Uranium One Announces Industrial Production Approval for South Inkai
Trading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg
Stock Exchange)
VANCOUVER and JOHANNESBURG, Dec. 23 /CNW/ - Uranium One Inc. ("Uranium
One") today announced that the Kazakh Ministry of Energy and Mineral Resources
has formally approved the commencement of industrial production at South
Inkai. The approval was given by way of an amendment to the South Inkai
subsoil use agreement and permits the Company's 70% owned Betpak Dala joint
venture to ramp up production at the South Inkai Uranium Mine over the next
three years to 5.2 million lbs U(3)O(8) per year.
As a result of the approval, commercial production for accounting
purposes will now commence at South Inkai. The processing plant at South Inkai
was completed earlier this year, and the first sale of South Inkai uranium
production is expected to take place shortly. The revenue and associated
expenses with the sale of South Inkai production will now be included in
Uranium One's consolidated statements of operations.
South Inkai is Uranium One's second mine to enter into commercial
production and at full capacity is expected to be twice the size of the
Company's Akdala Uranium Mine.
As previously announced, Uranium One's attributable production from South
Inkai is expected to be 766,500 lbs U(3)O(8) for 2008. As of the end of
November 2008, Uranium One's year to date share of production from South Inkai
was approximately 710,000 lbs U(3)O(8). Well field development is ahead of
schedule and, in November, South Inkai received sufficient sulphuric acid to
commence acidification of Block 4 at the operation.
Uranium One expects its attributable production from South Inkai to be
1.5 million lbs U(3)O(8) in 2009. The average cash cost per pound sold during
2009 at South Inkai is expected to be approximately US$28 per pound, but due
to the continuing ramp up in production throughout the year, the cash cost per
pound sold is expected to decline to approximately $20 per pound by the end of
2009.
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, South Africa and Australia.
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 the price 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, 2007, 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.
%SEDAR: 00005203E
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
. <
|
Uranium One
|
|
PRODUCER |
CODE : UUU.TO |
ISIN : CA87112P1062 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Uranium One is a uranium producing company based in Canada. Uranium One holds various exploration projects in South Africa and in Tanzania. Its main assets in production are AKDALA, SOUTH INKAI, ZARECHNOE, KARATAU, KHARASAN and AKBASTAU in Kazakhstan and HONEYMOON and POWDER RIVER BASIN in Australia, its main asset in development is MKUJU RIVER in Tanzania and its main exploration properties are BIGRLYI in Australia, DOMINION PROJECT in South Africa and SHOOTARING CANYON MILL (TONY M) in Tanzania. Uranium One is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.7 billions as of today (US$ 2.6 billions, € 1.9 billions). Its stock quote reached its lowest recent point on December 31, 2003 at CA$ 0.17, and its highest recent level on June 02, 2006 at CA$ 9.99. Uranium One has 957 189 000 shares outstanding. |