Trading Symbol (TSXV: UUU and AIM: UUU)
VANCOUVER, March 19 /CNW/ - UrAsia Energy Ltd. (the "Company" or
"UrAsia") announced today that it has entered into an agreement for the supply
of uranium concentrates with Exelon Generation Company, LLC "Exelon". The new
five year contract, is for the purchase of approximately 2,500,000 pounds U3O8
for delivery during the period 2009 to 2013.
Upon execution of the Exelon sales contract, Phillip Shirvington,
President and Chief Executive Officer, said "As a uranium producer in a
resurgent nuclear sector, UrAsia is pleased to be able to supply the fuel
needs for a number of nuclear utilities in North America, including one of the
largest of such utilities, Exelon".
Exelon owns and controls one of the largest energy portfolios in the
country, generating about 33 gigawatts of owned and contracted power for
customers in Illinois, Pennsylvania and New Jersey. Exelon currently operates
17 nuclear reactors at 10 sites in the United States, with an average capacity
factor of 93.5%.
UrAsia is also pleased to announce the execution of a long-term agreement
with another of North America's premier nuclear operators. A new eight year
contract provides for the sale of more than 3,000,000 pounds of U3O8 at market
related prices (Trade Tech's Weekly Spot Price Indicator for March 9, 2007 was
US$90.00 per pound U3O8).
Uranium will be supplied from the Akdala and South Inkai in-situ leach
mines. UrAsia has a 70% interest in the Betpak Dala Joint Venture, which has a
100% interest in the Akdala and South Inkai in-situ leach mines, located in
the Republic of Kazakhstan.
UrAsia, a Canadian-based uranium producer listed on the TSX Venture
Exchange and the Alternative Investment Market (AIM) of the London Stock
Exchange, offers investors exposure to low-cost, uranium production and
growth. In February 2007 a friendly business combination with Canadian miner,
SXR Uranium One for UrAsia Energy Ltd. was entered into (See News Release,
dated February 12, 2007). If the business combination is approved, the
combined Company, Uranium One, will be a leading global uranium producer with
a diversified asset base in the Republic of Kazakhstan, Australia, Canada,
South Africa, United States and the Kyrgyz Republic. UrAsia trades under the
symbol UUU on both the TSX Venture Exchange and AIM of the London Stock
On behalf of Urasia Energy Ltd.
President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The foregoing
information may contain forward-looking statements relating to the future
performance of UrAsia Energy Ltd. Forward-looking statements, specifically
those concerning future performance, are subject to certain risks and
uncertainties, and actual results may differ materially. These risks and
uncertainties are detailed from time to time in the Company's filings with the
appropriate securities commissions.
For further information:
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