Uranium One Announces Definitive Agreement to Acquire Energy Metals Corporation



    Trading Symbols: SXR - Toronto Stock Exchange, JSE Limited
    (Johannesburg Stock Exchange)
    EMC - Toronto Stock Exchange; EMU - NYSE Arca

    TORONTO, ON, VANCOUVER, BC and JOHANNESBURG, South Africa, June 4 /CNW/ -
sxr Uranium One Inc. ("Uranium One") and Energy Metals Corporation ("EMC") are
pleased to announce that the two companies have signed a definitive agreement
whereby Uranium One will acquire all of the shares of EMC. The acquisition
will dramatically enhance Uranium One's asset portfolio in the United States
and solidify the new Uranium One's ability to build a leading U.S. uranium
producer.
    Under the terms of the agreement, EMC shareholders will receive
1.15 common shares of Uranium One for each issued share of EMC, representing a
value of C$19.12 per share based upon the closing price of Uranium One on the
TSX on June 1, 2007. This represents a 28% premium to the 20 day volume
weighted average trading prices of Uranium One's and EMC's shares on the TSX
for the period ending May 17, 2007, the day before EMC announced that it had
entered into exclusive negotiations with respect to a potential sale of the
company.
    The acquisition of EMC is consistent with Uranium One's value-accretive
external growth strategy and will consolidate Uranium One's position in the
United States. On a pro forma basis, Uranium One will have:

    
    -   a fully diluted market capitalization of US$7.8 billion and improved
        liquidity
    -   a strong balance sheet with a combined cash balance of
        US$678 million (includes proceeds from in the money warrants and
        options)
    -   a balanced and geographically diversified portfolio of reserves and
        resources
    -   the second largest uranium reserve and resource base in the world in
        terms of publicly traded, pure play uranium companies
    -   two producing mines and a pipeline of nine projects with the
        potential to deliver year-on-year growth in production out to 2013
    -   a low cost production base with 70% of production from in situ
        recovery (ISR)
    -   a combined uranium sales contract book that is unhedged and provides
        investors with significant exposure to any further uranium price
        increases
    -   the most comprehensive ISR and conventional mining team with the
        capacity to deliver on the combined company's production growth
        profile
    

    Commenting on the proposed acquisition, Neal Froneman, Uranium One
President and CEO said:
    "With our solid position in Kazakhstan and South Africa, the acquisition
of EMC fits in perfectly with our stated strategy of value-accretive external
growth and our focus on growth in the United States. The combination of
Uranium One and EMC will create a powerhouse in the United States uranium
sector with the potential to become the domestic supplier of choice for U.S.
utilities. Our combined portfolio of assets will be geographically
diversified, with assets in the world's top five uranium jurisdictions. The
existing conventional mining and ISR expertise within Uranium One, coupled
with the excellent technical team that EMC has built over the past several
years will result in one of the industry's leading technical teams, with the
necessary expertise to deliver on development and growth opportunities in the
United States."

    Paul Matysek, President and CEO of EMC added:

    "The transaction provides our shareholders immediate exposure to uranium
production and cash flow, while at the same time creating new avenues for
growth. The addition of Uranium One's technical team will augment our elite
ISR staff and provide us with the ability to develop our U.S. conventional
uranium assets, which are incremental to our current growth strategy. The new
Uranium One's significant resource base, strong balance sheet and proven
management team will ensure that the company becomes one of the world's
leading diversified uranium producers. My colleagues and I at EMC look forward
to continuing to play an important role in what I believe to be the fastest
growing and most dynamic uranium company in the world."

    Summary of the Transaction

    The business combination of Uranium One and EMC is expected to be
completed by way of a statutory plan of arrangement under the Business
Corporations Act (British Columbia). After completion of the transaction, it
is expected that current Uranium One shareholders will own approximately 79%
of the combined company and current EMC shareholders will own approximately
21%.
    The combination has been unanimously approved by the Boards of Directors
of each of Uranium One and EMC. A notice of meeting, management information
circular and related materials will be mailed to EMC shareholders and option
holders as soon as practicable. Closing of the transaction will require
approval by a two-thirds majority of holders of EMC common shares and option
holders, voting together, as well as applicable regulatory approvals. The EMC
shareholder vote is expected to take place in late July 2007, and assuming
timely receipt of all applicable regulatory approvals, closing of the
transaction is expected to occur shortly thereafter.
    The Board of Directors of EMC has determined that this transaction is in
the best interests of EMC shareholders. GMP Securities LP has provided an
opinion to the Board of Directors of EMC that the consideration offered
pursuant to the transaction is fair, from a financial point of view, to the
common shareholders of EMC.
    EMC has agreed to pay a break fee to Uranium One of C$55 million. EMC has
also provided Uranium One with certain other customary rights, including a
right to match competing offers.
    In addition to customary conditions, Uranium One has a 21-day due
diligence out in its favour related to title to EMC's material properties
ending June 25, 2007.
    Senior officers and directors of EMC have agreed to vote in favour of the
transaction, representing 5% of EMC's basic shares outstanding.

