Uranium One Announces 33% Increase in Q1 2011 Production to a Record 2.4 Million Pounds; Average Cash Costs of $14 per Pound

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[{"type":"text","content":"\n\n\n May 11, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO and JOHANNESBURG, May 11 /CNW/ - Uranium One Inc. ("Uranium\n One") today reported record quarterly revenue of $101.9 million for Q1\n 2011 based on sales of 1.7 million pounds at an average realized sales\n price of $61 per pound. Quarterly production was a record 2.4 million\n pounds at a total cash cost per pound sold of $14.\n\n\nQ1 2011 Highlights\n\n\nOperational Results\n\n\n\nTotal attributable production during Q1 2011 was a record 2.4 million\n pounds, 33% higher than total attributable production of 1.8 million\n pounds during Q1 2010.\n\n\nThe average total cash cost per pound sold was $14 during Q1 2011, 22%\n lower than the average cash cost per pound sold of $18 during Q1 2010.\n\n\nFirst full quarter of attributable production from the recently acquired\n Akbastau and Zarechnoye mines was 366,900 pounds and 231,000 pounds,\n respectively.\n\n\n\nFinancial Results\n\n\n\nAttributable sales volumes during Q1 2011 were 1.7 million pounds, 120%\n higher than 0.8 million pounds sold during Q1 2010.\n\n\nRevenue was $101.9 million in Q1 2011, 187% higher than $35.5 million in\n Q1 2010. The average realized sales price during Q1 2011 was $61 per\n pound compared to $46 per pound in Q1 2010. The average spot price in\n Q1 2011 was $68 per pound.\n\n\nEarnings from mine operations were $51.2 million during Q1 2011, a 428%\n increase from earning from mine operations of $9.7 million in ...

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