Uranium One Completes Acquisition of UrAsia Energy



    Trading Symbol: SXR - Toronto Stock Exchange, JSE Limited (Johannesburg
    Stock Exchange)

    TORONTO and JOHANNESBURG, South Africa, April 20 /CNW/ - sxr Uranium One
Inc. ("Uranium One") is pleased to report that it has completed the
acquisition of all of the issued and outstanding common shares of UrAsia
Energy Ltd. ("UrAsia"). Each common share of UrAsia has been exchanged for
0.45 of a common share of Uranium One.
    The board of directors of Uranium One now comprises Ian Telfer as
non-executive Chairman and Andrew Adams, David Hodgson, Phillip Shirvington,
Terry Rosenberg, Mark Wheatley and Kenneth Williamson as non-executive
directors. Neal Froneman, Uranium One's President and Chief Executive Officer,
will remain an executive director. Terry MacGibbon has resigned as a director
of Uranium One.
    A new Board Operations Review Committee has been formed to oversee the
execution of Uranium One's operating and development assets in Kazakhstan,
South Africa and Australia. Phillip Shirvington is the Chairman and Neal
Froneman, David Hodgson and Mark Wheatley also serve on this committee.
    In addition to changes at the board, several changes to the senior
executive management team of the Corporation have been made. Robin Merrifield,
previously Chief Financial Officer of UrAsia, will become Executive Vice
President and Chief Financial Officer of Uranium One. Jean Nortier, previously
Executive Vice President and Chief Financial Officer of Uranium One will move
to the newly created position of Executive Vice President, Corporate Affairs.
    "We are very pleased to have completed this transaction and believe that
the new Uranium One will be the pre-eminent growth company in the uranium
sector," said Ian Telfer, Chairman of Uranium One. "On behalf of the board, I
would like to express our appreciation to all those involved in this
transaction, and in particular to the outgoing directors for their past
service and dedication to each of UrAsia and Uranium One."
    Neal Froneman, President and Chief Executive Officer of Uranium One
commented:
    "With the completion of this company transforming event, we have created
a globally diversified, low cost uranium producer that we believe represents a
compelling opportunity for investors. Through the continued execution of our
development and growth plans for our existing assets, as well as through
potential additional acquisition opportunities, we believe further significant
value will be created for our shareholders over the near and long-term."
    The transaction will not result in an effective change of control of
Uranium One.
    Effective the close of business today, UrAsia has ceased trading on the
TSX Venture Exchange. Delisting of the shares from the TSX Venture Exchange is
expected to occur on April 23, 2007.
    As disclosed in the Notice of Special General Meeting and Management
Information Circular to UrAsia shareholders dated March 9, 2007, the common
shares of UrAsia will be canceled from trading on the Alternative Investment
Market of the London Stock Exchange effective April 30, 2007.
    In order to provide continued liquidity for the Corporation's European
shareholder base, Uranium One is now proceeding with an application to the
United Kingdom Listing Authority for a secondary listing on the London Stock
Exchange.

    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 the Akdala
Uranium Mine in Kazakhstan and the Dominion Reefs Uranium Mine in South
Africa, both of which are currently in operation. Uranium One is also
developing the South Inkai and Kharassan Uranium Projects in Kazakhstan, as
well as the Honeymoon Uranium Project in South Australia. The Corporation
continues to pursue additional growth opportunities in the United States.
Uranium One is also engaged in uranium exploration activities in the Athabasca
Basin of Saskatchewan as well as in Kyrgyzstan.

    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: 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,
Kazakhstan 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 or UrAsia, please visit
www.uranium1.com or www.urasiaenergy.com.

    %SEDAR: 00005203E




For further information:

For further information: Neal Froneman, Chief Executive Officer, Tel: +
27 83 628 0226; Chris Sattler, Vice President, Investor Relations, Tel: (416)
350-3657


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