Uranium One Provides Kazakhstan Update

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

    VANCOUVER and JOHANNESBURG, May 27 /CNW/ - With respect to recent media
reports regarding Uranium One's Kazakh assets, the Company is aware that the
Kazakh authorities are conducting an investigation into certain of the
activities of Kazatomprom, the Kazakh state-owned uranium mining company. The
terms of reference of this investigation have not been disclosed but the
Company and its Kazakh joint ventures are cooperating with the Kazakh
authorities in their investigation.
    Recent media reports have indicated that Uranium One's interest in the
Kyzylkum joint venture may be one of the matters which the Kazakh authorities
are investigating. Uranium One's Kazakh assets were acquired in November 2005
from a group of Kazakh investors by UrAsia Energy Ltd., which became a
subsidiary of Uranium One in April 2007. UrAsia paid full value for these
assets, including $75 million for its 30% interest in Kyzylkum, which operates
the Kharasan uranium project, and $350 million for its 70% interest in the
Betpak Dala joint venture, which operates the Akdala and South Inkai mines.
    UrAsia's acquisition of these assets, as well as Uranium One's subsequent
acquisition of UrAsia, were completed in accordance with the requirements of
Kazakh law, and both transactions were approved by the Kazakh authorities.
Since November 2005, Uranium One has provided loans of more than $119 million
to its Kazakh joint ventures to assist in the development of these assets.
Operations at Uranium One's Kazakh projects are continuing and production
remains in line with the Company's guidance for the year.
    Senior officials of Uranium One have requested a meeting with the new
administration of Kazatomprom next week in Kazakhstan. The Company will
provide further updates as additional information becomes available.

    Cautionary Statement

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

    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 uranium1.com.

    %SEDAR: 00005203E

For further information:

For further information: Jean Nortier, Chief Executive Officer, Tel:
(778) 384-6217; Chris Sattler, Executive Vice President, Corporate Development
and Investor Relations, Tel: (416) 644-3981

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