Uranium One Announces Record Quarterly Sales and Increased Production for Q1 2009

About this update from Uranium One Mining Corp.

[{"type":"text","content":"\n\n\n\nTrading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg\nStock Exchange)\n\n\nVANCOUVER, May 11 /CNW/ - Uranium One Inc. ("Uranium One") today reported\noperational and financial results for the quarter ending March 31, 2009.\n\n\nThe 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 US\ndollars unless otherwise indicated. All references to pounds sold or pounds\nproduced are pounds of U(3)O(8).\n\n\nQ1 2009 Highlights:\n\n - Attributable commercial production of 700,900 pounds during Q1 2009\n was 62% higher than the 431,500 pounds of commercial production\n during Q1 2008.\n - Attributable sales volumes during Q1 2009 were 880,600 pounds, an\n increase of 211% from attributable sales volumes of 283,300 pounds\n during Q1 2008 and an increase of 59% over the average quarterly\n sales volume during 2008.\n - The average realized sales price during Q1 2009 was $49 per pound,\n generating revenue of $43.0 million, compared to an average realized\n sales price of $79 per pound, generating revenue of $22.5 million\n during Q1 2008.\n - The average total cash cost per pound sold was $17 per pound during\n Q1 2009.\n - Earnings from mine operations were $15.9 million during Q1 2009, a\n 2% decrease over earnings from mine operations of $16.3 million\n during Q1 2008, primarily due to the decrease in the average\n realized sales price offsetting the increase in sales volumes.\n\n\nJean Nortier, President and CEO of Uranium One commented:\n\n\n"With higher than expected deliveries of sulphuric acid, Uranium One\nachieved very solid operational results during the first quarter. Also during\nthe quarter, South Inkai became our second operation to enter into commercial\nproduction and is already making a significant contribution to our cash flow.\nWith continued delivery on our operational targets, 2009 is shaping up to be\nan excellent year for Uranium One."\n\n\nOperations and Projects\n\n\n - Total production (including pre-commercial production) during\n Q1 2009 was 708,500 pounds, an increase of 14% from total production\n of 618,900 pounds during Q1 2008.\n - Acidification of one new production block commenced at Akdala and\n acid...

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