Uranium One Announces Results for Q3 2008

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[{"type":"text","content":"\n\n\n\nTrading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg\n\n\nStock Exchange)\n\n\nVANCOUVER, Nov. 14 /CNW/ - Uranium One Inc. ("Uranium One") today\nreported operational and financial results for the third quarter of 2008. The\nCompany also provided updated guidance for its operation and development\nprojects.\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.\n\n\nAll figures are in US dollars unless otherwise indicated.\n\n\nHighlights:\n\n- Attributable sales of 848,100 pounds of U(3)O(8) for Q3 2008, which\n was 24% higher than attributable sales of 685,600 pounds of U(3)O(8)\n in Q2 2008\n- Average realized sales price during Q3 2008 of $67 per pound,\n generating revenue of $56.7 million\n- Earnings from mine operations for Q3 2008 were $36.6 million, an\n increase of 11% from $32.9 million in Q2 2008\n- Production(1) for Q3 2008 was 704,600 pounds of U(3)O(8), a decrease\n of 8% from 767,100 pounds of U(3)O(8) in Q2 2008 and an increase of\n 31% from 538,400 pounds of U(3)O(8) in Q3 2007\n- Joint ventures established with Mitsui & Co., Ltd. for the Company's\n Australian assets, including the Honeymoon project, subject to\n certain regulatory approvals which are expected to be received before\n the end of the year\n- Write down of mineral interests, plant and equipment of $2.8 billion,\n offset by a reduction in future income tax liabilities of\n $0.8 billion, resulting in a net impairment of $2.0 billion\n- Steve Magnuson succeeded Dave Hodgson as Chief Operating Officer. Mr.\n Magnuson is a professional engineer with 30 years mining experience,\n primarily in uranium in situ recovery (ISR) operations. Most\n recently, he was Vice President of Operations for a U.S. subsidiary\n of Cameco Corporation, with responsibility for ISR operations in\n Wyoming and Nebraska as well as the Inkai Joint Venture in\n Kazakhstan. Mr. Hodgson will remain a member of the board of\n directors of Uranium One.\n\n\nRecent disruptions in global credit and financial markets have resulted\nin a deteriorating economic climate, which led to the asset impairments\noutlined above.\n\n\nIn response to these conditions, Uranium One has taken a number of steps\nto...

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