| Wed 11 Oct 2006, 15:39 | | sxr Uranium One Inc - News Release |
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SXR
SXR
sxr Uranium One Inc - News Release
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
("Corporation")
sxr Uranium One Inc.
390 Bay Street, Suite 1610
Toronto, Ontario M5H 2Y2
Trading Symbol: SXR - Toronto Stock Exchange, Johannesburg Stock Exchange
October 11, 2006 Toronto, Ontario
Uranium One Granted New Order Mining Right and Additional, Adjacent Prospecting
Rights for its Dominion Uranium Project
Toronto, Ontario and Johannesburg, South Africa - sxr Uranium One Inc. ("Uranium
One" or the "Company") is pleased to announce that the South African Department
of Minerals and Energy ("DME") has granted Uranium One a new order mining right
for the Dominion Uranium Project under the Mineral and Petroleum Resources
Development Act 2002.
The mining right has been granted for an initial period of 30 years. The area
covered by the mining right comprises approximately 14,000 hectares,
incorporates all the resources covered by the current prospecting right, and
includes all areas in the Dominion mine plan. The Company continues to hold old
order mining rights over a further area of approximately 1,400 hectares adjacent
to the Dominion project.
Uranium One has also been formally notified by the DME that additional,
exclusive prospecting rights in excess of 14,000 hectares have also been granted
to the Company. These prospecting rights cover a natural extension to the
Company"s Dominion Uranium Project.
Neal Froneman, President and CEO of Uranium One, commented:
"We are extremely pleased to have reached this milestone and to have received
the mining right which is a major legislative requirement to our commencing
production at Dominion on schedule, and to complete the transformation of
Uranium One from a development stage company into a focused uranium producer.
Uranium One would like to thank the employees of the Department of Minerals and
Energy of South Africa, with whom the Company has been working to secure the new
order mining right, for this positive outcome. It is clear that the Government
of South Africa is supportive of its domestic uranium industry and Uranium One
is proud to be positioned to become the major player in this sector.
With the approval of the mining right we are now well placed to become the pre-
eminent South African uranium producer, benefiting not only our shareholders,
but also our employees and, through our broad based empowerment structure, the
local communities in which we will operate."
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 JSE
Limited (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
an approximate 71% 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:
Neal Froneman Chris Sattler
Chief Executive 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 future plans and objectives
of Uranium One and the timing of commencement of construction activities, 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 Uranium
One"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, 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 does not undertake to update any forward
looking statements that are included herein, except in accordance with
applicable securities laws.
Investors are cautioned not to assume that all or any part of the mineral
deposits in the measured and indicated resource categories will ever be
converted into reserves. In addition, "inferred resources" have a great amount
of uncertainty as to their existence and economic and legal feasibility. It
cannot be assumed that all or any part of an inferred mineral resource will be
ever be upgraded to a higher category. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or pre-
feasibility studies or economic studies except for preliminary assessments as
defined under NI 43-101. Investors are cautioned not to assume that all or any
part of an inferred resource exists or is economically or legally mineable.
To receive the Corporation"s news releases by email, please register on Uranium
One"s website - www.uranium1.com
Date: 11/10/2006 03:39:09 PM Produced by the JSE SENS Department
