Uranium One Announces New Senior Management Appointments, Revised Production Guidance and Updated Resource Estimate at Dominion



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

    TORONTO and JOHANNESBURG, Feb. 21 /CNW/ - Uranium One Inc. ("Uranium
One") today announced new senior management appointments effective immediately
and revised U(3)O(8) production guidance, as well as an updated resource
estimate at the Dominion property.

    New Senior Management Appointments

    Jean Nortier, Executive Vice President, Business Development, has been
appointed interim Chief Executive Officer. Mr. Nortier, who served as the
Company's Chief Financial Officer prior to April 2007, succeeds Neal Froneman,
who has tendered his resignation with effect from today. Mr. Froneman will
continue as CEO and director of Aflease Gold Limited.
    David Hodgson, a non-executive director of the Company, has been
appointed acting Chief Operating Officer. Mr. Hodgson is a qualified civil and
mining engineer who joined the Board of Uranium One in 2006 following a
distinguished 30 year career in the mining industry. He has had extensive
operational experience both in South Africa and internationally, including as
Chief Operating Officer of AngloGold Ashanti where he was responsible for
22 mining operations around the world.
    Ian Telfer, Chairman of Uranium One, commented - "I look forward to
working with Jean as he leads the Company through the next stage in its
development. I am grateful to David for taking on the role of acting COO and I
know the Company will benefit from his operational and technical expertise,
particularly at Dominion. On behalf of the Board, I would also like to extend
our appreciation to Neal Froneman for his contributions to the Company over
the past five years."

    2007 Production

    Attributable production from the Company's Kazakhstan and South African
operations in 2007 totalled 2,037,800 pounds of U(3)O(8), comprising
1,827,200 pounds U(3)O(8) from Akdala, 171,000 pounds U(3)O(8) from Dominion
and 39,600 pounds U(3)O(8) from South Inkai.

    Revised Production Guidance: 2008 - 2009

    Production guidance for 2008 has been revised downwards from previously
published guidance by 32% to 3.15 million pounds of U(3)O(8), detailed as
follows:

    
    -------------------------------------------------------------------------
    Operation                           2008 Attributable Production Guidance
                                                   (lbs of U(3)O(8))
    -------------------------------------------------------------------------
    Akdala                                                1,800,000
    -------------------------------------------------------------------------
    Dominion                                                590,000
    -------------------------------------------------------------------------
    South Inkai                                             500,000
    -------------------------------------------------------------------------
    Kharasan                                                220,000
    -------------------------------------------------------------------------
    Honeymoon                                                     0
    -------------------------------------------------------------------------
    Hobson                                                   35,000
    -------------------------------------------------------------------------
    Total                                                 3,145,000
    -------------------------------------------------------------------------
    

    For 2009, production guidance has been revised downwards by 15% from
previously published guidance to 6.8 million pounds of U(3)O(8).
    The revisions to the Company's anticipated production result primarily
from slower than expected rates of underground development at Dominion.
Development has been adversely affected by a number of factors, including
disruption in electrical power supply and equipment breakdowns. Production for
the 2008 year was also impacted by higher than expected leaching of
near-surface uranium resources, higher than expected mining dilution and lower
than expected grade for the surface tailings material currently being
processed through the plant.
    While feed constraints are dictating a slower ramp-up to full production
than originally projected, the resource base remains robust as detailed below
and in the Appendix attached hereto.

    Dominion Update

    Underground mining, and associated close-spaced sampling, has been
undertaken at the Rietkuil section of the mine to allow for quantitative
reconciliations between in-situ grades currently being mined and grades from
the resource estimation based on exploration drilling. This reconciliation has
indicated that in-situ grades encountered underground closely approximate the
forecast from the exploration model. At Dominion, there has not been
sufficient sampling below the leached area to complete a quantitative
reconciliation to the existing resource models.
    The commissioning of the pressure leach circuit at the plant was
completed in December 2007. Due to the slower than expected rate of
underground development, ore and tailings material are currently being
processed through one autoclave, and the other autoclave is on standby. An
additional 40 tonne/hour boiler is scheduled to be commissioned in September
2008, to allow both autoclaves to be operated together at design capacity and
also to facilitate expansion. A combination of both ore and tailings material
will continue to be treated in 2008 and 2009; plant recoveries are expected to
increase as underground ore displaces tailings material. Current plant
performance is in line with expectations.
    Since November 2007, Dominion has been subject to electrical load
shedding arising from the current South African electrical power crisis.
Diesel generators have been ordered to ensure back-up power for underground
development is available during periods of load shedding. Additional trackless
equipment has been purchased to ensure planned development is achieved.

