UrAsia Energy Shareholders Vote 99.89% in Favour of Acquisition by Uranium One



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

    TORONTO, ON and JOHANNESBURG, South Africa, April 5 /CNW/ - sxr Uranium
One Inc. ("Uranium One") is pleased to announce that the plan of arrangement
under which Uranium One will acquire all of the outstanding common shares of
UrAsia Energy ("UrAsia") was overwhelmingly approved at a meeting of UrAsia
shareholders held today in Vancouver, British Columbia. At the meeting,
approximately 99.89% of the votes cast were voted in favour of the
arrangement. Under the terms of the arrangement, UrAsia shareholders will
receive 0.45 of a Uranium One share for each UrAsia share.
    Uranium One's President and CEO Neal Froneman commented:
    "This will be a win-win transaction for both sets of shareholders, and we
are delighted that the UrAsia shareholders have given their backing to the
combination. The new Uranium One will be a globally diversified, low cost
uranium producer with combined conventional and ISL mining expertise that will
position us well to continue to create value for our shareholders."
    An application to the Supreme Court of British Columbia for a final court
order approving the arrangement is scheduled for April 12, 2007. Closing is
expected to occur in mid-April, subject to the receipt of all required
regulatory approvals and the closing conditions described in more detail in
UrAsia's management information circular dated March 9, 2007.

    About Uranium One

    Uranium One Inc. is a Canadian uranium and gold resource 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
Dominion Reefs Uranium Mine in South Africa and the Honeymoon Uranium Project
in South Australia, and is actively pursuing growth opportunities in the
uranium sector in the United States and Central Asia. The Corporation holds a
majority interest in Aflease Gold Limited, which owns the Modder East Gold
Project in South Africa. Through a 50/50 joint venture with Pitchstone
Exploration Ltd., the Corporation is also engaged in uranium exploration
activities in the Athabasca Basin of Saskatchewan.

    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 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)
671 3341

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Uranium One Inc.

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