Uranium One Signs Credit Agreement and Provides Operational Update



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

    VANCOUVER and JOHANNESBURG, July 2 /CNW/ - Uranium One Inc. announced
today that it has concluded a senior secured revolving credit facility and
also provided an operational update.

    Credit Facility

    Under the terms of the facility, the Company has the ability to borrow up
to US$100 million from the lead lenders, Bank of Montreal and The Bank of Nova
Scotia. The facility has a two year term, and may be extended for a further
year with lender consent. Draw downs under the facility may be used for
general corporate purposes, including working capital requirements and funding
capital expenditures and acquisitions. The facility was arranged by BMO
Capital Markets and Scotia Capital as joint lead arrangers. Endeavour
Financial acted as financial adviser to Uranium One.
    In addition to the funds available under the facility, as at June 15,
2008 the Company's consolidated cash position was approximately
US$145 million.

    Q2 2008 Sales and Deliveries

    In line with the timing for deliveries under existing uranium sales
contracts, the Company's attributable sales volume of U(3)O(8) during Q2 2008
totalled 685,000 lbs, an increase of 180% over the 244,300 lbs sold in Q2 2007
and an increase of 142% over the 283,300 lbs sold in Q1 2008.

    Kazakhstan

    South Inkai - Industrial Production

    Uranium One has recently been advised that the Kazakhstan Ministry of
Energy and Mineral Resources has, subject to the approval of reserves by the
State Committee for Geology, approved the application by the Company's
70%-owned Betpak Dala affiliate for an amendment to the South Inkai subsoil
use agreement to increase permitted production levels at South Inkai from
780,000 lbs U(3)O(8) (300 tonnes U) per year to 5.2 million lbs U(3)O(8)
(2,000 tonnes U) per year. Uranium One's attributable production at full
capacity is expected to be 3.6 million lbs U(3)O(8) per year.
    The amendment, previously anticipated to be granted in the first half of
2009, is now expected to become effective in the second half of 2008. South
Inkai is continuing to exceed expectations and, from January 1 to the end of
May 2008, total pre-commercial production from the mine was approximately
479,500 lbs U(3)O(8) (335,600 lbs attributable to Uranium One).

    Sulphuric Acid

    The new Kazakhmys Balkhash sulphuric acid plant located in eastern
Kazakhstan was commissioned and commenced acid production last month. This
plant, which has an annual capacity of 1.2 million tonnes of sulphuric acid,
provides Kazakh uranium producers, including the Company's Betpak Dala and
Kyzylkum Joint Ventures in Kazakhstan, with a significant additional source of
sulphuric acid in the country. While production levels at the Company's
operations in Kazakhstan have not to date been constrained by acid supply, the
commissioning of the Balkhash plant is expected to ensure that this will
continue to be the case.

    Dominion Project

    During the second quarter of 2008, the Company reached agreement on a
new, two year collective agreement covering its unionized workforce at the
Dominion Project. The new agreement replaces the 2005 collective agreement,
which expired in June 2008. It provides for graduated increases in base salary
in line with the Company's expectations, as well as certain medical and
pension benefits. The Company wishes to acknowledge the constructive manner in
which the union approached the negotiations over the new agreement and looks
forward to continued good relations with its workforce at Dominion.
    In June 2008, the Company received a certificate of registration from the
South African National Nuclear Regulator to commence exploration drilling on a
portion of the shallow Dominion Reefs (Ottosdal) extensions. A drilling
campaign to test these extensions is scheduled to commence in Q3 2008.

    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 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 news release contains 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, 2007, 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 the purposes of NI 43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administration, 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 news release.

    %SEDAR: 00005203E




For further information:

For further information: Jean Nortier, Interim Chief Executive Officer,
Tel: +27 11 482-3605; Chris Sattler, Senior Vice President, Corporate
Development and Investor Relations, Tel: (416) 350-3657; For further
information about Uranium One, please visit www.uranium1.com

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Uranium One Inc.

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