    Updated Dominion Resource Estimate

    The updated mineral resource estimate shows indicated resources of
81.1 million tonnes at a grade of 0.63 kg/tonne, containing 112.4 million
pounds of U(3)O(8). This includes the current Dominion Phase 1 section
(including the existing Dominion 1 and 2 and Rietkuil declines) and represents
a 73% increase in contained U(3)O(8) in the indicated category from the
indicated resource estimated in January 2007 (36.4 million tonnes at a grade
of 0.81 kg/tonne, containing 64.9 million pounds of U(3)O(8)) as reported by
SRK Consulting in its March 2007 independent technical report (available at
www.sedar.com).
    Compared to the January 2007 resource estimate, which focused primarily
on higher grade ore-shoots or channels, the current indicated resources
consider both higher grade ore-shoots, as well as lower grade inter-channel
areas. In addition, the channels intersected in both the Dominion strike
extension areas and the Rietkuil down-dip extensions comprise thicker reef
packages relative to those intersected in the current decline areas. As a
result, total uranium content across total reef widths is similar; however,
associated U(3)O(8) and gold grades of the indicated resources decrease.
    Inferred uranium resources are now 174.8 million tonnes at a grade of
0.36 kg/tonne, containing 138.4 million pounds of U(3)O(8). This represents a
25% decrease in contained U(3)O(8) in the inferred category from the inferred
resource estimated in January 2007 (219.4 million tonnes at a grade of 0.38
kg/tonne, containing 183.6 million pounds of U(3)O(8)) as more of the resource
is converted to a higher category.
    Indicated gold resources are now 81.1 million tonnes at a grade of
0.76 g/tonne, containing 1.99 million ounces, compared to January 2007
indicated gold resources of 36.4 million tonnes at a grade of 0.91 g/tonne,
containing 1.06 million ounces (an 88% increase). Inferred gold resources are
now 174.8 million tonnes at a grade of 0.63 g/tonne, containing 3.5 million
ounces, compared to January 2007 indicated gold resources of 219.4 million
tonnes grading 0.67 g/tonne, containing 4.8 million ounces (a 27% decrease).
    In addition to the underground resources, the updated mineral resource
estimate shows an indicated resource for surface tailings material of
2.95 million tonnes at a grade of 0.14 kg/tonne U(3)O(8) and 0.52 g/tonne
gold, containing 0.9 million pounds of U(3)O(8) and 49,700 ounces of gold,
respectively. This represents a minor decrease in the January 2007 mineral
resource as a result of depletion from the mining and processing of this
material to December 31, 2007.
    The revised resource estimate for the Dominion property has been audited
by SRK Consulting and will be contained in an independent technical report
being prepared by SRK for filing in accordance with the requirements of NI
43-101. Further details of the updated mineral resource statement are set out
in Appendix A attached hereto.

    About Uranium One

    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. In the United States, Uranium One has extensive
property holdings in Wyoming, Texas, Utah and New Mexico, including the
Shootaring Canyon Mill and the Hobson ISR facility. Uranium One is also
engaged in uranium exploration activities in the United States, the Athabasca
Basin of Saskatchewan, South Africa, Australia and the Kyrgyz Republic.

    Cautionary Statement

    No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein and in Appendix A
attached hereto (and which forms part hereof).