    Management Team and Board of Directors

    Upon completion of the acquisition, EMC Chairman William M. Sheriff will
be appointed to the board of directors of Uranium One. Subject to Uranium One
shareholder approval to increase the number of directors, EMC will be entitled
to nominate a second non-Canadian representative to the board of directors of
Uranium One.
    In addition, upon completion of the acquisition, Paul Matysek will
continue to lead the EMC team and grow Uranium One's business in the United
States as Executive Vice President, Americas for Uranium One. William Lupien,
a non-executive director of EMC, will be appointed to the board of directors
of Aflease Gold.

    Advisors and Counsel

    Uranium One's exclusive financial advisor is BMO Capital Markets and its
legal counsel is Fasken Martineau DuMoulin LLP in Canada and Dorsey & Whitney
LLP in the United States. EMC's exclusive financial advisors are GMP
Securities LP and its legal counsel is Stikeman Elliott LLP.

    Conference Call and Webcast

    A conference call will be held on Monday, June 4 2007 at 11:00 AM Eastern
time to discuss the proposed transaction. A copy of the presentation will be
made available on www.uranium1.com prior to the call.

    Via Telephone:

    The local dial-in number will be 416-340-2217. The North American toll
free dial-in will be 1-866-696-5910. International participants must dial
their international access code followed by 800-8989-6336. The passcode for
the live call is 3225581 followed by the number sign.
    A replay of the conference call will be available for one week at
416-695-5800 (local) or 1-800-408-3053 (North America toll free). The passcode
for the replay is 3225581 followed by the number sign.

    Via Webcast:

    A live audio webcast of the call will be available at
http://events.startcast.com/events/50/B0002

    Key Assets of Energy Metals Corporation

    EMC is a Canadian-based uranium company focused on growth in the United
States. The company has embarked upon a growth strategy seeking to commence
production from its assets in Texas and Wyoming and has amassed a large
portfolio of U.S. uranium resources located throughout the western United
States as outlined at the end of this press release.
    Uranium One has projected annual production from EMC's asset base in the
United States of 8 to 10 million pounds by 2013 from six production centres.
The key attributes of EMC include:

    
    -   A significant U.S. resource base within a portfolio of advanced
        uranium projects:
        -  Attributable measured resources of 10.7 million pounds U(3)O(8)
        -  Attributable indicated resources of 49.7 million pounds U(3)O(8)
        -  Attributable inferred resources of 7.3 million pounds U(3)O(8)
        -  Attributable historical resources of 196.1 million pounds U(3)O(8)
        -  Significant potential to improve the confidence of existing
           resources and to expand resources through additional drilling
    -   The Hobson ISR processing facility, located in Texas, which is
        currently undergoing refurbishment and an expansion in nameplate
        yellowcake capacity to approximately 1 million pounds U(3)O(8) per
year
    -   Advanced ISR projects with several prospective conventional mining
        assets
    -   Near-term ISR production visible assets:
        -  Advanced stage projects with expected first production from the
           Hobson facility in 2008
        -  In addition, in Uranium One's view, projected production from
           Wyoming by 2010
    -   Potential synergies between Uranium One's Shootaring Mill and EMC's
        projects in Utah:
        -  Three EMC properties within close proximity of the mill containing
           2.1 million pounds U(3)O(8) of indicated resources at Velvet and
           8.8 million pounds U(3)O(8) of historical resources
    

    The key NI 43-101 compliant assets of EMC are described below.

