Uranium One Announces Financial Results for Q1 2008 and Record Uranium Production

About this update from Uranium One Mining Corp.

[{"type":"text","content":"\n\n\n\nTrading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg\n\n\nStock Exchange)\n\n\nTORONTO, ON and JOHANNESBURG, South Africa, May 14 /CNW/ - Uranium One\nInc. ("Uranium One") today reported unaudited financial results for the three\nmonths ended March 31, 2008. All figures are in US dollars unless otherwise\nindicated.\n\n\nHighlights:\n\n- The Corporation produced on an attributable basis 618,900 pounds\n U(3)O(8), an increase of 27% over Q1 2007\n- Revenues of $22.5 million from the sale of 283,300 pounds U(3)O(8),\n representing an average realized price of $79 per pound U(3)O(8)\n- For sale inventory increased by 137,600 pounds U(3)O(8)\n- Earnings from mine operations of $16.3 million\n- Cash cost per pound sold from Akdala of $12 per pound(1)\n- Partial sale of Aflease Gold shares closed in April for proceeds of\n $41 million\n\n\nJean Nortier, Interim CEO of Uranium One commented:\n\n\n"During the first quarter of 2008, Akdala Uranium Mine remained a steady,\nlow cost operation for the Company and South Inkai continued to exceed our\nproduction expectations. At our Dominion Project in South Africa we continued\nto make progress with new mining areas becoming available, which will pave the\nway for improved grades and higher production of underground ore as the year\nprogresses. We are looking forward to initial production from our Kharasan\nproject in Kazakhstan."\n\n\nFinancial Review\n\n\nDuring Q1 2008 the Company sold 283,300 pounds of U(3)O(8) at an average\nrealized price of $79 per pound resulting in revenue from uranium sales of\n$22.5 million, compared to Q1 2007 sales of 605,200 pounds of U(3)O(8) at an\naverage realized price of $69 per pound resulting in revenue of $41.7 million.\nLower sales volumes in Q1 2008 compared to Q1 2007 were partially offset by a\nhigher realized U(3)O(8) price. During Q1 2008 for sale inventory increased by\n137,600 pounds U(3)O(8) as more U(3)O(8) was produced than sold during the\nquarter.\n\n\nEarnings from mine operations during the first quarter of 2008 were\n$16.3 million, compared to $29.8 million in the first quarter of 2007. The\nlower earnings from mine operations during the first quarter of 2008 compared\nto the first quarter of 2007 are due to lower sales volumes during Q1 2008.\n\n\nThe net loss from continuing operations fo...

More updates from Uranium One Mining Corp.