Uranium One Completes Australian Joint Venture Transactions with Mitsui

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

     VANCOUVER and JOHANNESBURG, South Africa, Dec. 24 /CNW/ - Uranium One
Inc. ("Uranium One") and Mitsui & Co., Ltd. of Japan today announced that all
regulatory approvals required to close the joint venture transactions
previously announced on October 15, 2008 have been obtained. Mitsui has now
acquired a 49% interest in the Honeymoon project and Uranium One's Australian
exploration portfolio including the Goulds Dam and Billeroo projects, and
other prospective tenements on the Stuart Shelf and Eyre Peninsula.
     The total minimum cash commitment from Mitsui will be approximately A$104
million for its share of Uranium One Australia's business. The majority of
these funds will be used to advance the development of the Honeymoon project
through to commercial production.

     Greg Cochran, Uranium One's Executive Vice President Australia and Asia,
     said:

     "We greatly appreciate the efforts of the Federal and State regulators to
provide the necessary approvals to close this transaction within a short
timeframe and we are delighted to welcome Mitsui as our new partner and look
forward to working with them. We expect to commence site development work at
the Honeymoon project early in the New Year. The project has a design capacity
of 880,000 lbs U(3)O(8) per year with an expected mine life of 6 years and
production is expected to commence in 2010."

     South Australia State Premier Mike Rann commented:

     "The South Australian Government welcomes the agreement between Uranium
One and Mitsui of Japan and looks forward to work beginning on construction of
the Honeymoon mine. The decision by an overseas investor to commit millions of
dollars to develop this mine amid the current global economic uncertainty
highlights the confidence resource companies have in South Australia. The jobs
and investment flowing from this joint venture agreement will support the
long-term economic development of this State and provide important export
earnings for Australia."

     Mr. Fuminobu Kawashima, Executive General Manager of Mitsui's Energy
     Division, expressed his satisfaction at completing the transaction and
     said:

     "Mitsui has a long and successful investment history in various resource
sectors in Australia. It is our great pleasure to extend our business
portfolio through this transaction with Uranium One. We hope the joint venture
will contribute to long-term growth of both companies and the local economy."

     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.

     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; Greg Cochran, Executive Vice
President, Australia & Asia, Tel: (08) 8112 2888; Stephen Marlow, Marlow
Communications, Tel: (08) 8431 5907 or 0409 600 557