    South Texas Mining Venture
    --------------------------
    The South Texas Mining Venture ("STMV") holds EMC's interests in the
Hobson ISR processing facility and the La Palangana property located on the
South Texas Uranium Belt. EMC owns 99% of STMV and 1% is held by Everest
Exploration Inc. The La Palangana wellfield is being prepared as a projected
satellite ISR deposit to the Hobson Plant. The Hobson plant is currently being
refurbished to make use of modern processing technology, as well as doubling
annual throughput capacity to approximately 1 million pounds U(3)O(8).
    The Hobson plant is located in Karnes County in southern Texas,
approximately 80 kilometres southeast of San Antonio. The plant was
constructed by Everest Exploration in 1978 and commenced commercial production
of U(3)O(8) in 1979 at a rate of 250,000 pounds per year from the adjacent
Moczygemba ISR deposit. As production from Moczygemba decreased, the Hobson
facility was modified to enable it to accept feed in the form of loaded ion
exchange resin from satellite deposits. Nameplate capacity was increased to
500,000 pounds U(3)O(8) in 1984, with peak production of 600,000 pounds of 
U(3)O(8) achieved in 1986. The Hobson facility was placed on care and
maintenance from 1988 due to depressed uranium prices at that time.
    The La Palangana deposit is located approximately 160 kilometres south of
the Hobson processing facility and consists of two leases covering a total of
2,500 hectares. An inferred resource of 1.9 million tons grading 0.15%
U(3)O(8) containing 5.7 million pounds has been estimated at La Palangana with
the potential to increase this resource base through additional drilling at
the property (a technical report on the Palangana and Hobson Uranium In-Situ
Leach Project located in Duval and Karnes Counties, Texas was prepared for
Standard Uranium Inc, by Robert E. Blackstone, P.G. on November 10, 2005). A
confirmatory drill program is underway with six drill rigs at the project. As
of April 2, 2007 a total of 474 holes have been drilled since July 2006
totalling 188,619 feet.
    CCC Group Inc. of San Antonio has been awarded the construction contract
for new and renovated facilities at Hobson. Mobilization and site specific
safety training for their crews has commenced. All baseline water quality
wells are now installed at La Palangana and water quality sampling of these
wells is ongoing.

    Wyoming
    -------
    EMC controls approximately 240,000 acres of uranium claims and leases in
the state of Wyoming located in the Great Divide, Powder River and Shirley
Basins:

    
    -   Over 60% of the Great Divide Basin's uranium deposits are amenable to
        ISR mining methods
    -   10 advanced stage project areas with historical resources within the
        Great Divide Basin
    -   3 advanced stage project areas with historical resources in the
        Powder River Basin
    -   2 projects in the Shirley Basin
    

    Great Divide Basin

    The Red Rim property comprises 405 hectares and is located in the
southeast portion of the Great Divide Basin, in Carbon County, 32 kilometres
southwest of Rawlins. In 1981, Union Carbide conducted an exploration program
on the property. Economic studies carried out at that time were conceptual and
were based on conventional underground mining techniques. Uranium
mineralization on the property is located in the lowest sandstone unit of the
Fort Union Formation, bounded by a shale unit above and by the Lance Formation
below, and varies from approximately 305 metres to 730 metres below surface.
The company has acquired the data logs of the historical exploration work
completed on the property and, based on this information, a NI 43-101
compliant resource was estimated at 337,000 tons at 0.17% eU(3)O(8) containing
1.1 million pounds of U(3)O(8) in the indicated category, and 473,000 tons at
0.16% eU(3)O(8) containing 1.5 million pounds of U(3)O(8) in the inferred
category (43-101 Mineral Resource Report, Red Rim Uranium Project, Sweetwater
County, Wyoming. Prepared for Energy Metals Corporation by Douglas Beahm,
P.E., P.G., June 14, 2006). These estimates used a 0.25 grade-thickness
cut-off. No follow-up drilling by EMC has been conducted on the property to
date.
    The Jab property is located 19 kilometres from the Sweetwater Mill, in
Sweetwater County, and covers approximately 850 hectares. During the 1970's,
Union Carbide conducted an extensive exploration program that identified two
mineralized zones on the property. Union Carbide completed feasibility studies
and intended to construct an open-pit mine and heap leach to extract the
uranium. Union Carbide submitted an application for a mining permit from the
state regulators but did not proceed with the project due to declining uranium
prices. Union Carbide eventually abandoned the property in the early 1980's.
The mineralization on the property is comparatively shallow, where the upper
zone ranges from 12 metres to 45 metres below surface, and the lower zone
ranges from 45 metres to 80 metres below surface. Based on the historical data
available, the estimated NI 43-101 compliant measured resource for the project
is 2.2 million tons with an average grade of 0.073% containing 3.2
million pounds of U(3)O(8) and the estimated NI 43-101 indicated resource for
the project is 0.2 million tons with an average grade of 0.070% containing
0.3 million pounds of U(3)O(8) at a 0.25 grade-thickness cut-off (43-101
Mineral Resource Report, Jab Uranium Project, Sweetwater County, Wyoming.
Prepared for Energy Metals Corporation by Douglas Beahm, P.E., P.G., July 14,
2006).

