Uranium One Announces 18% Increase in Q1 2012 Production to 2.8 Million Pounds; Average Total Cash Costs of $14 per Pound

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 7, 2012 /CNW/ - Uranium One Inc. (\"Uranium One\") today\n reported quarterly revenue of $95.9 million for Q1 2012 based on sales\n of 1.8 million pounds at an average realized sales price of $53 per\n pound at an average total cash cost per pound sold of $14.\n\n\nQ1 2012 Highlights\n\n\nOperational\n\n\nTotal attributable production during Q1 2012 was 2.8 million pounds, 18%\n higher than total attributable production of 2.4 million pounds during\n Q1 2011.\n\n\nThe average total cash cost per pound sold was $14 per pound for both Q1\n 2012 and Q1 2011.\n\n\nFinancial\n\n\nAttributable sales volumes for Q1 2012 were 1.8 million pounds, an\n increase of 8% compared to 1.7 million pounds sold during Q1 2011.\n\n\nRevenue was $95.9 million in Q1 2012, compared to $101.9 million in Q1\n 2011. The average realized sales price during Q1 2012 was $53 per pound\n compared to $61 per pound in Q1 2011. The average spot price in Q1 2012\n was $52 per pound.\n\n\nEarnings from mine operations were $49.3 million during Q1 2012, a 4%\n decrease compared to earnings from mine operations of $51.2 million in\n Q1 2011 primarily due to a decrease in the realized uranium sales\n price.\n\n\nNet earnings for Q1 2012 were $4.5 million or $0.00 per share, compared\n to net earnings of $14.0 million or $0.01 per share for Q1 2011.\n\n\nAdjusted net earnings for Q1 2012 were $15.1 million or $0.02 per share,\n compared to adjusted net earnings of $15.0 million or $0.02 per share\n for Q1 2011.\n\n\nCorporate\n\n\nOn March 15, 2012, the Corporation paid $150 million to acquire 13.9% of\n Mantra Resources and to extend its option to acquire the remaining\n interest in Mantra until June 7, 2013.\n\n\nMitsui Corporation has notified the Corporation of its decision to\n withdraw from the Honeymoon Uranium Project. The parties are currently\n negotiating the terms of Mitsui's withdrawal. The Corporation intends\n to continue with the Project.\n\n\nChris Sattler, Chief Executive Officer of Uranium One, commented:\n\n\n\"I am pleased to see the Uranium One team continue to execute and\n achieve our operational and financial objectives.  The nuclear industry\n needs to have new mines come into production to meet the growing\n long-term demand for uranium and to offset the declining sources of\n current su...

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