Business
Uranium One Announces Inaugural Sales Contract for Dominion
Uranium One Announces Inaugural Sales Contract for Dominion.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: SXR - Toronto Stock Exchange, JSE Limited\n(Johannesburg stock exchange)\n\nTORONTO, ON and JOHANNESBURG, South Africa, Nov. 17 /CNW/ - sxr Uranium\nOne Inc. (\"Uranium One\") is pleased to announce that it has agreed terms with\na western world utility customer for the inaugural sales contract from its\nDominion Uranium Project in South Africa. The Dominion Uranium Project is\nscheduled to commence production in the first quarter of 2007.\nThe agreed terms provide for the sale of 1,500,000 pounds of U(3)O(8)\nfrom Dominion between 2008 and 2012 inclusive. There will be no caps on the\npricing which will be market-related at the time of delivery, with escalating\nfloor price protection. The agreement on terms, which is subject to the\ncompletion of definitive contractual documentation, was facilitated by Nufcor\nInternational Limited.\n\nCommenting on today's announcement, Neal Froneman, President and CEO of\nUranium One, said:\n\n\"I am pleased that we have reached agreement on the key terms for the\nsupply of our first uranium from Dominion. This agreement is an important\nmilestone in the development of the Company. It reflects industry confidence\nin our imminent entry into the ranks of the uranium producers. It also\nvalidates our financing strategy for the development of Dominion resulting in\nthe company being totally un-hedged and with all the benefits of an ongoing\nexposure to a uranium price environment which continues to be favourable.\"\n\nAbout sxr Uranium One\n\nsxr Uranium One Inc. is a Canadian uranium and gold resource company with\na primary listing on the Toronto Stock Exchange and a secondary listing on the\nJSE Limited (the Johannesburg stock exchange). The Corporation owns the\nDominion Uranium Project in South Africa and the Honeymoon Uranium Project in\nSouth Australia, and is actively pursuing growth opportunities in the uranium\nsector in the western United States. The Corporation holds an approximate\n71.6% interest in Aflease Gold Limited, which owns the Modder East Gold\nProject in South Africa. Through a joint venture with Pitchstone Exploration\nLtd., the Corporation is also engaged in uranium exploration activities in the\nAthabasca Basin of Saskatchewan.\n\nCautionary Statement\n\nNo stock exchange, securities commission or other regulatory authority\nhas approved or di...