Uranium One Enters into Definitive Agreement to Acquire Christensen Ranch and Irigaray in Wyoming

    Trading Symbols:  UUU - Toronto Stock Exchange, JSE Limited (Johannesburg
    Stock Exchange)

    VANCOUVER and JOHANNESBURG, Aug. 10 /CNW/ - Uranium One Inc. ("Uranium
One") announced today that it has entered into a definitive agreement to
acquire 100% of the MALCO Joint Venture ("MALCO") from wholly-owned
subsidiaries of AREVA and EDF for US$ 35 million in cash.
    The assets of MALCO include the licensed and permitted Irigaray ISR
central processing plant, the Christensen Ranch satellite ISR facility and
associated U(3)O(8) resources located in the Powder River Basin of Wyoming.
    The Irigaray and Christensen Ranch facilities are expected to form the
basis of a new operating plan for the Company's projects in Wyoming. Uranium
One anticipates that its Moore Ranch project will now become a satellite ISR
operation, with loaded resins being transported to Irigaray for further
processing into dried U(3)O(8). Uranium One's additional projects in the
Powder River Basin, including Ludeman, Peterson, Allemand-Ross and Barge could
also be developed as satellite operations with final processing through
    Jean Nortier, President and Chief Executive Officer of Uranium One said:
    "The acquisition of the Irigaray and Christensen Ranch ISR facilities is
an excellent complement to our current Wyoming uranium resource portfolio. By
acquiring existing, licensed production facilities, we will reduce the
permitting and construction risk associated with developing our own central
production plant. Now, with a clear path to commencing uranium production in
the U.S., we believe that the underlying value of our Wyoming asset base will
become apparent."
    Closing of the transaction is expected to take place during H1 2010 and
is subject to regulatory approvals including U.S. Nuclear Regulatory
Commission ("NRC"), Wyoming Department of Environmental Quality ("WDEQ"),
Texas Commission on Environmental Quality and the Committee on Foreign
Investment in the United States. Closing is also subject to a financing
condition which the Company expects will be satisfied by the completion of the
previously announced private placement of 117,000,000 common shares of Uranium
One to a consortium of Japanese companies for proceeds of approximately C$ 270

    Overview of Irigaray and Christensen Ranch

    Operations at Christensen Ranch commenced in 1989 and production
continued until 2000. Including uranium recovered from restoration activities,
a total of 4.7 million pounds U(3)O(8) was produced at Christensen Ranch and
    All major permits and licenses are in place for the re-start of
operations at Christensen Ranch and Irigaray. These include the NRC Source
Material License, the WDEQ Permit to Mine, and permits for disposal well
operations. The NRC license for the Irigaray central processing plant allows a
maximum of 2.5 million pounds of dried U(3)O(8) production per year and an
application for a 10 year renewal of the license was submitted in early 2008.
Operations may be carried on while the NRC approval is pending.
    Upon closing of the transaction Uranium One plans to develop and mine the
resources at Christensen Ranch and Irigaray commencing with the continued
development of well fields at Christensen Ranch. Once in operation, uranium
laden resins from the Christensen Ranch satellite facility will be transported
for final processing at the Irigaray central processing plant. The Irigaray
central processing plant currently has the capacity to produce approximately
1.3 million pounds of dried U(3)O(8) per year. Uranium One intends to expand
the processing capacity at Irigaray in line with the NRC license to
approximately 2.5 million pounds U(3)O(8) per year by incorporating a vacuum
dryer that was purchased for use at Moore Ranch. The excess capacity at
Irigaray can be used to process resins from other satellite operations in the
Powder River Basin, including Moore Ranch and other Uranium One properties.

    About Uranium One

    Uranium One is one of the world's largest publicly traded uranium
producers with a globally diversified portfolio of assets located in
Kazakhstan, the United States, Australia and South Africa.

    Cautionary Statement

    No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
    Investors are advised to refer to independent technical reports
containing detailed information with respect to the material properties of
Uranium One. These technical reports are available under the profiles of
Uranium One Inc., UrAsia Energy Ltd., and Energy Metals Corporation at
www.sedar.com. 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.
    Scientific and technical information contained herein has been reviewed
on behalf of Uranium One by Mr. M.H.G. Heyns, Pr.Sci.Nat. (SACNASP), MSAIMM,
MGSSA, Senior Vice President of Uranium One Inc., a Qualified Person for the
purposes of NI 43-101.
    Forward-looking statements: This press release contains certain
forward-looking statements. Forward-looking statements include but are not
limited to those with respect to the price of uranium, 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 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, 2008, 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.
    For further information about Uranium One, please visit www.uranium1.com.
    %SEDAR: 00005203E

For further information:

For further information: Jean Nortier, Chief Executive Officer, Tel:
(604) 601-5642; Chris Sattler, Executive Vice President, Corporate Development
and Investor Relations, Tel: (416) 350-3657

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