Uranium One Establishes Australian Joint Ventures with Mitsui

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

    VANCOUVER, BC and JOHANNESBURG, South Africa, Oct. 15 /CNW/ - Uranium One
Inc. today announced that it has reached agreement with Mitsui & Co., Ltd. of
Japan to create joint ventures in relation to the Australian assets of Uranium
One. Under the agreement, Mitsui will acquire a 49% interest in the Honeymoon
project and the company's Australian exploration portfolio. This includes the
Goulds Dam and Billeroo projects, as well as other prospective tenements on
the Stuart Shelf and the Eyre Peninsula.
    The total minimum cash commitment from Mitsui will be approximately A$104
million for its share of Uranium One Australia's business. The majority of
these funds will be used to advance the development of the Honeymoon project
through to commercial production.
    Uranium One announced in May that it was evaluating corporate development
opportunities for the project and its portfolio of advanced and early stage
Australian exploration projects. The transaction remains subject to certain
regulatory approvals, including Australian Government regulatory approvals,
which are expected by the end of the year.

    Cautionary Statement

    No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. For further
information about Uranium One, please visit uranium1.com.

    %SEDAR: 00005203E

For further information:

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

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Uranium One Inc.

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