    Powder River Basin

    At the Moore Ranch project, a measured resource of 2.95 million tons
grading 0.10% eU(3)O(8) containing 5.88 million pounds at a 0.25
grade-thickness cut-off has been estimated. An additional inferred resource of
43,600 tons grading 0.102% eU3O8 containing 90,000 pounds has also been
estimated (43-101 Mineral Resource Report, Moore Ranch Uranium Project,
Campbell County, Wyoming. Prepared for Energy Metals Corporation by Douglas
Beahm, P.E., P. G., June 27, 2006). The Moore Ranch project was extensively
explored from the 1970's through the mid-1980's with the principal exploratory
work and drilling completed by Conoco Minerals Corp. Conoco conducted
extensive drilling on the lands currently held by EMC, including the
delineation of three areas of mineralization as planned open pit mines with
drilling on 50 foot centers (approximately 2,500 rotary drill holes) and the
completion of approximately 130 core holes. All baseline studies are on track
to be completed by the end of August 2007. Work continues on other portions of
the State and NRC License Applications and the final applications are
anticipated to be submitted at the end of October 2007.
    At the Peterson Ranch project, mineralization occurs as a roll-front type
deposit, which is typical of mineralization in this region and is amenable to
ISR mining methods. Exploration was previously completed on the property
during the late 1970's and into the mid-1980's. All historical drill data is
available and has been used to estimate a NI 43-101 measured resource base of
0.9 million tons grading 0.088% U(3)O(8) containing 1.6 million pounds and an
indicated resource base of 0.1 million tons grading 0.119% U(3)O(8) containing
0.3 million pounds at a 0.25 grade thickness cut-off (43-101 Mineral Resource
Report, Peterson Uranium Project, Converse County, Wyoming. Prepared for
Energy Metals Corporation by Douglas Beahm, P.E., P. G., June 27, 2006). Ore
delineation is ongoing at Peterson Ranch with two drill rigs.

    New Mexico
    ----------
    The Crownpoint 19 and Crownpoint 29 properties are located in
northwestern New Mexico, approximately 125 miles northwest of Albuquerque and
just to the west of the small town of Crownpoint. The Crownpoint 24 property
is located just to the west of the town of Crownpoint. EMC has an option to
acquire up to 80% in Crownpoint 19 and Crownpoint 29 from NZ Uranium, LLC
which owns 100% of these properties. EMC also has an option to acquire an 80%
interest in NZ Uranium, LLC's 60% stake in Crownpoint 24 which would result in
EMC's stake being a 48% interest in this property. Hydro Resources Inc. (HRI)
owns the remaining 40% stake in Crownpoint 24. Continental Oil (Conoco)
conducted an extensive exploration and evaluation program on the Crownpoint
properties in the 1970's, investigating the uranium mineralization with the
goal of developing a mining operation. Conoco completed at least 325 rotary
and diamond core drill holes on the Crownpoint 19 and Crownpoint 29 properties
and at least 157 rotary and diamond drill holes on the Crownpoint 24 property.
Conoco and HRI completed a pre-feasibility study defining a significant
U(3)O(8) resource. Uranium mineralization at the Crownpoint projects is hosted
in sandstone beds of the Westwater Canyon Member of the Morrison Formation.
The mineralization represents secondarily enriched uranium bodies which are
controlled by porous and permeable stratigraphic units and structural zones.
The indicated resource calculated in the pre-feasibility study for Crownpoint
19 is 2.8 million tons at a grade of 0.091% containing 5.6 million pounds of 
U(3)O(8) at a 0.04% U(3)O(8) cut-off grade on a 100% basis. The indicated
resource estimate for the western half of Crownpoint 29 is 4.3 million tons at
an average grade of 0.086% containing 8.0 million pounds of U(3)O(8) using a
0.04% U(3)O(8) cut-off grade on a 100% basis. The indicated resource estimate
for Crownpoint 24 is 4.8 million tons at an average grade of 0.104% containing
10.0 million pounds of U(3)O(8) using a 0.04% U(3)O(8) cut-off grade on a 100%
basis. Studies completed by HRI indicate that an in situ leach rate of
recovery of 70% to 75% is probable (Technical Report on Section 24 Portion of
the Crownpoint Property, McKinley County, New Mexico. Prepared by Gregory
Myers, Ph.D., P.Geo., March 2, 2006).
    The Hosta Butte project is located in northwestern New Mexico,
approximately 125 miles northwest of Albuquerque and approximately 5 miles to
the south of the town of Crownpoint. EMC has the option to acquire up to 80%
of the Hosta Butte project from NZ Uranium, LLC, the 100% owner of the
property. Continental Oil (Conoco) conducted an extensive exploration and
evaluation program on the property in the 1970's, investigating the uranium
mineralization with the intention of developing a mining operation. Conoco
completed at least 133 rotary and diamond core drill holes in the area of the
resource. Conoco and Hydro Resources Inc. (HRI) completed a pre-feasibility
study defining a significant U(3)O(8) resource. Uranium mineralization at
Hosta Butte is hosted in sandstone beds of the Westwater Canyon Member of the
Morrison Formation. The mineralization represents secondarily enriched uranium
bodies which are controlled by porous and permeable stratigraphic units and
structural zones. The indicated resource (on a 100% basis) calculated in this
study for the Hosta Butte property is 6.6 million tons at an average grade of
0.112% U(3)O(8) containing 14.8 million pounds of U(3)O(8), using a 0.04%
U(3)O(8) cut-off grade (Technical Report of the Hosta Butte Property, McKinley
County, New Mexico. Prepared by Gregory Myers, Ph.D., P.Geo., April 18, 2006).