    Forward-looking statements: This press release and Appendix A contain
certain forward-looking statements. Forward-looking statements include but are
not limited to those with respect to the price of uranium and gold, 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 and gold 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, 2006,
the Annual Information Form of UrAsia Energy Ltd. for the year ended July 31,
2006 and in the Annual Information Form of Energy Metals Corporation for the
year ended June 30, 2006, each of which are 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.
    In addition, this news release and Appendix A use the terms "indicated
resources" and "inferred resources" as defined in accordance with the SAMREC
Code (South African Code for Reporting of Mineral Resources and Mineral
Reserves prepared by the South African Mineral Resource Committee) ("SAMREC")
under the auspices of the South African Institute of Mining and Metallurgy
effective March 2000 or as amended from time to time. A mineral resource is a
concentration or occurrence of natural, solid, inorganic or fossilized organic
material in or on the earth's crust in such form and quantity and of such a
grade or quality that it has reasonable prospects for economic extraction. The
location, quantity, grade, geological characteristics and continuity of a
mineral resource are known, estimated or interpreted from specific geological
evidence and knowledge. A measured mineral resource is that part of a mineral
resource for which quantity, grade or quality, densities, shape and physical
characteristics can be estimated with a level of confidence sufficient to
allow the appropriate application of technical and economic parameters to
support mine planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration, sampling and
testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drillholes that are spaced
closely enough to confirm both geological and grade continuity. An indicated
mineral resource is that part of a mineral resource for which quantity, grade
or quality, densities, shape and physical characteristics can be estimated
with a level of confidence sufficient to allow the appropriate application of
technical and economic parameters to support mine planning and evaluation of
the economic viability of the deposit. The estimate is based on detailed and
reliable exploration and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and
drillholes that are spaced closely enough for geological and grade continuity
to be reasonably assumed. An inferred mineral resource is that part of a
mineral resource for which quantity and grade or quality can be estimated on
the basis of geological evidence and limited sampling and reasonably assumed,
but not verified, geological and grade continuity. The estimate is based on
limited exploration and sampling gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drillholes. Mineral
resources which are not mineral reserves do not have demonstrated economic
viability.
    The indicated and inferred resource estimates provided herein and
Appendix A in accordance with SAMREC will be reconciled to the guidelines set
out in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Standards on Mineral Resources and Mineral Reserves, adopted by CIM Council on
August 20, 2000, as may be amended from time to time by the CIM, in accordance
with National Instrument 43-1 01 - Standards of Disclosure for Mineral
Projects, ("NI 43-101") in the technical report being prepared for filing in
accordance with the requirements of NI 43-101.
    For the purposes of NI 43-101, Mr. M.H.G. Heyns, Pr.SCI.Nat. (SACNASP),
MSAIMM, MGSSA, Senior Vice President of Uranium One Inc., is the qualified
person who prepared or supervised the preparation of the information that
forms the basis of the scientific and technical disclosure contained in this
press release and Appendix A.
    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 South African rules, estimates of
inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies or economic studies except under conditions noted in
SAMREC. 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.
    For further information about Uranium One, please visit www.uranium1.com

    
                                 Appendix A

    Dominion Reefs Uranium Mine Resource Statement (December 31, 2007)(1,2,3)

    Indicated Mineral Resources and Inferred Mineral Resources

    -------------------------------------------------------------------------
                             Average  U(3)O(8)  U(3)O(8)      Gold  Contained
    Reef            Tonnes    Width     Grade   Content      Grade     Gold
                     (kt)      (cm)  (kg/tonne)('000 lbs) (g/tonne)('000 ozs)
    -------------------------------------------------------------------------
                         Indicated mineral resources
    -------------------------------------------------------------------------
    Dominion Upper  18,963       149      0.62    26,072      0.55       338
    -------------------------------------------------------------------------
    Dominion Lower  11,740       122      0.89    22,963      1.13       427
    -------------------------------------------------------------------------
    Rietkuil Upper  38,004       131      0.59    49,043      0.69       838
    -------------------------------------------------------------------------
    Rietkuil Lower  12,372       130      0.53    14,338      0.97       386
    -------------------------------------------------------------------------
    Total           81,080       134      0.63   112,416      0.76     1,989
    -------------------------------------------------------------------------
                         Inferred mineral resources
    -------------------------------------------------------------------------
    Dominion Upper  59,728       152      0.31    40,320      0.47       893
    -------------------------------------------------------------------------
    Dominion Lower  37,123       187      0.23    18,529      0.78       937
    -------------------------------------------------------------------------
    Rietkuil Upper  37,047       151      0.50    40,492      0.66       782
    -------------------------------------------------------------------------
    Rietkuil Lower  40,896       182      0.43    39,010      0.70       922
    -------------------------------------------------------------------------
    Total          174,795       166      0.36   138,351      0.63     3,534
    -------------------------------------------------------------------------

    Notes:
      1.  Mineral resource estimated by Dr. Carina Lemmer of Geological &
          Geostatistical Services and reported to a cut-off of 30 cm.kg/tonne
          U(3)O(8) for Dominion and Rietkuil, and 0.00 g/tonne gold.
      2.  Mineral resources are reported in accordance with the
          classification criteria of the South African Code for Reporting
          Mineral Resources and Mineral Reserves (SAMREC).
      3.  Mineral resources are not mineral reserves and do not have
          demonstrated economic viability.
    

