Uranium One Provides Production Guidance and Announces Management Appointments

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

    TORONTO and JOHANNESBURG, South Africa, Oct. 30 /CNW/ - Uranium One Inc.
("Uranium One") announced today production guidance for its operations and
development projects, as well as several appointments to its management team.
    The Company's U(3)O(8) production estimate for 2007 has been revised from
2.5 million pounds to approximately 2.1 million pounds. This revision is
primarily due to the extended autoclave commissioning period at the Dominion
Reefs Uranium Mine plant in South Africa. The first autoclave has now been
commissioned and is operating at design throughput. The South Inkai uranium
processing plant has begun production on schedule; however, production targets
have been adjusted due to a temporary shortage of sulphuric acid caused by
delays in the completion of a local Kazakhstan copper smelter. This shortage
is expected to only impact on uranium start-up projects.
    The 2007 attributable production forecast for the Akdala Uranium Mine
remains 1.8 million pounds U(3)O(8) at a cash operating cost of approximately
US$10 per pound sold. Pre-commercial production for 2007 from the Dominion
Reefs Uranium Mine is expected to be in excess of 200,000 pounds U(3)O(8).
Pre-commercial attributable production for 2007 from the South Inkai Uranium
Mine is expected to be 60,000 pounds of U(3)O(8).
    For 2008, the Company is revising its production forecast to 4.6 million
pounds U(3)O(8) from 7.4 million pounds U(3)O(8), primarily due to the
temporary sulphuric acid shortage which is expected to impact the ramp-up of
both South Inkai and Kharasan. Together with its joint venture partner,
Kazatomprom, the Company is seeking longer-term solutions to the sulphuric
acid constraint; however, until these solutions have been identified, the
Company is adjusting its 2008 production forecast downwards. Consolidated cash
operating costs in 2008 are expected to be approximately US$20 per pound.
Uranium One's estimated total attributable production forecast for 2008 is as

    Project                                          U(3)O(8) (lbs)
    Akdala                                                1,800,000
    Dominion                                              2,000,000
    South Inkai                                             500,000
    Kharasan                                                220,000
    Honeymoon                                                50,000
    Hobson                                                   35,000
    Total Estimated Attributable U(3)O(8) Production      4,605,000

    With the continuing ramp-up of its various mining projects, Uranium One
anticipates total attributable production of approximately 8 million pounds
U(3)O(8) in 2009 and approximately 11 million pounds of U(3)O(8) in 2010. The
2009 and 2010 production forecasts assume that the Industrial Production
Licences for both South Inkai and Kharasan will be granted by the first half
of 2009 and that the temporary shortage of sulphuric acid is resolved in the
latter half of 2008.

    Management Appointments

    Dr. Dennis Stover has been appointed Executive Vice President, Americas.
Dr. Stover was previously the Chief Operating Officer of Energy Metals
Corporation. Dr. Stover served as Chief Engineer for Everest Minerals
Corporation over a period of 11 years during which he oversaw the development
of the Highland ISR Uranium Project in Wyoming as well as several additional
ISR projects in Texas, including the Hobson ISR facility currently being
refurbished by Uranium One. Dr. Stover has also served as Vice President,
Engineering and Project Development for Rio Algom Mining Corp., where he
directed the design, construction and start-up of the Smith Ranch ISR Project
in Wyoming.
    Donna Wichers has been appointed Senior Vice President, ISR Operations.
Ms. Wichers was previously Senior Vice President of Energy Metals Corporation.
Ms. Wichers has over 30 years experience in operations, permitting, regulatory
and environmental affairs for ISR projects in Wyoming. Ms. Wichers was
involved in permitting, regulatory and environmental affairs for Wyoming's
first commercial scale ISR project, being the Irigaray mine. Ms. Wichers also
worked in similar capacities at the Christensen Ranch and Smith Ranch ISR
mines. Prior to joining Energy Metals Ms. Wichers was General Manager, ISL
Operations and Reclamation for Areva's subsidiaries in the United States.
    Mr. Paul Clarke has joined Uranium One as Senior Vice President and
Branch Chief: Kazakhstan. Mr. Clarke will be based in Almaty, Kazakhstan and
will be responsible for Uranium One's joint venture interests in Betpak Dala
and Kyzylkum. Mr. Clarke has over 35 years experience in the international
mining industry, most recently with Highland Gold Mining Limited in Moscow,
where he was Projects Manager for the development of its operations. Prior to
joining Highland Gold, Mr. Clarke worked as a consulting Mining Engineer for
Opsan Services Inc. in various Asian countries including Central Asia. Mr.
Clarke has also served as Manager, Mining for the Kumtor Gold operation in the
Kyrgyz Republic and was instrumental in bringing the mine into production.

    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 70% of the
operating Akdala Uranium Mine in Kazakhstan and is also developing the South
Inkai and Kharasan Uranium Projects in Kazakhstan. Uranium One owns the
Dominion Uranium Project in South Africa, as well as the Honeymoon Uranium
Project in South Australia. In the United States, Uranium One has extensive
property holdings in Wyoming, Texas, Utah and New Mexico, including the
Shootaring Canyon Mill and the Hobson ISR facility. Uranium One is also
engaged in uranium exploration activities in the United States, the Athabasca
Basin of Saskatchewan, South Africa, Australia and the Kyrgyz Republic.

    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 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 and in the Annual
Information Form of Energy Metals Corporation for the year ended June 30,
2006, both of which are 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: Neal Froneman, Chief Executive Officer, Tel: +
27 11 482 3605; Chris Sattler, Senior Vice President, Investor Relations, Tel:
(416) 350-3657

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