    Utah
    ----
    The Section 2 portion of the Velvet project was extensively explored
during the 1970's with the principal exploratory work and drilling completed
by Atlas Minerals and additional drilling completed by Minerals Recovery
Corporation (MRC). The drilling was completed adjacent to Atlas Minerals'
Velvet Mine which was mined in Section 3 up to the property line with EMC's
current mineral holdings in Section 2. Atlas and MRC conducted extensive
drilling on the lands currently held by EMC including the delineation of four
mineralized areas with drilling on a rough grid of approximately 100 foot
centers. The available data includes radiometric data from some 173 drill
holes completed on the property. The Velvet Mine operated by Atlas Minerals on
Section 3 produced approximately 400,000 tons of ore at grades of 0.46%
U(3)O(8) and 0.64% V(2)O5 (approximately 4 million pounds of U(3)O(8) and 5
million pounds V(2)O5) during the period from 1979 to 1984. The indicated
resource estimate for EMC's Velvet project is 306,000 tons grading 0.34%
U(3)O(8) containing 2.1 million pounds of U(3)O(8) at a 0.50% grade thickness
cut-off (43-101 Mineral Resource Report, Velvet Mine Uranium Project, San Juan
County, Utah. Prepared for Energy Metals by BRS Inc., March 19, 2007).

    Oregon
    ------
    The Aurora property is located in southern Oregon approximately three
miles from the Nevada border and approximately 10 miles west of the small
border town of McDermitt, Nevada. Placer Amex conducted an extensive
exploration and evaluation program on the property from 1977 through to 1980,
investigating the uranium mineralization with the goal of developing a
conventional mining operation. Placer Amex and the previous owner, Locke
Jacobs, completed at least 562 rotary and diamond core drill holes, of which
530 are included in the resource calculation. Uranium mineralization is hosted
in clay altered volcanic flows and tuffs within the McDermitt Caldera complex.
The mineralization represents both primary and secondarily enriched uranium
bodies which are controlled by porous and permeable stratigraphic units and
structural zones. A NI 43-101 compliant indicated resource has been estimated
at 17.69 million tons at an average grade of 0.0518% U(3)O(8) containing
18.3 million pounds of uranium using a 0.03% U(3)O(8) cutoff grade. The
mineralization averages approximately 20 feet in thickness and is distributed
amongst multiple, nearly horizontal horizons ranging from 5 to over 100 feet
in true thickness. Studies completed by Placer Amex in 1979 indicate
recoveries of at least 85% are possible (Technical Report of the Aurora
Uranium Project, Malheur County, Oregon. Prepared by Gregory Myers, Ph.D., 
P.Geo., September 1, 2005).

