| Fri 1 Sep 2006, 8:04 | | SXR Uranium One Inc. - Uranium One announces Afric |
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SXR
SXR
SXR Uranium One Inc. - Uranium One announces African company status
SXR Uranium One Inc.
390 Bay Street, Suite 1610
Toronto, Ontario M5H 2Y2
Share Code: SXR
ISIN: CA87112P1062
Trading Symbol: SXR - Toronto Stock Exchange, JSE Limited
NEWS RELEASE
August 31, 2006
Toronto, Ontario
Uranium One Announces African Company Status
Toronto, Ontario and Johannesburg, South Africa - sxr Uranium One Inc. ("Uranium
One") announced today that the South African Reserve Bank (SARB) has confirmed
the Corporation"s status as an "African Company" as outlined in Section H.(C)
(viii) of the Exchange Control Rulings. African Company status enables
qualifying South African institutions (those funds with an approved offshore
investment capacity) to hold an additional 5% of their portfolios in Uranium One
shares to their normal entitlement under South African exchange controls.
The South African Reserve Bank has also announced that qualifying institutions
are the only South African institutions which will be permitted to hold Uranium
One shares after December 19, 2006. The qualifying institutions include all
retirement funds, collective investment scheme management companies (unit
trusts) and long-term insurers.
Private individuals who are South African residents will be unaffected by this
decision, and will continue to be able to hold and trade in Uranium One shares
through the facilities of the JSE Limited.
Neal Froneman, CEO of Uranium One, commented:
"I am pleased that the South African Reserve Bank has agreed to confirm the
African Company status of Uranium One. This means that qualifying South African
institutions can expand their investment in Uranium One above the traditional
ceiling."
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 Reefs Uranium
Mine 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 the company"s property
into production, conclusions of economic evaluations, acceptance of the Dominion
feasibility study by lending institutions, 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, labor 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, Uranium One"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 undertakes 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 the
Corporation"s website: www.uranium1.com
Date: 01/09/2006 08:04:36 AM Produced by the JSE SENS Department
