Uranium One Announces Financial Results for 2006

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

    TORONTO/JOHANNESBURG, South Africa, March 29 /CNW/ - sxr Uranium One Inc.
("Uranium One") today reported audited financial results for the twelve months
ended December 31, 2006. All figures are in US dollars unless otherwise
indicated. Complete details of the December 31, 2006 financial statements and
accompanying management's discussion and analysis of financial condition and
results of operations can be found on Uranium One's website at
www.uranium1.com and will be made available on SEDAR at www.sedar.com.

    Highlights for the fiscal year 2006 include the following:


    -   Total revenue of $3.3 million in 2006, compared to $2.7 million in
        2005 primarily due to a higher realized gold price
    -   In line with expectations, an operating loss of $50.7 million and net
        loss of $43.1 million (38.33 cents per share), compared to an
        operating loss of $27.3 million and net loss of $41.7 million
        (58.67 cents per share) primarily due to general and administrative
        expenditures as well as exploration expenditures
    -   Increase of $131.8 million in non-current assets to $290.3 million at
        December 31, 2006 from $158.5 million at December 31, 2005 primarily
        as a result of additions to property, plant and equipment at
        Dominion, Honeymoon and at Modder East
    -   Cash balances rose to $327.5 million as at December 31, 2006 from
        $10.9 million as at December 31, 2005 primarily due to the issuance
        of common shares and a convertible debenture during the year

    Dominion Uranium Project

    -   Completion of feasibility study on Phase 1 and preliminary assessment
        on Phase 2; commencement of conceptual studies on Phases 3 and 4 of
        the Project
    -   Continued progress towards hot commissioning of the Dominion uranium
        plant, leading to the commissioning of the atmospheric leach section
        in February 2007
    -   Significant increase in uranium resources:
           -  Indicated U(3)O(8) resources of 36.4 million tonnes grading
              0.81 kg/t, containing 64.9 million pounds U(3)O(8),
              representing a 303% increase during the year
           -  Inferred U(3)O(8) resources of 219.4 million tonnes grading
              0.38 kg/t, containing 183.6 million pounds U(3)O(8),
              representing a 25% increase during the year
    -   Receipt of new order mining right
    -   Receipt of new prospecting rights adjacent to Dominion, resulting in
        a substantial increase in exploration potential on the shallow strike
    -   Agreed terms for the sale of 4.7 million pounds of U(3)O(8) between
        2008 and 2012 to western utilities with market-related pricing and
        escalating floor price protection

    Honeymoon Uranium Project

    -   Completion of a feasibility study and commencement of Project

    Aflease Gold Limited

    -   Completed the reverse takeover of Sub Nigel Gold Mining Company
    -   Share exchange agreement for the acquisition, at the election of
        Aflease Gold, of between 7.5 million and 13 million shares of
        Randgold and Exploration Ltd.
    -   Completion of a feasibility study for the Modder East Gold Project
        and commencement of Project construction
    -   Commencement in the first quarter of 2007 of a pre-feasibility study
        for Sub Nigel

    Capital Raising

    -   Completed a private placement in February for net proceeds of
        $137.6 million
    -   Completed a common share prospectus offering in October for net
        proceeds of $143.4 million
    -   Completed a convertible debenture prospectus offering in December for
        net proceeds of $128.9 million
    -   Through a subsidiary, raised ZAR 350.0 million (approximately
        $45.1 million) under a futures-related term facility entered into
        with Nedcor Securities of South Africa


    -   Continued to strengthen and expand the Board and senior management
        team to accommodate corporate growth and development

    Subsequent Events in Q1 2007

    On February 12, 2007, Uranium One and UrAsia Energy Ltd. ("UrAsia")
entered into a definitive arrangement agreement under which Uranium One will
acquire all of the outstanding common shares of UrAsia. The business
combination will be effected by way of a court-approved plan of arrangement
under the Business Corporations Act (British Columbia). Under the terms of the
arrangement, all holders of UrAsia shares will receive 0.45 Uranium One shares
for each UrAsia share held. It is expected that the current shareholders of
Uranium One will own approximately 40%, and the current shareholders of UrAsia
will own approximately 60%, of the combined company after giving effect to the
arrangement. Closing is subject, among other things, to UrAsia shareholder
approval and applicable court and regulatory approvals.
    On February 23, 2007, Uranium One entered into a definitive agreement
with U.S. Energy Corp. for the purchase of the Shootaring Canyon Uranium Mill
in Utah, as well as a land package comprising approximately 38,763 acres of
uranium exploration properties in Utah, Wyoming, Arizona and Colorado and a
substantial database of geological information for consideration equal to
6,607,605 Uranium One common shares plus the sum of $750,000 in cash paid by
Uranium One on the execution of a July 2006 exclusivity agreement with the
vendor. Closing is subject, among other things, to applicable regulatory
    Commenting on the Corporation's progress, Neal Froneman, President and
Chief Executive Officer of Uranium One, said: "Since forming Uranium One in
December 2005, we have made significant progress towards our goal of becoming
a senior uranium company. We have started processing ore at Dominion and this
time next year we expect production to commence at Honeymoon in Australia.
Upon completion of the UrAsia and U.S. Energy transactions, we will become a
globally diversified uranium producer with uranium assets in the world's five
major uranium resource jurisdictions - South Africa, Australia, the United
States, Canada and Kazakhstan. We remain un-hedged, and well positioned to
take advantage of the strong uranium price and the expected future buoyancy of
the market."

    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.

    Readers are advised to refer to independent technical reports on Uranium
One's material properties available at www.sedar.com for detailed information
with respect to the Corporation's properties. Those technical reports provide
the date of each resource or reserve estimate, details of the key assumptions,
methods and parameters used in the estimates, details of quality and grade or
quality of each resource or reserve and a general discussion of the extent to
which the estimate may be materially affected by any known environmental,
permitting, legal, taxation, socio-political, marketing, or other relevant
issues. The technical reports also provide information with respect to data
verification in the estimation.

    This news release uses the terms "measured", "indicated" and "inferred"
resources as defined in accordance with National Instrument 43-101 - Standards
of Disclosure for Mineral Projects. United States investors are advised that
while these terms are recognized and required by Canadian regulations, the SEC
does not recognize them. Investors are cautioned not to assume that all or any
part of the mineral deposits in these categories will ever be converted into
reserves. In addition, "inferred resources" have a great amount of uncertainty
as to their existence and economic and legal feasibility and it cannot be
assumed that all or any part of an inferred mineral resource will be ever be
upgraded to a higher category. Investors are cautioned not to assume that all
or any part of an inferred resource exists or is economically or legally
mineable. Mineral resources are not mineral reserves and do not have
demonstrated economic viability. Scientific and technical information
contained herein has been reviewed on behalf of Uranium One by Dr.
R.A.Stewart, Pr.Sci.Nat. (SACNASP), MGSSA, Regional Exploration Geologist, who
is a qualified person for the purposes of NI 43-101.

    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, 2006 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.
    To receive the Corporation's news releases by email, please register on
Uranium One's website - 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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