    About Uranium One

    sxr Uranium One Inc. is a Canadian-based uranium producing 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 70% of the
operating Akdala Uranium Mine in Kazakhstan and is also developing the South
Inkai and Kharasan Uranium Projects in Kazakhstan. Uranium One owns the
Dominion Uranium Project in South Africa, as well as the Honeymoon Uranium
Project in South Australia. The Corporation recently acquired the Shootaring
Mill and associated assets in the western United States. Uranium One is also
engaged in uranium exploration activities in the Athabasca Basin of
Saskatchewan, South Africa, Australia and the Kyrgyz Republic.

    About Energy Metals Corporation

    Energy Metals Corporation is a TSX and NYSE Arca listed company focused
on advancing its industry leading uranium property portfolio towards
production in what is the world's largest uranium consumer market, the United
States of America. Energy Metals Corporation has extensive advanced property
holdings in Wyoming, Texas and New Mexico that are amenable to ISR (in-situ
recovery). This form of uranium mining was pioneered in Texas and Wyoming and
utilizes oxygenated groundwater to dissolve the uranium in place and pump it
to the surface through water wells. Energy Metals is currently development
drilling the La Palangana uranium deposit and upgrading the Hobson Uranium
Processing Plant in Texas for an anticipated 2008 production date. Energy
Metals is also actively advancing other significant uranium properties in the
States of Colorado, Utah, Nevada, Oregon and Arizona.

    Table 1 - Energy Metals NI 43-101 Compliant Resources

    
    -------------------------------------------------------------------------
                              Deposit Totals              EMC     NI-43-101
                                                         Share    Resources
    ------------------------------------------------------------ described in
    Project          State  Tons   U3O8   U3O8   Owner   U3O8    News Release
                                   Grade         -ship   (lbs    or Technical
                                                                   Reports
                                                                    Dated:
                           -------------------------------------------------
                           (000's)  (%)   (lbs    (%)    000's)
                                          000's)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Measured Resources
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Moore Ranch         WY  2,950  0.100  5,880    100   5,880  NR, July 20,
                                                                 2006
    -------------------------------------------------------------------------
    Peterson Ranch      WY    896  0.088  1,576    100   1,576  NR, July 19,
                                                                 2006
    -------------------------------------------------------------------------
    Jab                 WY  2,210  0.073  3,233    100   3,233  NR, Oct 13,
                                                                 2006
    -------------------------------------------------------------------------
    Sub-Total Measured      6,056  0.088 10,689         10,689
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Indicated Resources
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Peterson Ranch      WY    110  0.119    262    100     262  NR, July 19,
                                                                 2006
    -------------------------------------------------------------------------
    Red Rim             WY    337  0.170  1,142    100   1,142  NR, July 14,
                                                                 2006
    -------------------------------------------------------------------------
    Jab                 WY    231  0.070    325    100     325  NR, Oct 13,
                                                                 2006
    -------------------------------------------------------------------------
    Crownpoint 19       NM  2,800  0.091  5,634     80   4,507  TR, April 7,
                                                                 2006
    -------------------------------------------------------------------------
    Crownpoint 29       NM  4,260  0.086  8,038     80   6,430  TR, April 7,
                                                                 2006
    -------------------------------------------------------------------------
    Crownpoint 24       NM  4,750  0.104  9,966     48   4,784  TR, March 2,
                                                                 2006
    -------------------------------------------------------------------------
    Hosta Butte         NM  6,598  0.112 14,822     80  11,858  TR, April 18,
                                                                 2006
    -------------------------------------------------------------------------
    Velvet              UT    306  0.340  2,082    100   2,082  NR, March 20,
                                                                 2007
    -------------------------------------------------------------------------
    Aurora              OR 17,690  0.052 18,300    100  18,300  TR, Sept 1,
                                                                 2005
    -------------------------------------------------------------------------
    Sub-Total Indicated    37,082  0.080 60,571         49,690
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Inferred Resources
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Moore Ranch         WY     44  0.102     89    100      89  NR, July 20,
                                                                 2006
    -------------------------------------------------------------------------
    Red Rim             WY    473  0.163  1,539    100   1,539  NR, July 14,
                                                                 2006
    -------------------------------------------------------------------------
    La Palangana        TX  1,906  0.150  5,701     99   5,643  TR, Nov 10,
                                                                 2005
    -------------------------------------------------------------------------
    Sub-Total Inferred      2,423  0.152  7,329          7,271
    -------------------------------------------------------------------------



