Uranium One Completes Acquisition of U.S. Energy Corp.'s Shootaring Canyon Uranium Mill and U.S. Uranium Properties

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

    TORONTO, ON and JOHANNESBURG, South Africa, April 30 /CNW/ - sxr Uranium
One Inc. ("Uranium One") is pleased to announce the completion today of the
purchase from U.S. Energy Corp. 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 with respect to an additional
1,582,036 acres within a five mile zone surrounding the purchased properties.
    Under the terms of the asset purchase agreement, Uranium One has issued
6,607,605 Uranium One common shares as partial consideration for the purchase.
    In addition, Uranium One has agreed to pay U.S. Energy US$20,000,000 upon
the Shootaring Canyon Mill reaching commercial production and US$7,500,000
upon the first delivery to the Mill, after commercial production, of
mineralized material from any of the purchased properties. U.S. Energy will
also receive a royalty equal to 5% of the gross proceeds from the sale of
commodities produced at the Mill, to a maximum amount of US$12,500,000.
    Further details on the complete terms of the acquisition as well as a
description of the purchased assets can be found in Uranium One's press
release dated February 23, 2007.

    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 the Akdala
Uranium Mine in Kazakhstan and the Dominion Reefs Uranium Mine in South
Africa, both of which are currently in operation. Uranium One is also
developing the South Inkai and Kharassan Uranium Projects in Kazakhstan, as
well as the Honeymoon Uranium Project in South Australia. The Corporation
continues to pursue additional growth opportunities in the United States.
Uranium One is also engaged in uranium exploration activities in the Athabasca
Basin of Saskatchewan, the United States and the Kyrgyz Republic.

    Cautionary Statement

    No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.

    The Uranium One common shares issued to U.S. Energy Corp. have not been
and will not be registered under the U.S. Securities Act of 1933, as amended
and cannot be offered or sold absent registration under such Act on available
exemption thereof.

    Forward-looking statements: Certain of the statements made herein,
including any information as to the Corporation's future developments, growth
and other activities 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: uranium and gold 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,
Kazakhstan or other countries in which the Corporation does or may carry on
business in the future; risks of sovereign investment; the speculative nature
of uranium and gold 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 uranium and gold 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
    For further information about Uranium One, please visit www.uranium1.com

    %SEDAR: 00005203E

For further information:

For further information: Neal Froneman, Chief Executive Officer, Tel: +
27 83 628 0226; Chris Sattler, Senior Vice President, Investor Relations, Tel:
(416) 671-3341

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