Uranium One Announces Commencement of Processing Uranium Ore at Dominion

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

    TORONTO and JOHANNESBURG, South Africa, March 1 /CNW/ - sxr Uranium One
Inc. ("Uranium One") today announced that processing of underground uranium
ore at its Dominion Reefs Uranium Mine commenced on schedule this week
following the successful hot commissioning of the atmospheric leach circuit at
the Dominion mill.
    As detailed in the 2006 Dominion project feasibility study, the mill also
includes a pressure leach circuit incorporating two autoclaves designed to be
brought online this year in a staged approach. In accordance with the
feasibility study, the pressure leach circuit utilizing the first autoclave
will be ready for hot commissioning during April 2007. This circuit will
enable the Dominion plant to realize designed recoveries and a throughput of
100,000 tonnes per month. The commissioning of the second autoclave, scheduled
for August 2007, will increase plant capacity to 200,000 tonnes per month.
    As previously announced, the plant production ramp-up is initially
expected to exceed the ore production from underground and spare plant
capacity will be utilized by processing uranium and gold bearing slime from
the Dominion dump resource. Test work has shown good recoveries are obtainable
from the slime material and an 80,000 tonne per month hydraulic sluicing
facility has been commissioned to supplement production from underground.

    Uranium One President and CEO Neal Froneman commented:

    "The commencement of ore processing at Dominion, in line with targets we
set for ourselves in 2003, marks one of the most important milestones in the
development of Uranium One. The achievement of these targets is a testament to
the commitment and professionalism of our team and the consultants and
contractors who have assisted us, and we look forward to completion of the
ramp-up to full production. In the meantime, we remain un-hedged and ideally
placed to benefit from the current high uranium prices and from any further
increases in the uranium price."

    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 in Central Asia. The Corporation holds
an approximate 71.4% 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: the timing of completion of commissioning and the timing of
commencement of commercial production, 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, please visit www.uranium1.com.
    %SEDAR: 00005203E

For further information:

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

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