Uranium One Provides Update on Going Private Transaction

TORONTO, June 12, 2013 /CNW/ - Uranium One Inc. (the "Corporation") today announced that the closing of the agreement between JSC Atomredmetzoloto, its affiliate Effective Energy, N.V. (collectively, "ARMZ") and the Corporation under which Uranium One would be taken private pursuant to a plan of arrangement is now expected to occur during the third quarter of 2013.

The transaction was approved on March 7, 2013 at a special meeting of Uranium One common shareholders and optionholders and has received all required court approvals.  Closing is subject to regulatory approvals in a number of jurisdictions, most of which have been received; the last such required approval is now expected during the third quarter.

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 Tanzania. ARMZ and its affiliates currently are Uranium One's largest shareholder, owning approximately 492.2 million (approximately 51.4% of the outstanding) common shares of Uranium One.

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 "forward-looking statements" within the meaning of applicable securities laws that are intended to be covered by the safe harbours created by those laws, including statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential", or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements may include, without limitation, statements regarding the completion of the proposed transaction and other statements that are not historical facts. While such forward-looking statements are expressed by Uranium One, as stated in this release, in good faith and believed by Uranium One to have a reasonable basis, they are subject to important risks and uncertainties including, without limitation, approval of applicable governmental authorities, necessary Court approvals, the satisfaction or waiver of certain other conditions contemplated by the Arrangement Agreement, and changes in applicable laws or regulations, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. As a result of these risks and uncertainties, the proposed transaction could be modified, restructured or not be completed, and the results or events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. Uranium One is not affirming or adopting any statements made by any other person in respect of the proposed transaction and 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 or to comment on expectations of, or statements made by any other person in respect of the proposed transaction. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Reliance on forward-looking statements is at investors' own risk.

For further information about Uranium One, please visit www.uranium1.com.

SOURCE: Uranium One Inc.

For further information:

Chris Sattler
Chief Executive Officer 
Tel: +1 647 788 8500

Anton Jivov
Vice President, Corporate Affairs 
Tel: +1 647 788 8461

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Uranium One Inc.

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