Uranium One Announces 75% Increase in Production for the First Half of 2009

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[{"type":"text","content":"\n\n\n\nTrading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg\nStock Exchange)\n\n\nVANCOUVER, Aug. 10 /CNW/ - Uranium One Inc. ("Uranium One") today\nreported operational and financial results for the quarter ending June 30,\n2009. The financial statements, as well as the accompanying management's\ndiscussion and analysis, are available for review at www.uranium1.com and\nshould be read in conjunction with this news release. All figures are in U.S.\ndollars unless otherwise indicated. All references to pounds sold or pounds\nproduced are pounds of U(3)O(8).\n\n\nQ2 2009 Highlights:\n\n- Total attributable production of 833,800 pounds during Q2 2009, 9%\n higher than the 767,100 pounds of attributable production recorded\n during Q2 2008 and 18% higher than total attributable production of\n 708,500 in Q1 2009.\n- The average total cash cost per pound sold was $17 per pound during\n Q2 2009.\n- In line with scheduled deliveries under sales existing contracts,\n attributable sales volumes during Q2 2009 were 385,100 pounds, 44%\n lower than attributable sales volumes of 685,600 pounds during Q2\n 2008.\n- The average realized sales price during Q2 2009 was $48 per pound,\n generating revenue of $18.6 million, compared to an average realized\n sales price of $72 per pound, generating revenue of $49.4 million\n during Q2 2008.\n- Earnings from mine operations were $6.6 million during Q2 2009, an 80%\n decrease compared to earnings from mine operations of $32.9 million\n during Q2 2008.\n- On June 15, 2009 Uranium One announced the signing of a definitive\n purchase agreement to acquire a 50% interest in the Karatau Uranium\n Mine in Kazakhstan from ARMZ.\n\n\nJean Nortier, President and CEO of Uranium One commented:\n\n\n"Uranium One achieved record production during the second quarter, driven\nby steady performance from Akdala and the ramp-up in production from South\nInkai, which continues to meet targets. Our mines are continuing to generate\nhealthy operating margins with total cash costs per pound sold in line with\nour expectations at $17 per pound during the quarter."\n\n\nOperations and Projects\n\n\nFor the six months ending June 30, 2009 Uranium One's attributable\nproduction was 1,516,400 pounds U(3)O(8), an increase of 75% over attributable\nproduction of 866,800 pounds U(3)O(8) fo...

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