    Estimation Techniques

    The estimation techniques employed consider ordinary kriging in all
indicated resource areas. Over the much larger portion of the resource that
was classified as inferred, stationarity was considered sufficient to apply
simple kriging in a few cases at the Dominion section where there was a
paucity of data; otherwise, ordinary kriging was also applied. Mean values for
panels of 240m x 240m were kriged in the indicated resource areas. In areas of
dense data from underground sampling, mean values for panels of 30m x 30m were
kriged, allowing for higher resolution blocks to facilitate mine planning. For
both the indicated and inferred resources, a minimum mining width of 100 cm is
considered. Where the channel width of the reef is less than 100cm, these
grades and associated tonnages are reported over a 100cm width at diluted
grades. In the indicated resource areas, selective cut (vertical cuts) mining
is employed where the reef is thick and the majority of the metal content is
accumulated near the reef contact. Selective mining cuts of 100cm, 160cm,
180cm and 220cm were considered in different geological domains dictated by
the content distribution and geological facies. In the areas classified as
inferred resources, the minimum width of 100 cm was also applied; however no
maximum width was applied, with a resultant diluted grade relative to that of
the indicated areas.

    Cut-off Values

    The cut-off values employed in the estimate are unchanged from the values
employed in the January 2007 resource estimate (US$46.50/lb for U(3)O(8) and
US$580/oz for gold). The influence of the co-product gold values was also
considered in the cut-off determination. Resource classification was largely
based on data quality, density and statistical parameters.

    
                 Surface Tailings Indicated Mineral Resources
                         (December 31, 2007)(1,2,3,4)

    -------------------------------------------------------------------------
                                      U(3)O(8)  U(3)O(8)     Gold   Contained
                              Tonnes    Grade   Content     Grade     Gold
                               (kt)  (kg/tonne)('000 lbs) (g/tonne)('000 ozs)
    -------------------------------------------------------------------------
    Total Indicated            2,953      0.14       899      0.52      49.7
    -------------------------------------------------------------------------

    Notes:
      1.  The surface tailings material is reported at 0 cm.kg/tonne cut-off
          and are inclusive of the entire surface tailings material, i.e.
          zero selectivity.
      2.  Mineral resources are reported in accordance with SAMREC.
      3.  Mineral resources are not mineral reserves and do not have
          demonstrated economic viability.
      4.  Depletion of the mineral resource due to mining activities during
          2007 has been calculated by Dr. Richard Stewart, PhD, Pr.Sci. Nat,
          of Uranium One.
    

    Qualified Persons

    The revised resource estimate for the Dominion property was prepared by
Dr. Carina Lemmer of Geological and Geostatistical Services, independent
geoscience consultants to Uranium One; underlying geological modeling was
prepared by Dr. Richard Stewart, Pr.Sci.Nat. (SACNASP), MGSSA, Vice President,
Exploration and Geology, Uranium One. Both are qualified persons for the
purposes of NI 43-101. The data for the resource estimate was verified by Dr.
Richard Stewart and Mr. Stephan Stander, Exploration Manager, Uranium One.
Analytical verification was completed through analysis of certified reference
materials, duplicate sample and barren sample analysis. Geological and assay
data is obtained from a central exploration database, where logging, sampling
and data entry procedures are checked and verified.
    The revised resource estimate for the Dominion property has been audited
by SRK Consulting and will be contained in an independent technical report
being prepared by SRK for filing in accordance with the requirements of NI
43-101.

    %SEDAR: 00005203E




For further information:

For further information: Jean Nortier, Interim Chief Executive Officer,
Tel: + 27 11 482 3605; Chris Sattler, Senior Vice President, Investor
Relations, Tel: (416) 350-3657

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