| Thu 12 Oct 2006, 8:14 | | Sxr Uranium One Inc.- Aflease Gold Shareholders Ap |
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SXR
SXR
Sxr Uranium One Inc.- Aflease Gold Shareholders Approve BEE Structure
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")
390 Bay Street, Suite 1610
Toronto, Ontario M5H 2Y2
Trading Symbol: SXR - Toronto Stock Exchange, Johannesburg Stock Exchange
NEWS RELEASE
October 11, 2006 Toronto, Ontario
Aflease Gold Shareholders Approve BEE Structure
Toronto, Ontario and Johannesburg, South Africa - sxr Uranium One Inc. today
announced that all special and ordinary resolutions were adopted at a
General Meeting of shareholders of its majority-owned Aflease Gold
subsidiary, which was held in Johannesburg.
Amongst the resolutions, shareholders approved the proposed Black Economic
Empowerment (BEE) structure for Aflease Gold"s South African assets. The
approved BEE structure is similar to that which Uranium One implemented with
respect to its assets, and will cover all of Aflease Gold"s South African
assets, including the Modder East Gold Project.
The BEE structure provides for 26% participation by historically
disadvantaged South Africans in the South African assets of Aflease Gold.
Under the terms of the approved BEE structure, Aflease Gold will be paid for
the stake it is selling and will receive market related compensation.
Neal Froneman, CEO and President of Uranium One and CEO of Aflease Gold
commented:
"Our shareholders have given their full support to these two BEE
transactions, which will ensure broad-based participation by historically
disadvantaged South Africans, with thousands of ordinary people standing to
benefit. As we develop Aflease Gold into a producer of gold, this will
bring benefits both for our shareholders and our BEE partners."
About Aflease Gold
Aflease Gold is a South African gold resource company listed on the JSE
Limited (the Johannesburg stock exchange). The company owns the Modder East
Gold Project, currently under construction, as well as the Sub Nigel, New
Kleinfontein, Turnbridge and the Holfontein Gold Projects, all on the East
Rand; the Ventersburg Gold Project in the Free State gold field; and the
Etendeka Gold Project in Namibia. Aflease Gold was formed in January 2006
through the reverse takeover of Sub Nigel Gold Mining Company by New
Kleinfontein Mining Company, a wholly-owned subsidiary of sxr Uranium One
Inc. The company is currently owned as to approximately 71% by sxr Uranium
One and has a market capitalization in excess of R1billion.
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 Corporation owns the Dominion Uranium Project in South
Africa and the Honeymoon Uranium Project in South Australia, and is actively
pursuing growth opportunities in the uranium sector in the western United
States. 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
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.
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein. To receive the
Corporation"s news releases by email, please register on Uranium One"s
website at www.uranium1.com
Date: 12/10/2006 08:14:32 AM Produced by the JSE SENS Department
