| Thu 1 Mar 2007, 16:15 | | SXR - SXR Uranium One Inc - Commencement of Proces |
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SXR
SXR
SXR - SXR Uranium One Inc - Commencement of Processing Uranium Ore at Dominion
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
sxr Uranium One Inc.
390 Bay Street, Suite 1610
Toronto, Ontario M5H 2Y2
Trading Symbol: SXR - Toronto Stock Exchange, JSE Limited (Johannesburg Stock
Exchange)
NEWS RELEASE
March 1, 2007
Uranium One Announces Commencement of Processing Uranium Ore at Dominion
Toronto, Ontario and Johannesburg, South Africa -- sxr Uranium One Inc.
("Uranium One") today announced that processing of underground uranium ore at
its Dominion Reefs Uranium Mine commenced on schedule this week following the
successful hot commissioning of the atmospheric leach circuit at the Dominion
mill.
As detailed in the 2006 Dominion project feasibility study, the mill also
includes a pressure leach circuit incorporating two autoclaves designed to be
brought online this year in a staged approach. In accordance with the
feasibility study, the pressure leach circuit utilizing the first autoclave will
be ready for hot commissioning during April 2007. This circuit will enable the
Dominion plant to realize designed recoveries and a throughput of 100,000 tonnes
per month. The commissioning of the second autoclave, scheduled for August
2007, will increase plant capacity to 200,000 tonnes per month.
As previously announced, the plant production ramp-up is initially expected to
exceed the ore production from underground and spare plant capacity will be
utilized by processing uranium and gold bearing slime from the Dominion dump
resource. Test work has shown good recoveries are obtainable from the slime
material and an 80,000 tonne per month hydraulic sluicing facility has been
commissioned to supplement production from underground.
Uranium One President and CEO Neal Froneman commented:
"The commencement of ore processing at Dominion, in line with targets we set for
ourselves in 2003, marks one of the most important milestones in the development
of Uranium One. The achievement of these targets is a testament to the
commitment and professionalism of our team and the consultants and contractors
who have assisted us, and we look forward to completion of the ramp-up to full
production. In the meantime, we remain un-hedged and ideally placed to benefit
from the current high uranium prices and from any further increases in the
uranium price."
About Uranium One
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 Reefs
Uranium Mine in South Africa and the Honeymoon Uranium Project in South
Australia, and is actively pursuing growth opportunities in the uranium sector
in the United States and in Central Asia. The Corporation holds an approximate
71.4% interest in Aflease Gold Limited, which owns the Modder East Gold Project
in South Africa. Through a 50/50 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: + 1 416 671 3341
Cautionary Statement
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
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: the timing
of completion of commissioning and the timing of commencement of commercial
production, gold and uranium 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 Canada, the United States, South Africa, Australia 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 and
uranium 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 and
uranium exploration, development and mining, including 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), as well as the factors
described or referred to in reports filed by the Corporation with the Canadian
securities administrators. 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.
For further information about Uranium One, please visit www.uranium1.com.
Date: 01/03/2007 16:15:00 Produced by the JSE SENS Department.
