Uranium One Reports Breach of Storm Water Containment Dam at Dominion

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

    TORONTO and JOHANNESBURG, Dec. 10 /CNW/ - Uranium One Inc. ("Uranium
One") reported today that a breach of a storm water containment dam located at
the Dominion Reefs Uranium Mine occurred at approximately 7:00 PM local time
on December 8, 2007 as a result of abnormally high rainfall in the Klerksdorp
area (approximately 58 millimetres in 30 minutes). Repairs to the dam wall
were completed on the morning of December 9, 2007. A full inspection has
confirmed that no damage occurred to the tailings dam facility at Dominion.
    The storm water containment dam is designed to contain surface run-off
and the overflow from the tailings facility return water dam. Preliminary
estimates are that approximately 100 megalitres of water were discharged into
the Jagspruit, a small stream which ultimately feeds into the Vaal River.
    The breach of the storm water containment dam did not result in any
personal injury or loss of life. Based on initial water sampling and analysis,
Uranium One does not expect any environmental impact due to the discharge.
    Officials at the Department of Water Affairs and Forestry, as well as the
Department of Minerals and Energy were notified of the breach.
    As a precautionary measure, operations at the DRUM processing plant were
suspended immediately following the incident. Processing operations resumed at
approximately 9:00 AM local time on December 9, 2007.

    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: Robert van Niekerk, Executive Vice President,
Africa & Europe, Tel: + 27 11 482 3605; Chris Sattler, Senior Vice President,
Investor Relations, Tel: (416) 350-3657

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