Uranium One Announces Industrial Production Approval for South Inkai

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[{"type":"text","content":"\n\n\n\nTrading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg\nStock Exchange)\n\n\nVANCOUVER and JOHANNESBURG, Dec. 23 /CNW/ - Uranium One Inc. ("Uranium\nOne") today announced that the Kazakh Ministry of Energy and Mineral Resources\nhas formally approved the commencement of industrial production at South\nInkai. The approval was given by way of an amendment to the South Inkai\nsubsoil use agreement and permits the Company's 70% owned Betpak Dala joint\nventure to ramp up production at the South Inkai Uranium Mine over the next\nthree years to 5.2 million lbs U(3)O(8) per year.\n\n\nAs a result of the approval, commercial production for accounting\npurposes will now commence at South Inkai. The processing plant at South Inkai\nwas completed earlier this year, and the first sale of South Inkai uranium\nproduction is expected to take place shortly. The revenue and associated\nexpenses with the sale of South Inkai production will now be included in\nUranium One's consolidated statements of operations.\n\n\nSouth Inkai is Uranium One's second mine to enter into commercial\nproduction and at full capacity is expected to be twice the size of the\nCompany's Akdala Uranium Mine.\n\n\nAs previously announced, Uranium One's attributable production from South\nInkai is expected to be 766,500 lbs U(3)O(8) for 2008. As of the end of\nNovember 2008, Uranium One's year to date share of production from South Inkai\nwas approximately 710,000 lbs U(3)O(8). Well field development is ahead of\nschedule and, in November, South Inkai received sufficient sulphuric acid to\ncommence acidification of Block 4 at the operation.\n\n\nUranium One expects its attributable production from South Inkai to be\n1.5 million lbs U(3)O(8) in 2009. The average cash cost per pound sold during\n2009 at South Inkai is expected to be approximately US$28 per pound, but due\nto the continuing ramp up in production throughout the year, the cash cost per\npound sold is expected to decline to approximately $20 per pound by the end of\n2009.\n\n\nAbout Uranium One\n\n\nUranium One is one of the world's largest publicly traded uranium\nproducers, with a globally diversified portfolio of assets located in\nKazakhstan, the United States, South Africa and Australia.\n\n\nCautionary Statement\n\n\nNo stock exchange, securities commission or other regu...

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