Uranium One Provides Update on Kazakhstan Operations
Trading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg
Stock Exchange)
VANCOUVER and JOHANNESBURG, Dec. 1 /CNW/ - Uranium One Inc. ("Uranium
One") today provided an update on its assets and operations in Kazakhstan.
Uranium One's assets in Kazakhstan consist of a 70% interest in the
Betpak Dala LLP joint venture, which owns and operates the Akdala uranium mine
and the South Inkai uranium project, and a 30% interest in the Kyzylkum LLP
joint venture, which owns and operates the Kharasan uranium project.
Betpak Dala Joint Venture
Dividend Payment
Uranium One is pleased to report that it received in November a dividend
of US$40 million (net of Kazakh withholding taxes) from its Betpak Dala joint
venture. The dividend, which was declared earlier this year, is the first
distribution from the Betpak Dala joint venture to its shareholders (Uranium
One and JSC KazAtomProm NAC). Uranium One has invested the proceeds of the
dividend in US dollar denominated short term deposit notes issued and
guaranteed by a Canadian chartered bank.
Update on South Inkai Industrial Production Approval
In late November, the Kazakhstan State Committee on Reserves issued a
formal protocol approving a level of reserves sufficient to permit South Inkai
to produce at industrial production levels.
In light of the foregoing, Betpak Dala expects that the Ministry of
Energy and Mineral Resources will this month formally approve an amendment to
the South Inkai subsoil use agreement permitting industrial production at
South Inkai. This will allow Betpak Dala to begin ramping up production to a
level of 5.2 million lbs U(3)O(8) per year at South Inkai.
Kyzylkum Joint Venture
Increase in Kyzylkum Loan Facilities
Uranium One also reports that Citibank has agreed to increase its
existing loan facility for the Kyzylkum joint venture from US$30 million to
US$90 million. The increase is subject to the satisfaction of usual and
customary closing conditions and will be used to fund the development of the
Kharasan uranium project. On closing, the increased Citibank facility will
bring the total loan facilities available to Kyzylkum to US$160 million of
which US$100 million has been drawn.
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 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, 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.
For further information about Uranium One, please visit uranium1.com.
%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
.
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Uranium One
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PRODUCER |
CODE : UUU.TO |
ISIN : CA87112P1062 |
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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. |