availability of capital required to place the Corporation"s properties
into production, conclusions of economic evaluations, changes in project
parameters as plans continue to be refined, future prices of commodities,
possible variations in ore grade or recovery rates, failure of plant, equipment
or processes to operate as anticipated, accidents, labour disputes and other
risks of the mining industry, delays in obtaining governmental approvals,
permits or financing or in the completion of development or construction
activities, the Corporation"s hedging practices, currency fluctuations, title
disputes or claims limitations on insurance coverage, as well as those factors
discussed under "Risk Factors" in Uranium One"s Annual Information Form and
Management"s Discussion and Analysis as filed with securities regulatory
authorities in Canada. Although Uranium One has attempted to identify important
factors that could cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such 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 does not undertake to update any forward
looking statements that are included herein, except in accordance with
applicable securities laws.
To receive the Corporation"s news releases by email, please register on Uranium
One"s website - www.uranium1.com
Date: 31/08/2006 08:21:15 AM Produced by the JSE SENS Department