    Table 2 - Energy Metals Historical Resources (see Cautionary Statement)

    -------------------------------------------------------------------------
                         Deposit                 EMC Share      Described in
                          Total                                 News Release
                                                                   Dated:
    -------------------------------------------------------------------------
    Project              U(3)O(8)    Ownership   (U(3)O(8)
                       (lbs 000's)      (%)     lbs 000's)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Wyoming
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Allemand-Ross            7,800         100       7,800      Jul 20, 2006
    -------------------------------------------------------------------------
    AC Block                 9,000         100       9,000      Feb 23, 2005
    -------------------------------------------------------------------------
    Antelope                15,000         100      15,000      Oct 25, 2004
    -------------------------------------------------------------------------
    Barge                    9,000         100       9,000      Mar 26, 2007
    -------------------------------------------------------------------------
    BL Block                   700         100         700      Feb 18, 2005
    -------------------------------------------------------------------------
    CD Block                 1,500         100       1,500      Feb 18, 2005
    -------------------------------------------------------------------------
    Cyclone                  2,100         100       2,100      Oct 25, 2004
    -------------------------------------------------------------------------
    DW Block                12,000         100      12,000      Feb 23, 2005
    -------------------------------------------------------------------------
    EC Block                 4,000         100       4,000      Feb 23, 2005
    -------------------------------------------------------------------------
    JK Block                 3,500         100       3,500      Feb 23, 2005
    -------------------------------------------------------------------------
    KM & KME Blocks          3,000         100       3,000      Feb 18, 2005
    -------------------------------------------------------------------------
    OZ Block                 2,000         100       2,000      Feb 23, 2005
    -------------------------------------------------------------------------
    RM Block                 4,000         100       4,000      Feb 18, 2005
    -------------------------------------------------------------------------
    Twin Buttes              5,000         100       5,000      Oct 25, 2004
    -------------------------------------------------------------------------
    Western Sheep            3,000         100       3,000      Oct 25, 2004
    -------------------------------------------------------------------------
    Nine Mile                9,000         100       9,000      June 9, 2005
    -------------------------------------------------------------------------
    Total Wyoming           90,600                  90,600
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Utah
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    San Rafael               2,000         100       2,000      Aug 22, 2006
    -------------------------------------------------------------------------
    Velvet                   3,300         100       3,300      Jul 20, 2004
    -------------------------------------------------------------------------
    Frank M                  3,500         100       3,500      Sep 26, 2004
    -------------------------------------------------------------------------
    Total Utah               8,800                   8,800
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    New Mexico
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Nose Rock                8,000         100       8,000       Dec 6, 2005
    -------------------------------------------------------------------------
    Total New Mexico         8,000                   8,000
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Colorado
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Hanson Creek            28,970          39      11,298      Jul 11, 2006
    -------------------------------------------------------------------------
    Coyote Basin            35,400         100      35,400       Oct 5, 2006
    -------------------------------------------------------------------------
    Maybell                 40,000         100      40,000     April 6, 2005
    -------------------------------------------------------------------------
    Total Colorado         104,370                  86,698
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Arizona
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Wate                     2,000         100       2,000
    -------------------------------------------------------------------------
    Total Arizona            2,000                   2,000
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Total Historical
     Resources             213,770                 196,098
    -------------------------------------------------------------------------
    

    All historical resource estimates quoted herein are based on prior data
and reports obtained and prepared by previous operators and certain other
information. The historical estimates should not be relied upon. No qualified
person (as defined by NI 43-101) has done sufficient work to classify the
historical estimate as current mineral resources or mineral reserves. Neither
EMC nor Uranium One has completed the work necessary to verify the
classification of the mineral resource estimates. Neither EMC nor Uranium One
is treating the historical estimates as current mineral resources or mineral
reserves as defined in sections 1.2 and 1.3 of NI 43-101. Properties
containing historical resource estimates will require further evaluation.

