Business
Uranium One Announces Further Sales Contracts for Dominion
Uranium One Announces Further Sales Contracts for Dominion.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\nTrading Symbol: SXR - Toronto Stock Exchange, JSE Limited (Johannesburg\n\n\nstock exchange)\n\n\nTORONTO and JOHANNESBURG, South Africa, Jan. 10 /CNW/ - sxr Uranium One,\nInc. (\"Uranium One\") is pleased to announce that it has agreed terms with a\nnumber of western world utility customers for further sales contracts from its\nDominion Uranium Project in South Africa.\n\n\nThe Dominion Uranium Project is scheduled to commence production in the\nfirst quarter of 2007. The agreed terms provide for four new contracts with a\ntotal sale of 3,200,000 pounds of U3O8 from Dominion for delivery during the\nperiod 2008 and 2012, inclusive. Pricing will be market-related at the time of\ndelivery, with escalating floor price protection. The sales agreements, which\nare subject to completion of definitive contractual documentation, were\nfacilitated by Nufcor International Limited.\n\n\nUranium One announced on November 19, 2006 that it had agreed terms with\na western world utility for an inaugural sales contract for the Dominion\nUranium Project of 1,500,000 pounds of U3O8 for delivery between 2008 and\n2012, inclusive.\n\n\nThe total contract position of 4,700,000 pounds of U3O8 from Dominion now\nrepresents approximately 28% of estimated production over the same time period\naccording to the production profile contained in the Independent Technical\nReport prepared by SRK Consulting, as amended and filed on SEDAR\n(www.sedar.com) on October 26, 2006.\n\n\nCommenting on today's announcement, Neal Froneman, President and CEO of\nUranium One, said:\n\n\n\"I am delighted that we can announce further agreements for the supply of\nuranium from Dominion bringing the forward sales of U3O8 for which we are\ncontracted to a total of 4,700,000 pounds. We will be commencing production at\nDominion in the first quarter of 2007, our initial output will be sold into\nthe spot market, and we are continuing to secure contracts which do not cap\nthe price at which we will be selling our uranium and contain floor price\nprotection. The company will therefore remain totally un-hedged and un-capped,\nover a period when we expect further upside in the uranium market. In line\nwith our strategy, we are becoming a uranium producer at just the right time.\"\n\n\nAbout sxr Uranium One\n\n\nsxr Uranium One Inc. is a Canadian uranium and gold resource co...