Uranium One Announces 23% Increase in Q3 2012 Production to 3.1 Million Pounds; Average Total Cash Costs of $16 per Pound Sold and Attributable Sales of 2.9 Million Pounds

About this update from Uranium One Mining Corp.

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Nov. 5, 2012 /CNW/ - Uranium One Inc. (\"Uranium One\") today\n reported quarterly revenue of $142.6 million for Q3 2012 at an average\n total cash cost per pound sold of $16 based on sales of 2.9 million\n pounds at an average realized sales price of $49 per pound.\n Attributable production for the quarter was 3.1 million pounds.\n\n\nQ3 2012 Highlights\n\n\nOperational\n\n\nTotal attributable production during Q3 2012 was 3.1 million pounds, 23%\n higher than total attributable production of 2.5 million pounds during\n Q3 2011.\n\n\nThe average total cash cost per pound sold was $16 per pound during Q3\n 2012 compared to $14 per pound during Q3 2011.\n\n\nThe Kharasan Mine was successfully commissioned and reached commercial\n production during Q3 2012.\n\n\nProduction of sulphuric acid commenced in July 2012 at the Corporation's\n SKZ-U joint venture.\n\n\nFinancial\n\n\nAttributable sales volumes for Q3 2012 were 2.9 million pounds, compared\n to 3.1 million pounds sold during Q3 2011.\n\n\nRevenue was $142.6 million in Q3 2012, compared to $157.7 million in Q3\n 2011. The average realized sales price during Q3 2012 was $49 per pound\n compared to $51 per pound in Q3 2011. The average spot price in Q3 2012\n was $49 per pound.\n\n\nEarnings from mine operations were $58.8 million during Q3 2012,\n compared to earnings from mine operations of $73.7 million in Q3 2011.\n\n\nThe net loss for Q3 2012 was $61.6 million or $0.06 per share, compared\n to net earnings of $45.8 million or $0.05 per share for Q3 2011.\n\n\nThe adjusted net earnings for Q3 2012 were $7.6 million or $0.01 per\n share, compared to adjusted net earnings of $46.4 million or $0.05 per\n share for Q3 2011.\n\n\nThe Company determined that it would not be economical to mine the South\n Zarechnoye deposit due to the decrease in uranium prices since the\n Fukushima incident, together with a decrease in the South Zarechnoye\n resource base resulting from recent exploration results and the\n completion of an economic assessment. The carrying value of the\n Zarechnoye Mine was therefore written down by $79.1 million, net of\n deferred taxes of $11.1 million.\n\n\nCorporate\n\n\nThe Corporation now owns 100% of the Honeymoon project after receiving\n all regulatory approvals for the withdrawal o...

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