    Where to Find Additional Information About the Proposed Transaction

    Subject to the terms and conditions set forth in the definitive
agreement, EMC intends to file a notice of meeting, management information
circular and related materials with Canadian securities regulatory authorities
and the U.S. Securities and Exchange Commission (the "SEC") relating to the
proposed transaction, and Uranium One intends to file a registration statement
and prospectus with the SEC, including the EMC management information circular
and related materials, relating to the proposed transaction. Investors and
shareholders are strongly advised to read these documents, as well as any
amendments and supplements to these documents, when they become available
because they will contain important information. At that time, investors and
shareholders may obtain a free copy of the EMC management information circular
and related documents at the Canadian securities regulators' website at
www.sedar.com and a free copy of the registration statement and prospectus and
related documents at the SEC's website at www.sec.gov. At that time, free
copies of these documents can also be obtained by directing a request to
Uranium One at the address for Uranium One set forth in this press release.
YOU SHOULD READ THE MANAGEMENT INFORMATION CIRCULAR, PROSPECTUS AND RELATED
MATERIALS CAREFULLY BEFORE MAKING A DECISION CONCERNING THE PROPOSED
TRANSACTION.

    Other Matters and Cautionary Statement

    Readers are advised to refer to independent technical reports containing
detailed information with respect to the material properties of Uranium One
and EMC. These technical reports are available under the profiles of Uranium
One and UrAsia Energy Ltd., in the case of Uranium One, and EMC at
www.sedar.com and provide the date of each resource or reserve estimate,
details of the key assumptions, methods and parameters used in the estimates,
details of quality and grade or quality of each resource or reserve and a
general discussion of the extent to which the estimate may be materially
affected by any known environmental, permitting, legal, taxation,
socio-political, marketing, or other relevant issues. The technical reports
also provide information with respect to data verification in the estimation.

    This press release uses the terms "measured", "indicated" and "inferred"
resources as defined in accordance with National Instrument 43-101 - Standards
of Disclosure for Mineral Projects. United States readers are advised that
while these terms are recognized and required by Canadian securities laws, the
SEC does not recognize them. Readers are cautioned not to assume that all or
any part of the mineral deposits in these 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 and it
cannot be assumed that all or any part of an inferred mineral resource will
ever be upgraded to a higher category. Readers are cautioned not to assume
that all or any part of an inferred resource exists or is economically or
legally mineable. Mineral resources are not mineral reserves and do not have
demonstrated economic viability.

    Scientific and technical information contained herein with respect to
EMC's resources has been reviewed on behalf of EMC by Dr. Art Ettlinger M.Sc.,
Ph.D., P. Geo. and, Chief Geologist for EMC and a Qualified Person for the
purposes of NI 43-101.

    Certain of the statements made herein, including any information as to
the timing and completion of the proposed transaction, the potential benefits
thereof, the future activities of and developments related to EMC and Uranium
One prior to the proposed transaction and the combined company after the
proposed transaction, market position, and future financial or operating
performance of Uranium One or EMC,are forward-looking and subject to important
risk factors and uncertainties, many of which are beyond the corporations'
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: uranium and gold 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; costs of production, capital expenditures, costs and
timing of construction and the development of new deposits, success of
exploration activities and permitting time lines; changes in national and
local government legislation, taxation, controls, regulations and political or
economic developments in Canada, the United States, South Africa, Australia,
Kazakhstan or other countries in which either corporation does or may carry
out business in the future; risks of sovereign investment; the speculative
nature of uranium and gold exploration, development and mining, 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 uranium and gold 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 the
section entitled "Risk factors" in Uranium One's Annual Information Form for
the year ended December 31, 2006 which is available on SEDAR at www.sedar.com,
and the section entitled "Risk factors" in EMC's Annual Information Form for
the year ended June 30, 2006 which is available on SEDAR at www.sedar.com and
from the SEC at www.sec.gov and which should be reviewed in conjunction with
this document. Accordingly, readers should not place undue reliance on
forward-looking statements. Neither corporation undertakes any 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.
For further information about EMC, please visit www.energymetalscorp.com.

    %SEDAR: 00005203E




For further information:

For further information: Neal Froneman, Chief Executive Officer, sxr
Uranium One Inc., Tel: (416) 350-3657; Paul Matysek, M.Sc., P. Geo., Chief
Executive Officer, Energy Metals Corporation, Tel: (604) 684-9007; Chris
Sattler, Senior Vice President, Investor Relations, sxr Uranium One Inc., Tel:
(416) 350-3657; William M. Sheriff, B.Sc., Chairman, Energy Metals
Corporation, Tel: (972) 333-2214

Organization Profile

Uranium One Inc.

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ENERGY METALS CORPORATION

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