Uranium One Announces Extension of Subscription Agreement with Japanese Consortium



    
    Trading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg
    Stock Exchange)
    

    VANCOUVER and JOHANNESBURG, June 11 /CNW/ - Uranium One Inc. today
announced the extension to December 15, 2009 of its subscription agreement of
February 9, 2009 with a corporation formed by The Tokyo Electric Power
Company, Incorporated, Toshiba Corporation, and The Japan Bank for
International Cooperation. As previously announced, the February 9, 2009
subscription agreement provides for the private placement of an aggregate of
117,000,000 common shares of Uranium One, for gross proceeds of approximately
C$270 million. Closing of the private placement remains subject to Kazakh
regulatory approval, which is expected to be received within the extension
period.

    About Uranium One

    Uranium One is one of the world's largest publicly traded uranium
producers with a globally diversified portfolio of assets located in
Kazakhstan, the United States, South Africa and Australia.

    Cautionary Statement

    
    No stock exchange, securities commission or other regulatory authority
    has approved or disapproved the information contained herein.
    

    Forward-looking statements: This press release contains certain
forward-looking statements. Forward-looking statements include but are not
limited to those with respect to the price of uranium, the estimation of
mineral resources and reserves, the realization of mineral reserve estimates,
the timing and amount of estimated future production, costs of production,
capital expenditures, costs and timing of the development of new deposits,
success of exploration activities, permitting time lines, currency
fluctuations, requirements for additional capital, government regulation of
mining operations, environmental risks, unanticipated reclamation expenses,
title disputes or claims and limitations on insurance coverage and the timing
and possible outcome of pending litigation. In certain cases, forward-looking
statements can be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or "believes"
or variations of such words and phrases, or state that certain actions, events
or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Uranium One to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking statements. Such risks and uncertainties include, among
others, the actual results of current exploration activities, conclusions of
economic evaluations, changes in project parameters as plans continue to be
refined, possible variations in grade and ore densities or recovery rates,
failure of plant, equipment or processes to operate as anticipated, accidents,
labour disputes or other risks of the mining industry, delays in obtaining
government approvals or financing or in completion of development or
construction activities, risks relating to the integration of acquisitions, to
international operations, to prices of uranium as well as those factors
referred to in the section entitled "Risk Factors" in Uranium One's Annual
Information Form for the year ended December 31, 2008, which is available on
SEDAR at www.sedar.com, and which should be reviewed in conjunction with this
document. Although Uranium One has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking 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 expressly
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except in accordance with applicable securities laws.
    For further information about Uranium One, please visit www.uranium1.com.

    %SEDAR: 00005203E




For further information:

For further information: Jean Nortier, Chief Executive Officer, Tel:
(604) 601-5620; Chris Sattler, Executive Vice President, Corporate Development
and Investor Relations, Tel: (416) 350-3657


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